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Singapore has always been considered as one of the most ideal jurisdictions to build up and run businesses. Every year, the nation attracts a large number of foreign investors and entrepreneurs due to its advanced economy, pro-business environment and professional workforce.

Taxation is also a crucial factor that makes the Lion City become so appealing to investment. Compared to other countries, the corporate income tax rate in Singapore is rather low, standing currently at 17%. In addition, the Singapore government has announced plenty of favorable tax policies and beneficial schemes to support local companies, especially small and medium enterprises. Newly-established companies may enjoy tax exemption of 75% if they are qualified for the tax exemption scheme for startups.

Throughout decades of developing, Singapore receives many high rankings from a wide range of international organizations. Remarkably, in 2019, the Lion City wrote its name in the top-10 list of nations that have highest earnings in the world. Service and manufacturing are the two sectors that accounts for most of the nation’s GDP.

The Content of Doing Business in Singapore 2020

Doing Business in Singapore 2020 brings you the latest information about crucial aspects when incorporating in this jurisdiction, comprising 5 main parts:

Legal structure in Singapore

The most common types of business entities include: private limited company, public limited company, sole proprietorship and partnership. Each type has different characteristics and obligations to comply with. Among these types, private limited company is the most chosen forms.

Incorporation procedure in Singapore

Generally, the process of incorporating in Singapore is fast and not too complicated. Essentially, foreign investors can use formation services from licensed providers to register their businesses.

Annual compliance requirements

During operations in Singapore, businesses must comply with requirements set by the government agencies. The two most important obligations are filing annual returns with Accounting and Regulatory Authority (ACRA) and filing annual tax returns with Inland Revenue Authority of Singapore (IRAS).

Taxation in Singapore

Tax always lies on top of the concern-list for business owners. In addition to corporate income tax, this section also introduces other kinds of taxes in Singapore: personal income tax, goods and services tax, property tax and withholding tax. Many tax incentives and tax treaty will also be mentioned in this section.

Hiring in Singapore

Singapore issues many types of work passes and permits for investors and different groups of foreign workers. The two most common passes for entrepreneurs and professionals are Employment Pass and EntrePass.

As for hiring, employers need to comply with the regulations on employment in regard to business contract, working hours, leaves and national holidays. These regulations are mentioned in the provisions of the Singapore Employment Act.

Start Your Business in Singapore with BBIncorp

All in all, Doing Business in Singapore 2020 provides you with an overview of how to incorporating in this nation. It may help you finalize your investment decision as well as avoid making mistakes when registering your business in Singapore.

BBIncorp is a reliable partner to assist you achieve your incorporation goal in Singapore. We provide services from company formation, corporate secretary, accounting, auditing, tax filing to business advisory to help you start and run your Singapore business with ease.

Contact us now for free consulting!

Hotline: (+65) 3138 1666

Doing Business in Singapore 2020

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