Throughout Asia Singapore – the most European city: English here is public and well-established legal system based on British law. An important distinction here is a carefully designed system of immigration legislation, which gives the opportunity to own and operate a business in Singapore.
Throughout southern Asia, only Singapore is considered the most reliable, economically and politically stable country. Here is no offshore legislation, and taxed only remit or received in Singapore income. You can register your company remotely in a period of 1 day, if all documentation is prepared and adapted to the requirements of the law, up to 1 month.
New companies registered in Singapore, have many benefits: they do not pay income tax for the first three years for the first 100 thousand dollars profit. When profit before tax of 300 thousand dollars payable at the rate of 8.5%, and if the income exceeds three hundred thousand, the rate rises to 17%. In the same case, a company incorporated in Singapore will not pay capital gains tax, tax on dividends that are paid to shareholders, exchange transactions will not be monitored and will not be exposed restrictions on repatriation of profits.
To register a company, in addition to personal data, you need the following documents:
- provided that the founders are individuals a copy of passports of the founders and directors, two proofs of residential address for each participant are required;
- provided that the founders are legal persons statutes, the decision regarding the creation of a representative office or subsidiary, a copy of passport director and two proof of address of his place of residence are required. Decision and statutory documents are translated into English and notarized.
Despite the many advantages when opening a Singapore company, it’s hard to avoid complications in this process: requirements for companies when opening sufficiently stringent, and deal with them on their own is difficult – it will take more than one lawyer and a lot of time. Now the Ministry of Finance of Singapore is developing new requirements, introduces new rules of business and tax benefits. The situation is changing very quickly … In such cases it is better to trust those who support daily contact with Singaporean lawyers, know all the intricacies and peculiarities of working in Singapore and will answer all your questions. Contact our company, and we will help you to start your own business in the warm Singapore!