Singapore Corporate Formation @ Asia Business Setup


Singapore Corporate Formation
Singapore corporate formation is a secure, long-term and tax efficient way to conduct global business. Important points for entrepreneurs to note when considering Singapore corporate formation include:
1.	Singapore corporate formation is governed by the Singapore Companies Act 1963, which is based on UK Common Law. The Accounting and Regulatory Authority of Singapore (ACRA) is the governing body for Singapore company formation. The cost to register a company with ACRA is S$300 (US$200).
2.	Singapore corporate formation is a popular option for international entrepreneurs. According to the Singapore Economic Development Board (EDB), more than 7000 multinational companies have set up regional or global headquarters in Singapore to date.
3.	Singapore corporate formation projects a positive image to clients, suppliers and investors due to its reputation as a highly regulated jurisdiction with a stable government and economy and a highly developed infrastructure.
4.	Singapore corporate formation allows investors access to the wide range of comprehensive double taxation agreements Singapore has signed with 62 countries, including Japan, China, Germany, France, the UK and Canada.
5.	According to Singapore Tax Law, the first S$100,000 (US$73,400) of profits is tax-exempt for new start-up Singapore companies for the first three years of operation. A further 50% tax exemption is given on the next S$200 000 (US$146,800) of the normal chargeable income. Corporation tax for 2010 onwards is 17% of trading profits earned in Singapore. Furthermore, international profits are tax exempt provided they are not remitted into Singapore, making Singapore corporate formation an ideal option.
6.	Investors who have completed Singapore corporate formation must submit an annual audit if turnover or sales exceeds S$5 million (US$3.6 million) or if the company has corporate shareholders. Annual accounts must be also submitted to the Inland Revenue Authority of Singapore.
7.	Global investors who choose Singapore corporate formation can benefit from Singapore's excellence in business practice and their incorporation of globally recognised Organisation for Economic Cooperation and Development (OECD) standards.
8.	According to the World Bank's Doing Business 2010 survey, Singapore is the world's easiest place to do business. Singapore corporate formation is efficient and cost effective when compared to other international jurisdictions.
More information
For more detailed information on Singapore corporate formation please refer to Healy Consultants' Asia Business Setup guide.
Contact Us
For more information on Singapore corporate formation, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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