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11th Jun 2021

Build up Your Business in Singapore Online

Overview: 

  • Singapore is the financial center of Asia; 
  • The country has the most business-friendly ecosystem with minimal bureaucracy; 
  • Singapore is a respectable jurisdiction with a positive attitude to the crypto business. The government does not restrict but encourages crypto projects;
  • The country's stable economy and sound banking system ensure the efficiency of long-term investments and capital protection; 
  • There are no restrictions on the free movement of capital in foreign currencies in Singapore as there are, for example, in India or China. 
  • Clevver provides support for a simple online company registration in the jurisdiction of Singapore that does not require the physical presence of the owner.

Singapore is characterized by financial stability and loyal legislation, thanks to which non-residents from different countries can establish a business in the country without unnecessary bureaucratic delays. 

Many companies aspire to have a representative office in Singapore, one of the largest financial centers in the world. It is an important step on the way to building a profitable business on an international scale for foreign entrepreneurs. After all, they get more opportunities to build relationships with business partners and banking institutions. 

Clevver specialists take care of all organizational issues and provide a full package of documents upon the completion of the company incorporation. No personal presence is required to open a business in Singapore — with Clevver hand, you can form a company remotely and get all the necessary legal papers digitally. Learn more about starting a business in Singapore here

Taxation in Singapore 

  1. If a company is deemed resident, conducts business with local partners or consumers, and transfers profits to local bank accounts, it is obliged to pay 17% corporate tax on income. Income tax is not charged on those businesses in Singapore that operate with other countries. Also, income tax does not apply to: 
  • investments of foreign origin;
  • funds that have not been transferred to local bank accounts; 
  • funds that are not used to purchase (rent) property in Singapore. 

Such companies are equated to offshore, and since they can only generate income abroad, accordingly, its income is not taxed. 

  1. Value Added Tax in Singapore is only 7%, one of the lowest in the world. 
  2. The tax on dividends is 0%. In Singapore, there is no tax on dividends received from a company registered in Singapore, thus entrepreneurs can distribute profits after payment of all corporate taxes while paying income tax solely in the country of residence. 

Each company is obliged to keep accounting records of funds and report on the turnover to the relevant services of the country. 

Auditing is mandatory for all except small companies. Singapore has signed double taxation prevention agreements with almost 80 countries around the world. 

The absence of exchange controls allows transactions in any amount without the conversion of funds. 

Incorporation in Singapore  

Singapore is one of the Four Asian Tigers, which means that the jurisdiction has an advanced economy, a high level of technological development, and a favorable business environment. The country is known for its positive attitude to the crypto business. 

Clevver experts will help register a company in Singapore remotely, time-efficiently, and save you from procedural and registration hassles on the way. 

APPLY TO OBTAIN:  

  • The quality assistance of the highly-skilled specialists;  
  • Online procedure of cooperation with Clevver;  
  • An essential set of documentation on the company formation in a digital format;
  • Possibility to receive many extra to business incorporation services in Singapore (a registered address, mail-handling service, and a local number); 
  • Consistent customer support and individual approach to each client. 

Conclusion

Company registration in Singapore can bring great benefits to the founder, including the possibility of expanding the business throughout the Asian market. In addition, Singapore is one of the most tax-friendly jurisdictions in the world. We will be happy to help you form a Pte Ltd. company in Singapore, to start the incorporation process in this jurisdiction right now click here!

DISCLOSURE NOTICE: Any legal or tax advice in this communication (including any attachments) is for information purposes only and is not intended to be used, and cannot be used against Clevver or its Sender. The sender is neither an Accountant nor a Lawyer and cannot be made liable. Please, contact your tax accountant for individual consultation. Clevver does not provide any legal advice itself. Clevver works together with a network of lawyers and tax advisors that provide all necessary individual legal advice.

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