Incorporation of a Company in Singapore Increases your Chances of Success

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 2^nd place in the list of Most Competitive Economies and in Ease of Doing Business, and 1^st 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.