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Amicorp Singapore Pte Ltd.

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Amicorp Singapore Pte Ltd.

Overview:

Legislation has also played a key role in Singapore’s prominence as a financial center. The Singapore trust act contains a tax-exempt trust regime for non-Singaporean settlors and beneficiaries. The territorial taxation system taxes only income sourced in or actually remitted to Singapore.

The current corporate tax rate is 17% on all income sourced in Singapore or received in Singapore from outside sources. Dividends, branch profits, and service income are all tax-exempt, if the standard income tax rate in the remitting jurisdiction is at least 15% and some income tax has been paid in that country. These key taxation features are coupled with an outstanding network of 54 double income tax treaties. Singapore is also superbly supported by a well-developed professional infrastructure and a proactive business-friendly local government.

This is clear from the many benefits to Singapore private limited companies, which include:

   No withholding taxation on dividends paid from Singapore;
   No capital gains taxation on investments;
   Non-Singapore domiciled individuals can avoid Singapore estate taxation;
   Requires only one personal director, which can be a nominee directorship;
   Requires only one shareholder;
   Shares may be held in a trust;
   No audit requirements for private exempt companies (applies to companies with individual shareholders provided the annual turnover is less than S$2.5 million during the first year and S$5 million after that);
   Foreign-sourced income remitted to the Singapore head office may be exempt from taxation.

The Singapore limited liability partnership (LLP) is a relatively new entity that provides attractive international structuring possibilities for holding and trade purposes. The Singapore LLP legislation became effective in April 2005. An LLP takes the legal form of a corporate entity (that is, a company) and has its own legal personality, directors, secretary and registered office. However, for Singapore tax purposes the LLP is treated as a transparent partnership. Taxation occurs at the level of the LLP’s members (the shareholders), not at the LLP itself. The LLP can be used for private investments, international trading, and rendering services without incurring any Singapore income tax.

Languages spoken: Mandarin, Indonesian, English, Dutch, Hindi and Urdu

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