Offshore Singapore.
The Republic of Singapore, one of the four “Asian tigers”, a city-state located at the southern end of the Malaysian peninsula. Despite it being a “tax haven” for thousands of companies, offshore Singapore is not included in any “black lists”.
Offshore Singapore location.
Singapore has a strategically advantageous location for business and commerce. For many years offshore Singapore has been a transit point, and today it is considered as one of the leading sea and air transportation centres. The jurisdiction port is one of the world’s largest and busiest. Thanks to the free trade agreement in offshore Singapore companies have access to a great number of markets due to small duties as well as benefits provided.
Doing business in offshore Singapore.
The Singapore government is constantly working on the development of the country and its recognition of one of the best places in the world to do business. Transparency of the economy, no tolerate for corruption, reliable infrastructure etc. The plans to develop the offshore Singapore jurisdiction are being met.
According to “Doing business” in 2014, Singapore for 91 years takes 1st place in the ranking of favourable countries for business. In June 2013 based on the “conditions for the business registration” the country takes the 3rd place; “protection of investors” in the 2nd place, “taxation” on the 5th place.
Taxation in offshore Singapore.
Low corporate tax rate and income tax makes Singapore the best place for tax optimisation in the Asia- Pacific region.
Singapore has a territorial tax system. This means that tax is imposed on income of a company whose source of income come from Singapore or foreign source income received in Singapore. Income will not be taxed on profits if foreign source income was not transferred to a Singapore bank. To ensure that the company is considered as a non-resident, and therefore be exempt from taxes, the Board of Directors of the company must include at least two non-residents of Singapore.
Benefits of Offshore Companies in Singapore:
- Center for trade and investment in Asia;
- Strict privacy laws;
- Nominee service;
- Confidentiality;
- Full tax exemption for companies conducting business not in Singapore territory;
- No exchange control and no restriction on the movement of capital;
- Active support of offshore business from the state.
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