All the in flow investment indicate how popular Singapore is in world business map.
Why Singapore so global elite ?
• LOWER CORPORATE TAX SCHEME
Lower Corporate Tax rate capped at 17% is one of the key reason for entrepreneur to setup their based in Republic.
• TAX EXEMPTED FOR NEWLY SETUP COMPANY
The government have further introduce Tax exemption scheme for newly set up company. With effect from Year Assessment 2005 all the newly setup company will eligible tax free for first S$100,000 on the Chargeable Income for 3 consecutive years from the date of incorporation.
*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.
A company incorporated on 3 June 2013 and the 1st accounting year end will be 31 May 2014. And the annual chargeable income is S$300,000
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
• NO DIVIDEND TAX
There is NO Dividend tax which means that Corporate tax is the final tax need to pay by the Company.
• NO ESTATE TAX
Singapore had abolish estate tax on 15 February 2008 and this attract more millionaire family to park their wealth here.
• ANOTHER GOVERNMENT INCENTIVE
Entrepreneur must be will known with Tax Exemption and lower tax rate .Recently all the Singapore register company can enjoy the following which was only introduce during the Singapore Budget 2013 :
3 years Transition Support Package
a) Wage Credit Scheme (WCS) (http://www.iras.gov.sg/
b) PIC Bonus (http://www.iras.gov.sg/
c) Corporate Income Tax Rebate (CIT) (http://www.iras.gov.sg/
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 .
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• GOVERNMENT BODIES HELPING HAND
Every individual body playing vital part in map out Singapore become famous business platform. Each body will introduce different type of Comprehensive ideas, planning. And among of them, SPRING ,Singapore economic Development Board (http://www.edb.gov.sg/
• WORLD CLASS BUSINESS NETWORK
Singapore entered Avoidance of Double Taxation Agreement (DTA) with almost 72 judictiion. With this application , double taxation can be avoid between Singapore with hers treaty partners.
Generally through DTA, involve parties can exchange and share information widely. Singapore signed up Exchange of Information Arrangement with Bermuda.
• INTELLECTUAL PROPERTY LAW (IP)
IP refer to creation of innovation, name, idea, design and some other mind works.
Singapre is famous with its enforcement of tighted 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 is the Gateway to access the nearby neighborhood country. With the stability of politic and great infrastructure , Singapore serve as business hub to access nearby countries like Myanmar whose just open door to outside world.
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
Singapore Government is famous with its clear and clean law enforcement. Everything is transparent in Singapore.
The republic also proud be be named as lowest corruption rate in Asia.
• SIMPLE AND TRANSPARENCY PROCESS TO SETUP SINGAPORE COMPANY
No matter where are you in this world, just click www.bizfile.gov.sg to setup your business here. Within an hour, company will consider successful incorporated.
• PERFECT ENVIRONMENT FOR LIVING
For those who like to bring along their family member, Singapore will be safe, and peace environment. The Republic not only can support stability for living, its System Education also well-known in the world. Some of the local school also offer foreign education system. Or you may prefer you home country school like George Washington Preschool Singapore (United States), Integrated International School ( Australia), KB International School Singapore (India)Canadian International School Singapore (Canada) French School of Singapore (France) and a lot more