Incorporate Company in Singapore, the Economy is in Top Gear
In the last 5 decades, Singapore has risen from a impoverish port city to an entrepot serving the West and the East. It has moved on from the low-yield industries like farming, fishing, and agriculture to the high-yield electronic, jewelry, petroleum, etc., industries.
Benefits of Company Incorporation Singapore
Today, this island-nation having a trading economy is a success story. It has positioned itself as the strategic Financial Hub of the Asia-Pacific. The number of company incorporation Singapore is staggering, as it continues to attract global investors, innovative entrepreneurs, and corporate. The foreign investors profits by taking ACRA’s advice of employing Singapore incorporation services to register their companies.
Singapore authorities are quick in sniffing the changhttps://www.sbsgroup.com.sg/incorporation-promo-package/es in the international business practices and incorporating changes in their policies and legislations. The process of Singapore company registration is one of the simplest in the world. It offers one of the most simplified taxation regime and a strong legal protection for the Intellectual Property (IP).
What do the Latest Surveys by Various Eminent Institutions Say about Singapore as a Market Place?
- 2nd place in the list of Most Competitive Economies
- 2nd rank in Ease of Doing Business
- 1st in the Mercer’s list of Quality of Living
Singapore Income Tax
Singapore taxation is a territorial-based. The personal income tax for the Singapore tax resident individual ranges from 0% – 20%. The personal income tax for non-resident expatriates is either, charged at the flat rate of 15% or the resident’s rates. Single-tier corporate income tax ranges from 0% – 17%.
Support to New Singapore Company Setup and SME
A new Singapore company setup that are tax resident receive Start-up Tax Exemption, which exempts them from corporate tax on their profit of S$100,000 for first 3 financial years. The startups active in the field of innovation can apply for a collateral-free loan of up to S$100,000 under the Micro-Loan Program supported by the Singaporean banks.
Singapore companies also qualify for the following tax exemptions and rebates:
- 30% Corporate Income Tax Rebate capped at $30,000 under Partial Tax Exemption scheme for FY 2015
- 400% tax deductions on qualifying expenditure Productivity and Innovation Credit (“PIC”) Scheme
- 400% tax deductions on qualifying expenditure PIC+ Scheme for YA 2015 to 2018
- Government Training grants for Initiatives in New Technology
The foreign investors also opt to incorporate company in Singapore in the form of a holding company. These entities qualify for International/Regional Headquarters Award program. Participation in this program reduces their tax rate to 15%.