Encouraged by the well infrastructure, free and stable financial market and low tax rates, Singapore-based companies could develop its business by reduce its cost in tax and cross-boundary trading. These companies utilize the saving in developing their business in an effective and efficiency manner.

Companies wish to incorporate in Singapore may face barrier as Singapore authority required localities involvement in Singapore based 米兰官方网站. With our experiences and network in Singapore, we might able to help you tackle these barriers.

Requirement for Singapore 米兰官方网站

Remark:

a)     At least one of the directors must be ordinarily resided in Singapore.

b)     The 米兰官方网站 secretary is also required to be a resident of Singapore.

Advantages of Singapore Limited 米兰官方网站

·        100% foreign ownership allowed

·        Fast 米兰官方网站 Formation

·        English legal system

·        Internationally recognized reputation

·        Low tax rates

·        No restriction on repatriation of profits

Tax System in Singapore

Sales of goods and provision of services in Singapore is subjected to Goods and Services Tax (GST). The standard rate is 7% with a 0% rate for international services and exports and some other exempted products. Corporations must register for GST if its taxable turnover exceeds or is expected to exceed SG$ 1 million in a year. Upon registration, corporation must report for GST regularly, it is recommended to hire account professionals to complete the process to avoid late payment penalty.

Apart from the GST, the companies are also subjected to 17% of corporate profits tax, filed annually. Also, if the 米兰官方网站 has corporate shareholder or is insolvent, it must file financial statements in Extensible Business Reporting Language (XBRL) with ACRA.

Small 米兰官方网站 that meet at least 2 of 3 quantitative criteria below for immediate past two financial years year starting is exempted from audit:

·        total annual revenue less than $10m;

·        total assets less than $10m;

·        no. of employees less than 50.

Visa and Residence in Singapore

Upon fulfilment of certain criteria, the investor can apply for visas and residency in Singapore and operate the 米兰官方网站 as the local director. Refer to here for more details.