|Company Formation Singapore,Company Formation, offshore company formation, offshore company, limited company|
Company Formation Singapore
Company Formation Singapore: GENERAL
Singapore is referred to - and not without good reason - as the "New Switzerland". This is, above all, because of banking secrecy and the fact that Singapore hardly gives out any information to other countries. On the other hand, Singapore also has a wide network of double-taxation agreements with countries such as Germany, Austria, Denmark, Switzerland, China and Japan. In addition, Singapore is attractive with its low rates of taxation. Certain business activities (offshore financial services) are taxed at a standard rate of 10%. Foreign income is even tax-free. In addition, Singapore supports technolgies in a targeted way through generous investment sponsorship when companies actually set up in business there (EDB: Economic Development Board).
Company Formation Singapore: Taxes
The tax on income from offshore financial businesses is 10%. The top rate of tax on income is 17%, whereby the maximum rate of tax is only reached with an income of 320,000.00 USD:
Setting Up New Companies in Singapore:
Companies already present in Singapore:
The basic rate of tax is 4.5%, otherwise there is the same progression as above.
All foreign income is exempted from taxation (exempt company principle). However, the regulations of existing double-taxation agreements do NOT apply to exempt companies/ non-resident companies. Thus if the shielding effect of a DTA is to take effect (such as within the context of the tax collected at source in the case of associated companies) and/or if the existence of business premises abroad for tax purposes is to be defined on the basis of 5 DTA, then the company would have to do business in Singapore. One approach to solving this, in this context, would be the interposition of an EU holding company, insofar as there are associated companies are in the EU.
The banking secrecy of Singapore is firmly anchored in the constitution and one of the supporting pillars of the city state. Requests for legal assistance from other countries fail pathetically, unless evidence is produced that it is money resulting from money laundering or the drugs trade. Facts relating to suspected tax avoidance are not pursued or no information is given to other countries.
Company Formation Singapore: Service
A lawyer who is normally resident in Singapore will act as a trustee, that is only "outwardly", as a director of the company).
It takes approx. 14 days to set up an INC in Singapore, and 4 weeks to open an account.
The fees depend on the services, please ask about:
Singapore Company Incorporation:
Corporate Secretarial Retainer Service: