Setting up a company in Singapore is an excellent way to create a tax-efficient corporate vehicle through which international business can be conducted. The following information will help you determine whether setting up a company in Singapore is the optimum solution to fulfill your international business objectives.

Singapore is a reputable, highly respected global financial centre. Setting up a company in Singapore projects a positive image to your customers, suppliers, investors and venture capitalists. For example, a properly-structured Singapore company is not considered an offshore company.

Setting up a company in Singapore is tax-efficient. For example, a properly-structured Singapore company pays no tax on revenues sourced outside Singapore. Furthermore, the first S$200,000 (US$145,000) of local corporate profits earned in Singapore are tax-exempt for the first three years after setting up a company in Singapore. For further information, refer to the Inland Revenue Authority of Singapore website.

Furthermore, after setting up a company in Singapore clients access double taxation treaties Singapore has signed with 54 countries, including Japan, China, Germany, France, the UK and Canada.

After setting up a company in Singapore, a company must register for goods & sales tax (GST) if annual sales exceed S$1 million (US$614,000) in a calendar year. Singapore levies a 7% GST in lieu of value added tax (VAT) and import duty. However, Singapore company sales to international customers are GST-exempt.

When setting up a company in Singapore, at least one Singapore-resident director is required. Thereafter, any number of directors may be appointed, of any nationality and resident anywhere in the world.

After setting up a company in Singapore, Healy Consultants offers a wide range of corporate services, including i) assistance to open a corporate bank account ii) obtaining corporate finance iii) assistance opening merchant accounts and brokerage accounts iv) accounting services v) tax planning in Singapore vi) setting up trusts and foundations vii) Singapore virtual office services viii) assistance with Stock Exchange listing and ix) Website Development and IT support services. Some clients also request our assistance to purchase Singapore property or with Asia Property Investment.

For more information on setting up a company in Singapore, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.