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Basic information about the jurisdiction of Singapore
Pte Ltd (Private Limited Company)
At least 1, he can be either physical or legal person, there are no residence requirements
At least 1 director must be a resident of Singapore. Corporate directors are not allowed
Minimum capital is1 Singapore dollar
Information about beneficiary is closed
● Singapore has a territorial taxation principle - incomes received in Singapore and incomes received abroad that are listed in Singapore are subject to taxation.
● Incomes originating from Singapore are taxed at a rate of 17%.
● However, the first 10,000 SGD of taxable income is exempted by 75%, and the subsequent 290,000 SGD of taxable income is exempted by 50%. There is also a tax rebate for new companies: 100% exemption from the first 100.000 SGD of income and 50% from the next 200.000 SGD of taxable income in the first 3 years (which circumstance comes first).
● Standard rate -7%
● The threshold for registration as a payer is 1 000 000, 00 SGD. Voluntary registration is possible.
UNIFIED SOCIAL TAX
● Tax rate of 20% of the wage fund.
Exemption from income tax
● Dividends received from foreign sources (if the total tax costs in the country of source, including income tax and tax on dividends paid, exceed 20% of the income from which dividends are paid, then in Singapore dividends received are not taxable)
● income received through a foreign branch,
● income from the services accomplishment to foreign customers (professional, technical),
● consulting or other services provided by a trading company through a permanent establishment in another country), if:
● income tax rate in the country of source is at least 15% and this income was subject to taxation in the country of source.
Annual report - until November 30 for the previous fiscal year. Taxes must be paid within three months after the end of the fiscal year.
Companies with a turnover of more than 5,000,000 Singapore dollars per year, the number of shareholders exceeding 20 persons are subject to mandatory audit.
* This information is informative, its use in practice requires additional advice on your individual business situation.