Starting a Business in Singapore

Starting a business in Singapore is popular for global entrepreneurs who want to set up a regional or global headquarters in a thriving hub with state-of-the-art communications and a stable local economy. As a member of the Association of Southeast Asian Nations (ASEAN), Singapore is an attractive jurisdiction from which to tap regional opportunities.

International entrepreneurs starting a business in Singapore enjoy tax-efficient international business, provided revenue is earned outside Singapore are is not remitted into Singapore. For more information see the Inland Revenue Authority of Singapore (IRAS) website. Additionally, the first S$200,000 (US$132,500) of corporate profits earned in Singapore are tax-exempt for the first three years of trading. After starting a business in Singapore it is not necessary to submit annual audited financial statements for sales under S$5 million (US$3.5 million). However, an annual tax statement is submitted to the IRAS.

The Singapore government provides a wide variety of incentives to investors incorporating in Singapore, including financial assistance. For more information, visit the Singapore Economic Development Board (EDB) website.

After starting a business in Singapore, international entrepreneurs access double taxation treaties which Singapore has signed with 61 countries around the world. A double tax treaty is signed by two countries to avoid the duplicate taxation of international income. In addition, a double tax treaty reduces withholding tax on payments to non-resident individuals and companies. For more information visit the IRAS website.

Another major incentive for starting a company in Singapore is the country's world-class business and industrial infrastructure. An extensive service industry (for example financial services) provides full support to investors starting a business in Singapore. As a global private banking and wealth management hub, Singapore caters to the financial service needs of a rapidly growing number of Asian millionaires. Also, after starting a business in Singapore clients request Healy Consultants' assistance to obtain corporate finance or aid with listing on the Singapore Stock Exchange.

According to the Inland Revenue Authority of Singapore (IRAS), a Singapore company is obliged to register for goods & sales tax (GST) if annual sales exceed S$1 million (US$708,000). GST registration by a non-resident Singapore company enjoys GST refunds from the Singapore government. Refer to this IRAS page for further information.

For additional information on starting a business in Singapore, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.

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