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Incorporation of a Company in Singapore Increases your Chances of Success

Last modified: June 17, 2016
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For the investors, entrepreneurs, and professionals opting for a Singapore company registration see it as the long-term investment. The country is far from slowing down in its rush to be one of the major economies of the world.

  • Singapore boasts of a safe living environment, world-class educational institutes, and infrastructure.
  • Singapore offers extensive public transportation and links, both air and maritime, with the outside world.
  • The island is closely knitted with wireless communication networks.
  • It is home to a multi-talented and multilingual workforce.
  • The country has signed 74 Double Taxation Agreements, 41 Investment Guarantee Agreements, and 21 Free Trade Agreements / Economic Partnership Agreements with its trading partner countries.
  • The latest surveys by various eminent organizations put Singapore at the 2nd place in the list of Most Competitive Economies and in Ease of Doing Business, and 1st in the Mercer’s list of Quality of Living.

Lower Taxes in Singapore

Singapore taxation regime is a territorial-based i.e., only the income generated in Singapore is taxed. The personal income tax for the Singapore citizens and the permanent residents ranges from 0% – 20%. For non-resident expatriates, it is either, a flat rate of 15% or the resident’s rates i.e. 0% – 20%.

Single-tier corporate income tax ranges from 0% – 17%. However, Singapore tax authorities offer various tax incentives, rebates, and exemptions, thus effectively reducing the tax paid by the Singapore companies to 8.5% – 9%.

Benefits to a New Singapore Company Setup

The tax resident Singapore company setup qualifies for Start-up Tax Exemption scheme. It allows them to enjoy tax-free income of up to S$100,000 for initial 3 financial years. Their chargeable income of between S$100,000 – S$300,000 is charged at 8.5%. The new Singapore companies pursuing innovative ideas can take advantage of Micro-Loan Program and ask for a collateral-free loan of up to S$100,000.

Benefits to an Existing Singapore Company Setup

Following are the schemes that the Singapore companies can benefit from:

  • Partial Tax Exemption scheme
  • Productivity and Innovation Credit (PIC) Scheme
  • Initiatives in New Technology

Singapore Budget 2015 has introduced pro- SMEs (Small and Medium Enterprises) to help them in going international.

  • Double Tax Deduction for Internationalization Scheme
  • IE Singapore’s Grant Schemes for SMEs
  • International Growth Scheme (IGS)
  • SkillsFuture Credit Scheme

Be aware that to open company in Singapore, you may need to take assistance from the Singapore incorporation services. It is a place where businesspersons can relocate their families without giving up advantages of their native lands.

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