Singapore

Singapore resembles Hong Kong in many ways: they have the same free market with low taxes based on the territorial principle, the same high living standards (GNP per capita is one of the highest in the world), the same minimum level of corruption and crime. In the WEF world global competitiveness rating, Singapore’s economy is top second for 2013-2014.

Apart from its amazing architecture and clean streets, Singapore has long attracted entrepreneurs with its many opportunities:

Favorable conditions for asset allocation and custody: in Singapore there is no capital gains tax and withholding tax on dividends payment. If a company is a non-resident its interest and royalty are subject to 10% and 15% tax respectively
All companies pay domestic taxes only on income received within the territory of Singapore or transferred to a bank account of the company in the country. Corporate tax is low and mostly equals 17%, and with tax holidays it is even more attractive: for the first 10,000 Singapore dollars – 4.75%, for the next 290,000 Singapore dollars – 8.5%. The conditions are even better for new companies: the first 100,000 Singapore dollars earned are completely tax exempt, and for the next 200,000 there is a 50% reduction for the first three years after incorporation.
The residency of a private individual is defined by Singapore’s tax authorities in a very simple way: if an individual’s permanent home is in Singapore and a person spends more than six months a year there, then this person is considered to be a Singapore resident. This individual’s company will also be considered a resident company.

Singapore is famous for its transparency and the consistency of its government and economic structure. It is also highly lauded by the business world for having no corruption, simple procedures, minimum government intervention into business affairs, and more than 100 agreements on avoidance of double taxation – all of this attracts both transnational companies and smaller businesses to Singapore’s exotic shores.

Do you want to know how the multiple advantages of Singapore can be helpful in attaining your business goals? Please send your request.