Advantages of Singapore company registration
- A Singapore limited liability company is incorporated within one week, with merely one shareholder and one director of any nationality. The minimum paid up share capital is US$1 and our Clients do not travel to complete the engagement;
- A Singapore company is the best holding company in the world because:
- If properly structured by Healy Consultants, a Singapore holding company will not suffer corporation tax on all forms of international income;
- Through its network of 75 double taxation treaties global withholding tax is minimized when extracting funds from international subsidiary companies;
- A Singapore company looks good to investors and banks and can be listed on the SGX or ASX or NYSE;
- Singapore boasts fair and reasonable transfer pricing rules;
- To support group reporting, Healy Consultants will timely and efficiently prepare audited or unaudited consolidated financial statements.
- A Singapore company is an excellent global trading company because:
- If properly structured by Healy Consultants, international sales are legally tax exempt;
- A Singapore company looks good to customers and suppliers;
- For a Singapore business registration, Healy Consultants can open a supporting corporate bank account in every country in the world including USA, Germany, Dubai, South Africa, Brazil, Australia, Japan. Eliminating the need to register local companies in each continent;
- To minimize the administrative burden, our Accounting Team can complete i) daily invoicing ii) monthly bookkeeping and iii) annual accounting and tax returns;
- The international trading company will be supported by a low cost multi-currency merchant account for e-commerce sales.
- Singapore is the perfect low tax headquarters in Asia because:
- If properly structured by Healy Consultants, a Singapore resident company will not suffer tax on i) international income ii) all forms of dividends and iii) capital gains;
- For resident companies, the first three years net profits under US$125,000 are tax exempt. Profits over this amount suffer corporate income tax of 17%, the second lowest rate in APAC;
- Regional withholding tax rates are minimized through the 75 double taxation treaties signed by Singapore. Thus extracting funds from regional subsidiary companies in the form of dividends, management fees and royalties. Refer to this table to view how regional withholding tax rates are minimized;Holding CompanyHong KongSingaporeCyprus
Thailand Dividend 10% 10% 10% Royalties 15% 15% 15% Interest 5% 15% 5% Taiwan Dividend 20% 20% 20% Royalties 20% 15% 20% Interest 20% 20% 20% Australia Dividend 30% 15% 30% Royalties 30% 10% 30% Interest 10% 10% 10% New Zealand Dividend 0 5% 30% Royalties 5% 5% 15% Interest 10% 10% 15% Philippines Dividend 30% 15% 30% Royalties 30% 25% 30% Interest 20% 15% 20% Indonesia Dividend 5% 10% 20% Royalties 5% 15% 20% Interest 10% 10% 20% Malaysia Dividend 0 0 0 Royalties 10% 5% 10% Interest 15% 10% 15% Japan Dividend 5% 5% 20% Royalties 5% 10% 20% Interest 10% 10% 20% Korea Dividend 20% 10% 20% Royalties 20% 15% 20% Interest 20% 10% 20% Singapore Dividend 0 0 0 Royalties 10% 0 10% Interest 15% 0 10% Hong Kong Dividend 0 0 0 Royalties 0 5% 5% Interest 0 0 0 Malta (holding) Dividend 0 0 0 Royalties 5% 10% 10% Interest 0 10% 0 Cyprus (holding) Dividend 0 0 0 Royalties 5% 10% 0 Interest 0 10% 0
- Because Singapore is a member of ASEAN, companies incorporated here pay no import duty when trading with other ASEAN member countries, including Indonesia, Malaysia, the Philippines, Thailand, Brunei, Burma, Cambodia, Laos and Vietnam.
