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. In addition 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.

After starting a business in Singapore, international entrepreneurs access double taxation treaties which Singapore has signed with 58 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.

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.

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

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