Tax planning in Singapore is straightforward compared to most jurisdictions. Singapore tax laws are simple and pro-business. The following is an overview of Healy Consultants' Singapore tax planning services and how our Singapore tax consultants can assist you achieve your international business objectives:

When tax planning in Singapore, taxes are levied only on income earned in Singapore and provided the income is not remitted back to Singapore. Refer to the Inland Revenue Authority of Singapore (IRAS) website for more information.

As the laws affecting tax planning in Singapore are updated and modified, Healy Consultants will inform our clients and act accordingly. Most recently, ASC announced a strategic direction to work towards full convergence with IFRS for Singapore listed companies. To read more, please visit the Accounting and Corporate Regulatory Authority (ACRA) website.

Unlike many corporate services providers, Healy Consultants takes a global approach to our Singapore tax planning services. Our Singapore tax consultants think 'outside the box' to provide a creative solution. Our international tax professionals provide legal, creative solutions.

Up to S$200,000 (approximately US$159,000) of corporate profits earned in Singapore can be legally tax-exempt for the first three years of business trading.

Starting a company in Singapore requires registration for goods & services tax (GST) if annual sales exceed S$1 million (approximately US$795,000). GST registration by a non-resident Singapore company enjoys GST refunds from the Singapore government. Speak to our Singapore tax consultants for more information on legal GST exemption.

Singapore imposes neither capital gains nor gifts taxes nor estate taxes.

The following expenses do not change the status of a dormant company: i) the appointment of a secretary of a company; ii) the appointment of an auditor; iii) the maintenance of a registered office; iv) the keeping of registers and books; v) the payment of fees to the Registrar or an amount of any fine or default penalty paid to the Registrar (ACRA); vi) the taking of shares in the company by a subscriber to the memorandum in pursuance of an undertaking of his in the memorandum. For further information, refer to the ACRA website.

Annual financial statements must be submitted to the IRAS following Singapore company set up. Our Singapore tax consultants assist clients efficiently and effectively complete this annual statutory obligation. Annually, our Clients should budget for approximately US$2300 to complete Singapore tax and accounting obligations. If an audit is required, this fee increases to US$4950.

A Singapore company accesses double taxation treaties signed with 69 countries including Japan, China, Germany, France, the UK and Canada. In some instances, a Singapore company may be liable to pay income tax despite a double tax treaty being in place. In this case, the tax rate depends on the terms of the treaty, and may be reduced through tax credits. Our Singapore tax consultants can provide further information.

Healy Consultants' tailored, creative advice makes us the tax consultancy of choice. Our Singapore tax planning services include:

Singapore company formation - Healy Consultants' Singapore tax consultants advise on the tax aspects of Singapore companies. A properly-structured Singapore company is a tax-efficient corporate vehicle through which to conduct international business.

Singapore Trusts - Healy Consultants' Singapore tax consultants advise on all tax-related aspects of setting up a Singapore trust, an excellent way to optimise asset protection;

Singapore corporate bank account - Healy Consultants' Singapore tax consultants advise on all tax-related aspects of opening a Singapore or international corporate bank account.

Mergers and Acquisitions (M&A) - Healy Consultants' Singapore tax consultants can advise on all tax-related aspects of an M&A.

International tax legislation - Healy Consultants' Singapore tax consultants advise on international tax legislation, keeping our clients informed of regulatory changes.

Double Taxation Treaties - Healy Consultants' Singapore tax consultants advise on all tax-related aspects of double taxation agreements which Singapore has signed with approximately 69 countries.

Singapore corporate and personal income tax advice - Healy Consultants' Singapore tax consultants advise on the latest corporate and income tax rates in Singapore, as well as legal strategies to minimise tax exposure. Furthermore, we assist clients prepare and submit tax returns to the Inland Revenue Authority of Singapore (IRAS).

Goods and Services Tax (GST) registration and exemption - Healy Consultants' Singapore tax consultants assist with this Singapore tax planning service. The fee for completing GST registration for our clients is US$550. The fee for completing the required quarterly GST returns is US$450 per return.

Healy Consultants’ fee for Singapore tax and accounting ranges between US$2,300 and US$4,950.

If your Singapore Firm does not need an audit, the tax and accounting fee amounts to US$2,300. The fee includes i) preparation of financial statements following Singapore format ii) preparation of the annual general meeting iii) submission and filing of all required data with the Singapore tax department and iv) submission and filing of all required data with the Singapore company registry.

If your Singapore Firm needs an audit, the audit, tax and accounting fee amounts to US$4,950. The fee includes i) preparation of financial statements following Singapore format ii) pay the auditors and liaising with them on your Firm’s behalf iii) preparation of the annual general meeting iv) submission and filing of all required data with the Singapore tax department and v) submission and filing of all required data with the Singapore company registry.

Your firm will need an audit if the firm’s shareholder is a company and/or your Firm’s turnover is above US$4.1 million.

The corporate tax rate for a Singapore company is 17%.

To promote foreign direct investment into Singapore, new start-ups specifically, have tax exemptions for their first three years of operations, as per the guidelines below:

First $100,000 of chargeable income: Full exemption from taxation

Next $200,000 of chargeable income: 50% tax exemption

Any figure above $300,000 is taxed at the Singapore corporate tax rate of 17% (from 2010 onwards)

To qualify for these exemptions the company has to fulfill certain criteria. It has to have been incorporated in Singapore, and therefore be a tax-resident of Singapore. There can also be no more than 20 shareholders.

Personal income tax in Singapore is also another highly desirable aspect of doing business in Singapore. The highest Singapore personal income tax rate of 20% is only applicable for income over S$320,000, which is a very high income bracket. The average personal income tax rate is approximately 7%.

As specialists in offshore company formation, Healy Consultants are experienced in developing effective corporate structures specific for company objectives. Singapore tax rates, and Singapore tax planning strategy are important aspects to address when incorporating in Singapore.

For more information on tax planning in Singapore, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.