{"id":1328,"date":"2021-06-23T13:13:23","date_gmt":"2021-06-23T05:13:23","guid":{"rendered":"https:\/\/task.com.sg\/?p=1328"},"modified":"2021-09-01T18:41:45","modified_gmt":"2021-09-01T10:41:45","slug":"why-singapore","status":"publish","type":"post","link":"https:\/\/task.com.sg\/guides\/why-singapore\/","title":{"rendered":"Singapore Company Incorporation"},"content":{"rendered":"\n<p>Thanks to its unique infrastructure, flexible tax system and minimal bureaucracy, Singapore is a favourable and prestigious country, in which to establish a new business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">#1 Factors To Set Up Business In Singapore<\/h2>\n\n\n\n<p>When setting up a new business in Singapore, the most common legal structure for foreign investors is the private company limited by shares (Pte. Ltd.). A private limited company is defined as a local incorporated company with no more than 50 shareholders. Shareholders\u2019 liability is limited to the amount of their paid-up capital contribution.<\/p>\n\n\n\n<p>There are <a href=\"https:\/\/task.com.sg\/incorporation\/singapore-great-for-incorporation\/\">many advantages of a private limited company<\/a> for foreign investors. It protects the personal assets of individual investors, unlike proprietorship or partnership, and provides tax benefits under certain conditions. With a private limited company, the dividends payable to shareholders are not taxable. Additionally, it allows shareholders and foreign directors to apply for an Employment Pass.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/54-1024x536.png\" alt=\"singapore\" class=\"wp-image-1674\" srcset=\"https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/54-1024x536.png 1024w, https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/54-300x157.png 300w, https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/54-768x402.png 768w, https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/54.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Various incentives are offered to corporates running their business in the country. Some of the incentives given are as below:<\/h4>\n\n\n\n<ul><li>Personal tax rates start at 0% and max out at 20% above $320K<\/li><li>Rated #1 in the world by World Bank for ease of doing business<\/li><li>Singapore is ranked the third wealthiest nation in the world by Forbes magazine<\/li><li>There are&nbsp;no dividend or capital gains taxes <\/li><li>Situated in the heart of Southeast Asia, making it possible for your business to access a market of 2.8 billion people and Singapore\u2019s extensive network of Free Trade Agreements, Avoidance of Double Taxation Agreements and Investment Guarantee Agreements, as well as its comprehensive air, sea and IT infrastructures, providing for a seamless flow of goods and services to markets around the world<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">#2 Tax Incentives<\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">Tax incentives to start-ups in Singapore:<\/h4>\n\n\n\n<ul><li>Zero tax rate on first $100,000 for first three years of incorporation<\/li><li>50% exemption in the corporate tax rate on another $200,000 for first three years of incorporation<\/li><li>Certain other tax rebates to the corporates as and when changes are brought into the budget on an annual basis<\/li><li>GST will be applicable only after crossing a turnover of $1 Million<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">#3 Other Incentives<\/h2>\n\n\n\n<ul><li><strong>Government grants<\/strong> &#8211; up to 70 percent of costs is provided for companies in certain industries keen to adopting IT solutions and equipment to enhance business processes<\/li><li><a href=\"https:\/\/www.acra.gov.sg\/how-to-guides\/setting-up-a-local-company\" target=\"_blank\" rel=\"noopener\"><strong>No auditing&nbsp;<\/strong>is required for a company<\/a> which qualifies as a small company<\/li><li>There are <strong>no restrictions on foreign ownership<\/strong>&nbsp;of business. The repatriation of profits and the import of capital are freely allowed. Shareholders, including investors who receive dividends out of company profits, are exempted from Singapore tax<strong>.&nbsp;<\/strong><\/li><li><strong><em>IP protection&nbsp;\u2013 the country has ensured that IP and copyright laws are in synergy with the global laws on IP protection, as it grants increased public access to intellectual property.<\/em><\/strong><\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/55-1024x536.png\" alt=\"\" class=\"wp-image-1675\" srcset=\"https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/55-1024x536.png 1024w, https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/55-300x157.png 300w, https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/55-768x402.png 768w, https:\/\/task.com.sg\/wp-content\/uploads\/2021\/08\/55.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">#4 Details of Singapore<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Currency<\/h3>\n\n\n\n<p>Singapore Dollar (\u201cSGD\u201d)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Exchange Control<\/h3>\n\n\n\n<p>No exchange control in Singapore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Type of Law<\/h3>\n\n\n\n<p>Common Law<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Language<\/h3>\n\n\n\n<p>The most commonly used official languages are English and to a lesser extent, Chinese, Malay and Tamil which are also official languages.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Population<\/h3>\n\n\n\n<p>The different races live together with mutual respect and racial harmony is the culture. The people are well educated and hardworking. Singapore has a population of approximately 4 million people. More than 75% are Chinese with the remaining 25%, mainly Malays, Indians and others.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Political Structure<\/h3>\n\n\n\n<p>The People\u2019s Action Party, its single dominant ruling party since its independence in 1965, rules Singapore. Singapore is one of the world\u2019s most politically stable and corruption-free countries.<\/p>\n\n\n\n<p>In summary, Singapore is one of the best countries to set up your new business. We are a one stop corporate services provider and provide services such as Business Registration, Company Registration, Corporate Secretarial Services,&nbsp;Company Secretary,&nbsp;Bookkeeping Services, Accounting Services and Payroll etc.  <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thanks to its unique infrastructure, flexible tax system and minimal bureaucracy, Singapore is a favourable and prestigious country, in which to establish a new business. #1 Factors To Set Up Business In Singapore When setting up a new business in Singapore, the most common legal structure for foreign investors is the private company limited by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1330,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"_links":{"self":[{"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/posts\/1328"}],"collection":[{"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/comments?post=1328"}],"version-history":[{"count":0,"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/posts\/1328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/media\/1330"}],"wp:attachment":[{"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/media?parent=1328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/categories?post=1328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/task.com.sg\/wp-json\/wp\/v2\/tags?post=1328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}