That is an ideal jurisdiction for business incorporation in Singapore. Singapore has been dominant players in the Asian area, varying for the position of the ideal place to do business. Nevertheless, the important questions are, which of those jurisdictions have an edge over the other? Integrating of business is easier at Singapore.
Minimum Statutory Requirements:
Singapore: a Neighborhood registered address residential or commercial but no PO Box, a local resident manager, a neighborhood resident and qualified company secretary, a shareholder individual or corporate, minimum paid up capital of SGD 1.00 no authorized capital required.
Incorporation Timeline: Singapore: 1 day
Foreign Ownership: Singapore foreign ownership
Singapore corporate income tax rate – 18%: But, corporate income tax rate effective 2010 – 17%. Note: The effective tax rate is much lower – under 9% for earnings up to SGD 300,000 and capped at 18% for earnings above SGD 300,000
Fees for business incorporation with Companies Registrar: Singapore: SGD 315
Fees for business registration with tax department:
Annual Filing Requirements:
Singapore: Tax returns Together with audited accounts must be filed with the Inland Revenue Authority of Singapore by 31 October each year. Annual returns must be filed with the Companies Registry once in each calendar year except in the year of incorporation within 42 days following the anniversary of the provider’s date of incorporation. Private limited companies are exempt from submitting accounts together with the yearly return.
Tax returns together with audited accounts must be filed with the Inland Revenue Department by 31 April annually. The auditor must be a member of the Hong Kong Institute of Certified Public Accountants and must hold a practicing certificate. Dormant companies i.e. no accounting transactions for the fiscal year and compact foreign company incorporation in Singapore i.e. total gross income does not exceed HKD 500,000 are exempt from audit requirements and can file unaudited accounts.