The registration of the firm in Singapore includes much profit and excellent reputation.
The country is famous for its loyal legislation and financial stability.
Our attorneys can help you fast and without problems to registrate the firm.
If the organization does business with local partners or consumers and transfer profit on the local bank accounts, the tax level will be high. But corporate income tax is not charged from the funds that:
- have not been moved to a Singapore bank account
- received from outside the country
- were not used to purchase or rent real estate in Singapore.
As a result, Singapore corporations that get money from abroad and are tax-free exhibit some characteristics of offshore corporations. Each organization must keep accounting records and submit records to the appropriate authorities in the country. Audit is also required almost for all firms. An exception can be small organizations, but with condition of privacy of accounts and they can be received by third parties thanks to decision of shareholders or court. As a result, a company registered in Singapore does not have the reputation of an offshore, making it more possible for potential partners all over the world to develop a business relationship with it.
It is likewise important to recall a couple of quirks on working with organizations with these attributes:
- Enrollment of an offshore in Singapore is conceivable just on condition that the organization will include a lawful location inside the boundaries of the country and communicate just with the intended interest group of different states.
- Enrollment of firms in Singapore and control of their activities depends on the guidelines of the Companies Act.
Types of businesses
There are three kinds of firms:
- Firm limited by guarantee
- Firm limited by shares
- Unlimited firm
Firm limited by shares
This type is more beneficial in Singapore.
Requirements and conditions for this firm:
- There is special type of firm – Exempted Private Firm. This kind is free of tax declaration and financial reports. The firm also has opportunity excuse from some taxes for new projects for three years. This organization must also have more than twenty shareholders and any shareholder must be juridical person.
- There is no strict size of the authorized capital, but it must be at least 1 dollar. In order not to have problems with banks, it is recommended to have its size from $1000.
- Some areas of activity need additional permit.
- Juridical adress is required.
- The minimal number of shareholders and directors is one.(legal and individuals from different countries are allowed)
- There are no strict requirements for meetings and storage of constituent documents.
- Use of registeted shares is permitted. Bearer shares and shares with no par value are not allowed to circulate.
If a corporation is declared resident, it must pay a 17 percent corporate tax on revenues if it conducts business with local partners or consumers and transfers profits to local bank accounts. Businesses in Singapore that do business with foreign nations do not have to pay income tax. In addition, income tax does not apply to the following:
- investments of foreign origin
- funds that haven’t been transferred to local bank accounts and haven’t been used to buy (rent) real estate in Singapore.
This firms are similar to offshore organizations, and as a result it is tax-free.
Each firm must list accounting report and submit a report on the turnover to the relevant services of the country.
Audit review is also required.( Exception is small firms).
Thanks to lack of monetary monitoring, it is possible to do transactions in any amount without converting funds.
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