- Singapore is a great import and export hub because: i) it boasts the world’s 2nd busiest port and the world’s 12th busiest cargo airport ii) it hosts a huge number of international trading companies and supporting banks, a top source of trade finance and iii) it attracts the world’s leading freight forwarders, shipping companies and insurance companies;
- Singapore is the best business gateway to Asia because of it’s strategic location. Located in the centre of Southeast Asia, a three hour flight will connect you to major markets such as Hong Kong, China, Vietnam and Taiwan, with Malaysia and Indonesia less than an hour away;
- Since Singapore is the most politically stable country in Asia, it boasts a reputable regulatory environment. Consequently, business registration in Singapore is the perfect option for signing regional contracts with customers and suppliers or for registering intellectual property;
- Singapore is considered the premier financial hub of Asia. The country’s financial centre houses hundreds of financial companies, insurance companies, banks and asset management companies, earning low tax profits within a liberal economy free of exchange controls;
- Since Singapore is the most proficient English speaking country in Asia, international entrepreneurs find it easy to communicate with suppliers and Clients. Also, all official documents are written in English;
- Singapore boasts highly skilled labour with a literacy rate of over 96% and a computer literacy rate of 99%. Furthermore, most skilled employees are bilingual in English and Mandarin or Malay;
- Starting a business in Singapore is easy with minimal corruption, minimal business restrictions, and low bureaucracy. A foreign owned company can invest in every business sector without restriction. This is why Singapore boasts the first place ranking on the 2013 world doing business survey, measuring ease of starting a business, paying taxes and getting credit, amongst other factors;
- Singapore is a paradise for high net worth entrepreneurs. With a strategic location for wealthy Asian entrepreneurs, the city is synonymous with luxury and is home to some of the biggest brands in the world, catering to its world-leading population of millionaires. Singapore is ranked as the most innovative city in Asia for entrepreneurs, according to the Corporate Advisory Firm, Solidiance. Singapore’s high rating was thanks to its talented labour force, relaxed regulatory framework and excellent technological infrastructure;
- Singapore offers highly luxurious residential facilities for foreign businessmen/women. With a strategic location for wealthy Asian entrepreneurs, the city currently caters to the world’s highest percentage of millionaires;
- The Singapore Government i) offers a multitude of attractive government grants to new companies and ii) allows all tax returns to be submitted online;
- Singapore is Asia’s most liveable city, comprising i) a cosmopolitan, multinational population ii) high quality office and residential accommodation iii) reliable power and utilities and iv) first-class hotels, hospitals and schools.
|Interview with Aidan Healy on Singapore business registration|
Disadvantages of Singapore company registration
- All resident firms must have at least one resident director, who can either be a citizen, permanent resident or work pass holder in the country. Furthermore, corporate directors are not allowed;
- As a services and export-based economy, Singapore growth is dependent on i) the health of the Chinese economy and ii) the health of the USA and EU economy;
- All companies must submit financial statements annually to the Inland Revenue Authority (IRAS). Healy Consultants assists our Clients efficiently and effectively complete this annual statutory obligation;
- Singapore is an expensive city for a new business, with monthly average labor cost being US$2,600 and monthly average office rental being US$7 per square foot. Both rates are more than double the rates in neighboring Malaysia;
- Hiring foreign workers is difficult; the company will have to prove that local workers were not denied the work opportunity.
Why invest in Singapore?
- Country attractiveness video
- KPMG – Asia Pacific Taxation – Singapore
- Singapore Budget 2013
- Singapore Deloitte – Tax Guide
- E&Y – Singapore Highlights
- PWC – Doing business in Singapore
- Budget 2014: Deloitte Singapore’s reactions and comments
- PWC – Singapore Tax Summary
Frequently asked questions
The following are some of the most frequently asked questions about business registration in Singapore:
I wish to setup a small business in Singapore. Can Healy Consultants help me?
Yes. Healy Consultants will help our Clients with business registration in Singapore
Why setup a company in Singapore?
For an entrepreneur starting in Singapore, there are several benefits including: i) offshore Singapore business registration which can be 100% tax-exempt ii) low corporate tax for an onshore Singapore business registration and iii) several government incentives benefiting a business registration in Singapore.
How do I setup a business in Singapore?
We can register a business in Singapore through the Accounting and Regulatory Authority, Singapore (ACRA). The entire process of establishing a business in Singapore can be completed within a week, provided the company has a resident director and company secretary.
What are the company formation requirements?
In order to form a Singapore company, one resident director, one resident company secretary and one shareholder are required. Please note that, the shareholder can be of any nationality.
How can foreigners register a company in Singapore?
Foreigners can set up a Singapore company through a resident agent like Healy Consultants because the law does not allow non-resident individuals to self-register.
What business restrictions will I face if I set up a branch in Singapore?
In Singapore, a branch office faces no business restrictions. Consequently, it can be incorporated in all sectors of the Singapore economy.
For additional information on our company registration services in Singapore, you can email us at firstname.lastname@example.org or phone us at +65 6735 0120. Address: #15-01 Valley Point, 491B River Valley Road, Singapore 248373. Alternatively contact our in-house country expert whose details are below: