Tax And Other Benefits Enjoyed When You Register a Singapore Company
A great number of benefits to corporations and organizations all over the world can be attained by setting up a Singapore offshore company. Below is a summary of the major advantages of having a Singapore offshore company.
• Setting up this type of company in Singapore certainly offers considerable benefits despite Singapore’s image as a tax haven. Transferring global profits of corporate companies to Singapore can be made without difficulty and tax benefits can be enjoyed.
• To set up a Singapore offshore company does not necessarily convey the image of a tax haven. As such, it is easier to open bank accounts in other countries. This is because international banks are already aware that an offshore company registered in Singapore are not only legal but complies strictly with government regulations and laws as well.
• Income sourced in Singapore is imposed with corporate tax rate of 17% from the assessment year of 2010. This tax rate is significantly much lesser for business entities that are qualified to avail tax of incentives. The effective tax rate can vary between 15% and 0% based on these incentives. A tax exemption is given to dividends sourced from other foreign countries, profits of foreign branches and service income sourced from other countries.
• One of the best offshore service jurisdictions is Singapore. Singapore’s exceptional infrastructure in current technology, very good political stability and governmental support, and extraordinary legal environment with full intellectual property rights strengthens the benefits of registering a company in Singapore.
• The Companies Act and The Income Tax Act are the major legislations that govern corporate entities registered in Singapore. These are the factors that make Singapore offshore company registration an uncomplicated process.
• A company may be registered as either a resident or non-resident company. It may also be registered simply as a representative office or as a foreign branch operation.
• Normally, there are no restrictions on financial transactions and funds transfer of Singapore offshore companies. However, the Singapore government carefully monitors and periodically scrutinizes business entities that are related to financial services, media, education and other sensitive business operations that can have an impact on the politics and image of the island.
• All the powers enjoyed by a natural resident or a local company can also be enjoyed by a Singapore offshore company.
• All the pertinent legislations and regulations are easily available in English considering that the main official language in the country is English. Related governmental authorities accept submitted corporate documents in the English language. This results to an easier registration process for the Singapore offshore company.
All the foregoing are illustrations of how the opening and operating a Singapore offshore company can offer immense benefits to all kinds of business entities and entrepreneurs from all over the world. Indeed, Singapore has emerged as a major global financial centre and an ideal and efficient domicile for companies across a broad range of business sectors.
Rikvin has successfully assisted local and foreign entrepreneurs incorporate a Singapore company. Our success rate is phenomenal, most of our enterprise clients have entrusted us, with the routine management tasks such as `book keeping and secretarial services and we continue to impress them beyond our promise. Rikvin has also successfully helped hundreds of foreign entrepreneurs register a Singapore company.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887.
Processing your request, Please wait....
