May 30th 2012—Singapore—Singapore is amongst the handful of nations across the world that does not tax foreign sourced income. Although the maximum corporate tax rate in the country is one of the lowest for any developed nation at only 17%, many foreign business owners are continually attracted to Singapore thanks to the possibility of having no tax liabilities. This is possible due to the territorial system of taxation followed in Singapore whereby foreign sourced income is not taxed as long as that income is not deemed remitted to Singapore.
According to SingaporeStartup.com (www.singaporestartup.com), Singapore’s taxation laws have enabled the country to attract a number of offshore companies over the past many years although Singapore is not exactly known for being a tax haven. On the contrary, Singapore is in fact one of the most credible places to do business with strong financial and accounting regulations in place. What makes Singapore so unique is that on one hand, most multinational companies want to enter the Singapore market and be part of the vibrant economy, many individual entrepreneurs from all corners of the globe also continually incorporate a business in the country to take advantage of the business friendly laws. Foreigners can easily setup their business in Singapore without having to apply for any special permission or visa. An entrepreneur visa is required only if the foreign business owner wishes to relocate to Singapore after their company has been incorporated.
As per SingaporeStartup.com, foreign companies interested in doing business in Singapore should learn more about the territorial system of taxation and understand what exactly would constitute as foreign sourced income. They should look at their specific business activities and then understand what their tax liabilities would be in Singapore although one thing for sure, it would be amongst the lower side as compared to many other nations globally.
SingaporeStartup.com is a leading portal which focuses on offshore companies in Singapore. The site provides in-depth guides on how to setup an offshore company in Singapore and also provides information on laws as well as policies which affect offshore companies in the country. For more information, please visit http://www.singaporestartup.com/
BayBridge PR Solutions
San Francisco, California