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. In addition the first S$200,000 (US$142,000) 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$3.6 million). However, an annual tax statement is submitted to the IRAS.

After starting a business in Singapore, Healy Consultants assists clients to register the company for goods and services tax (GST) if annual sales exceed S$1 million (US$720,000) in a calendar year. Refer to this link for further information.

After starting a business in Singapore, international entrepreneurs access double taxation treaties which Singapore has signed with 53 countries around the world. A double tax treaty is signed by two countries to prevent 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.

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

Another major incentive for starting a business 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. For example, after starting a business in Singapore clients request Healy Consultants' assistance to obtain corporate finance or assistance with listing on the Singapore Stock Exchange.

Starting a business in Singapore is popular for international 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.

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

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