Rikvin Cites the Advantages of a Singapore Company
A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.
by Charles Kramer Friday, November 12, 2010
“Its economy ceaselessly flourishes,” articulated a business consultant of Rikvin in an opening statement referring to the business advantage in Singapore, “businessmen from neighboring countries and from distant land converge to do business.”
In an aspiration of luring entrepreneurs particularly from other wealthy nations, the government implements competitive tax rates on personal and corporate levels and grants incentives and exemptions on taxes.
“To qualify for tax exemptions for the 1st 3 years following its incorporation for its first income of S$100,000,” Rikvin’s representative began his elaboration on the impressive tax advantage his city-state, “the company must be locally incorporated, maintains 20 shareholders that directly and personally hold their shares with their names, and which business operations are initiated from here,” referring to Singapore.
“The corporations, thus too entitle for another 50% tax exemption on their next accrued chargeable earnings of S$200,000.00”
In case some of the shareholders are another company, however, there is one person that possesses a minimum of 10% of the total corporate shares, the business can still qualify for tax exemption. Nonetheless, in the event that none of the conditions are met, the corporate or company can still enjoy partial tax exemptions for 3 consecutive years.
From fourth year onwards, the corporate income tax rates are 8.5% for the first S$300,000 and 17% for more than that. Nevertheless, for branch and subsidiary companies, the corporate tax rate begins at 17%. Apart from that, the tax deductions commence only after all the corporate’s business related expenses are first deducted.
On the personal level, Rikvin continued its explanation on the tax benefits, saying the personal income tax rates vary between local residents and non-residents.
“Residents enjoy a progressive tax rate from 0% for his first S$20,000 to 3.5% for the next S$10,000 and 5.5% for the third S$10,000, until the rate reaches 20% for more than $320,000.”
“Meanwhile, for non-residents, the rate starts at 15%.”
Moreover, Singapore protects its investors with its Client Confidentiality Law, which states that individuals who invest their fortune in its banks are accorded with due confidentiality, a feature that drives a flock of wealthy businessmen from Europe to Singapore.
As a component of its sustainable development plan, the government of Singapore devised financial assistance program to help those who are adept at business start their own Singapore company or existing corporations to improve their efficiency by providing necessary upgrade of skills training.
Rikvin, a firm established with the primary objective of assisting investors do business in Singapore has something to say about this.
“Large international companies that desire to base their business operations in Singapore can receive attractive financial assistance in the forms of loans, grants, and equity financing.”
Finally, by investing a business in the land where a policy incites a lucrative meeting between east and west, an investor may be granted with permanent residency.
“That program is designed to appeal talented souls from around the world to live, work, and invest in Singapore,” says the representative of Rikvin, now clasping his two hands to indicate the conclusion of the discussion and to assure the world that the future is in Singapore.
Rikvin is the leading incorporation company registration Specialist and has successfully helped thousands of foreign entrepreneur incorporate a Singapore Company. The firm provides a complete corporate solution under one roof for company registration services of private limited companies with the opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.
If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.
Rikvin PTE LTD
Address: 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.
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