Singapore

The business environment in Singapore is known for its pro-business policies and has consistently ranked among the top economies in the world for ease of doing business. Singapore offers numerous benefits for companies looking to establish a presence in the region.

Strategic Location

Singapore’s strategic location in Southeast Asia makes it a hub for international trade and investment. It serves as a gateway to the ASEAN (Association of Southeast Asian Nations) market, providing access to a consumer base of over 650 million people.

Political Stability and Strong Governance

Singapore is also known for its political stability, strong rule of law, and efficient governance. The government is committed to maintaining a business-friendly environment and has implemented policies to attract foreign investment and promote economic growth.

Favorable Tax System

Singapore offers an attractive tax regime for businesses. The corporate tax rate is capped at 17%, and various tax incentives and exemptions are available to promote specific industries and activities. Additionally, Singapore has an extensive network of Avoidance of Double Taxation Agreements (DTAs) with many countries, reducing the tax burden on international businesses.

Strong Financial and Infrastructure Ecosystem

Singapore is home to a well-developed financial ecosystem, with a reputable banking system, robust capital markets, and a strong presence of international financial institutions. The city-state also boasts excellent infrastructure, including modern transportation networks, world-class airports, and advanced telecommunications systems.

Statutory Information

Shareholder(s): individual or corporate
Director(s): individual or corporate
Local Director: service provided by Ouzhou Consulting
Company Secretary: service provided by Ouzhou Consulting

Tax

Profit tax is under partial exemption scheme:
4.25% on first SGD 10,000
8.5% on next SGD 190,000
17% on income above SGD 200,000

Dividend tax – 0%

GST – 8% Apply only to companies with a turnover above SGD 1 million

Financial Statement & Audit

Financial statements are mandatories. Audit is mandatory only if 2 out the 3 criteria below are fulfilled:
• The total annual revenue of the company exceed SGD 10 million;
• The total assets of the company for the financial year end exceed SGD 10 million;
• The number of full-time employees at the end of the financial year must not exceed 50

Banking

Online solution – fast KYC process but allow to receive and send wires along with a corporate card;
Traditional banks – DBS / UOB / OCBC – longer KYC process but offer the full range of banking services including corporate card, insurance, investment, etc.

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