Singapore Business News - 12 Reasons to setup company in Singapore
Posted 06-19-2013 at 04:16 AM by csteow
Singapore has been recognized top of the global ranking on the ease of doing business for several years. And due to that, the Republic attract eyes of Microsoft, ARKRAY, Inc from Japan, Taiwan’s United Microelectronic Corporation and some other well known Multi National company.
All the in flow investment indicate how popular Singapore is in world business map.
Why Singapore so global elite ?
*Normal chargeable income refer to income to taxed at the prevailing corporate tax rate (excluding Singapore franked dividend) as stated on Tax Authority, IRAS website
*3 consecutive accounting year means each year assessment must only consist of 12 months transaction period.
Illustration :
A company incorporated on 3 June 2013 and the 1[SIZE=2]st accounting year end will be 31 May 2014. And the annual chargeable income is S$300,000[/SIZE]
First S$100,000 @ 100% =S$100,000
Next S$200,000 @ 50% =S$100,000
TOTAL TAX EXEMPTED is S$200,000
To be eligible for this incentive, the following must be fulfill :
a) must be Singapore registered company
b) must be at least 10% of shares held by individual
Please click here for more detail
Recently Singapore Budget 2013 introduced 3 Years Transition Support Package to all the Singapore register company. And this package include the following :
a) Wage Credit Scheme (WCS)
b) PIC Bonus
c) Corporate Income Tax Rebate (CIT)
Singapore’s technology consider one of the best in Asia and without debate computer software have integrated with all part of business transaction in this Republic. Due to that, government had come out with another scheme, Software as a Services (Saas)
S$21 million had been assigned for Saas scheme and eligible company will accept 70% of cost incurred from government
However this incentive only apply to whose business nature is pre-school education, real estate, food beverage , travel, private education and retail and business owner must purchase the software from the specific vendor selected by government .
Please click here
Beside that through DTA, involved parties can exchange and share information widely.
Singapore signed up Exchange of Information Arrangement with Bermuda.
Singapre is famous with its enforcement of stringent law, and this is the key reason a lot of entrepreneur prefer to register their IP here .
World Intellectual Property office (WIPO) also set up their first Asian regional office in Singapore on 2009.
Singapore Port consider one of the busiest port in Asia. With its great location, it served as connection point to access other South East Asia markets.
The republic also proud be be named as lowest corruption rate in Asia.
Conclusion is Republic's government playing vital role in building Singapore be part of the world famous business hub.
All the in flow investment indicate how popular Singapore is in world business map.
Why Singapore so global elite ?
- LOWER CORPORATE TAX SCHEME
- TAX EXEMPTED FOR NEWLY SETUP COMPANY
*Normal chargeable income refer to income to taxed at the prevailing corporate tax rate (excluding Singapore franked dividend) as stated on Tax Authority, IRAS website
*3 consecutive accounting year means each year assessment must only consist of 12 months transaction period.
Illustration :
A company incorporated on 3 June 2013 and the 1[SIZE=2]st accounting year end will be 31 May 2014. And the annual chargeable income is S$300,000[/SIZE]
First S$100,000 @ 100% =S$100,000
Next S$200,000 @ 50% =S$100,000
TOTAL TAX EXEMPTED is S$200,000
To be eligible for this incentive, the following must be fulfill :
a) must be Singapore registered company
b) must be at least 10% of shares held by individual
Please click here for more detail
- NO DIVIDEND TAX
- NO ESTATE TAX
- ANOTHER GOVERNMENT INCENTIVE
Recently Singapore Budget 2013 introduced 3 Years Transition Support Package to all the Singapore register company. And this package include the following :
a) Wage Credit Scheme (WCS)
b) PIC Bonus
c) Corporate Income Tax Rebate (CIT)
Singapore’s technology consider one of the best in Asia and without debate computer software have integrated with all part of business transaction in this Republic. Due to that, government had come out with another scheme, Software as a Services (Saas)
S$21 million had been assigned for Saas scheme and eligible company will accept 70% of cost incurred from government
However this incentive only apply to whose business nature is pre-school education, real estate, food beverage , travel, private education and retail and business owner must purchase the software from the specific vendor selected by government .
Please click here
- GOVERNMENT BODIES HELPING HAND
- WORLD CLASS BUSINESS NETWORK
Beside that through DTA, involved parties can exchange and share information widely.
Singapore signed up Exchange of Information Arrangement with Bermuda.
- INTELLECTUAL PROPERTY LAW (IP)
Singapre is famous with its enforcement of stringent law, and this is the key reason a lot of entrepreneur prefer to register their IP here .
World Intellectual Property office (WIPO) also set up their first Asian regional office in Singapore on 2009.
- GREAT GEOGRAPHICAL POSITION
Singapore Port consider one of the busiest port in Asia. With its great location, it served as connection point to access other South East Asia markets.
- BUSINESS CUSTOMS
The republic also proud be be named as lowest corruption rate in Asia.
- SIMPLE AND TRANSPARENCY PROCESS TO SETUP SINGAPORE COMPANY
- PERFECT ENVIRONMENT FOR LIVING
Conclusion is Republic's government playing vital role in building Singapore be part of the world famous business hub.
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