Before registration of company in Singapore, you should study general information about this state — find out the current languages and study the legal system. Please note that the local currency is the Singapore dollar, but there is no currency control.
If you plan to register a company in Singapore, you must, first of all, choose the right form of business. If you define the structure correctly, the organization can operate offshore or onshore, as well as fall under low rates of taxation.
Company registration Singapore starts with determining the organizational and legal form, with the most common being:
The estimated time of company registration in Singapore is 5-7 days. The structure of the company, type of business, and, accordingly, requirements for corporate and financial documents may significantly affect the taxation and the duration of the company registration Singapore. Moreover, keep in mind the following:
A significant advantage of starting a business in Singapore is the active technical support of companies — the possibility to remotely resolve any organizational issues with the state authorities.
There is a territorial tax regime in the state. After a company incorporation Singapore, the income tax is charged, but only on profits derived from local sources or transferred to the territory of the state (for example, to an account in a local bank). Other tax burdens can be divided into non-resident and resident.
Companies of any status are entitled to protection by government authorities. Residents and non-residents have not only the same rights but also obligations in terms of taxation and business activities.
In practice, registration of company Singapore and the beginning of its activities may result in the payment of taxes at the following rates:
There are no taxes on gains, dividend payments, and real estate. That is, profits that remain after paying the corporate tax can be distributed among shareholders and non-resident shareholders. However, a number of firms are exempt from paying the 17% corporate tax if the income was received outside of Singapore and was not transferred to a local bank account or otherwise used in the country.
You must file an annual income tax return, with a deadline in April. If Singapore company incorporation was successful, the first report is filed in 18 months, even if the organization does not conduct any actual business. It is also required to appoint an auditor who will work with the legal entity. The specialist must be a certified public accountant in Singapore.
Audit reports are not required when:
Resident or non-resident: how to set up company in Singapore
Non-resident companies operating in the state cannot use the benefits of double taxation treaties. It is a nuance to be considered before deciding how to register a new company in Singapore — in the resident or non-resident status.
Singapore offers many opportunities for an already operating business:
Extensive experience allows our specialists to organize Singapore company formation in a short time, taking into account:
If you plan to register Singapore business, the state is the optimal solution for successful development, and our company is ready to assist you. We will organize company incorporation in Singapore in accordance with the current taxation, competently structure the staff, and support the client in the preparation of reports and solving any problems with the current legislation. The cost of our services corresponds to the efficiency and high quality of our work.
To discuss a project with our experts, please fill out the appropriate form.
One of the best options for people wishing to open a company in Europe is to start a business in Hungary. Has about 70 agreements on the avoidance of double taxation. The popularity of starting a business in Hungary is due to the low corporate tax, the central location in Europe, and the developed economic infrastructure.
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