Requirements for Tax Exempt Company (0% tax – 100% of S$ 100,000 taxable income):
0% tax for new Startup can claim for first three financial years
– must be incorporated in Singapore
– must be a tax resident in Singapore (if the business is exercised in SG)
– can’t have more than 20 shareholders
|Tax exemption & partial tax exemption for First Three Years (in S$)|
|Financia years||Taxable Income||Relative expression||Tax Rate|
|1||<0 – 100,000>||100%||0%|
|next||(100,000 – 300,000>||50%||8.50%|
|next||(300,000 – 2,000,000>||–||17%|
Partial Tax Exemption – 8,5% tax – 50% of an amount >S$ 100,000)
If your Startup doesn’t meet the qualifying conditions under this scheme, your Startup will be given the partial tax exemption status – 50% exemption is given from the chargeable income.
Tax and partial tax exemption – read more here.
|Partial tax exemption after First Three Years (S$)|
|Financia years||Taxable Income||Relative expression||Tax Rate|
|after 3 years||<0-300,000>||50%||8,5%|
|after 3 years||(300,000 – 2,000,000>||–||17%|
If the company reports losses or has no income in any of the first three years
– your chargeable income and tax payable will be nil and you can’t enjoy the benefit of exemption scheme for new Startup company. Three years are consider since you
establish your Startup. If you company has not commenced any business for first two
years you have left one year of tax exemption.
Income Tax Audit exemption
– number of corporate shareholders is lower than 20 and with annual revenue less than S$ 5,000,000
– dormant companies (without any accounting evidence)
Corporate Income Tax Rebate and SMEs Cash Grant
Singapore government has realized the need of SME for that reason offers two different cupport (depending on whichever amount is higher):
Rebate for a Corporate Income Tax
– Startupr can claims 20% corporate income tax rebate on income tax for financial year 2011 (subject to a cap of S$ 10,000)
SMEs Cash Grant
– 5% of the Starupr’s revenue (subject to a cap of S$ 5,000)
read more here.
Do you want to know our pricing policy on Singapore Limited Company? Click.
Are you Unhappy with high fees or irresponsible service from your current incorporation / formation provider?
Here are a few examples of our pricing policy:
– formation fee – 89USD + government fee – 600USD (since 1st of August 2011)
– registered office fee – 150USD
– company secretary – 150 USD
– annual return (gov fees included) – 60 USD
Note: These fees are mandatory once you are about to open your office in HK.
Read our HK option.
– formation fee – 89USD + government fee – 100USD
– registered office fee – 389 USD
Note: Here is being consider a government fee as a yearly cost of 100 USD + our fee and registered office fee.
Read our Sey option.
– formation fee – 89USD + government fee – 270 USD
– registered office fee – 169USD
– company secretary – 550 USD
– local director 2000 USD
Note: SG address, local director and secretary are necessary in order to incorporate your company.
Read our SG option.
We do charge you for the service you order. NO hidden cost or additional charges. We are open with our pricing policy. Just open our order list where you want to incorporate and compare the structure and explanation text with our competitors. E.g. One of the typical hidden cost is an “annual return” or hire fees for next year of services. We will answer all your questions!
Here is a PDF format.
Here is a DOC format.
If you need Singapore Limited Company download our form and send it to: tomas[at]startupr.com
Singapore is only 137 kilometers (85 miles) north from of the equator, is a Southeast Asian city-state offering numerous business possibility and ranked as the most attractive Asian business hub due to the smooth legal system and financial center. A foreigners can own 100% of a company in Singapore. SME Development Committee is strongly aware of the importance of supporting this sector employing 65 % of locals. A few business incubators supporting yours idea by offering access to; Finance, Overseas Markets, Mentors & Experts, Tech Facilities.
Advantages of companies:
– One-day company incorporation
– Minimum paid up capital S$ 1
– Audit – companies meeting criteria are exempt from audit
– Access to comprehensive double taxation treaties with 62 countries
– Highly reputable/regulated global trading jurisdiction
– Perfect base for expansion in Asia
– ASEAN Free Trade Area (strengthening the relationship with China)
– strong relationship with USA (third largest trading partner)
There is quite a lot of supportive organization. You might contact them and find out your way to Singapore:
– One network for enterprises
– Singapore SME Portal
– The Association of Small and Medium Enterprises
– Spring Singapore
– Startupr – start your business with us
Be smart and structure your business:
Open your business entity in Singapore and your business bank account with HSBC in Hong Kong. In Singapore is quite high bank account opening fee of approx. US$ 1300 ( US$ 1000 – 15000) however in Hong Kong the bank account opening fee is just US$ 70. There is no requirements from local government to have Singapore business bank account. Our competition try to offer you the most expensive variant. We are clear on this point, putting the customer first!
Incorporate your Singapore Limited Compnay with Startupr.
Hong Kong is ranked as one of the best city for doing business by many ranking agencies. it has one of the most flexible and supportive corporate governance regimes in the world – one of the most easiest way of company formation.
Advantages of entering China via HK
Double Tax Arrangement (DTA) – Comprehensive DTA between China and Hong Kong, entered in August 2006. Hong Kong has gained many benefits, as such reduced withholding tax rates on dividends, interest, royalties and exemption treatment for certain capital gain.
Closer Economic Partnership Arrangement (CEPA) – Free trade agreement concluded between China and Hong Kong on trade and investment.
It provides big opportunity for Hong Kong companies to gain greater access to the Mainland market.
RMB offhshore centre – HK as a bridge between China and the rest of the world. RMB Trade Settlement Scheme adopted in April 2009 to allow eligible enterprises in Shanghai, Shenzhen, Guangzhou and Zhuhai to settle cross-border trade in RMB with trading partners in HK and ASEAN countries.
Startupr is here to help you make a first step. Incorporate with us!
An Apostille is a special seal provided by local government to certified that the document is true copy of an original. It is a standard certification provided under The Hague Conference on Private International Law from 1961.
Please, see the official list of members (71 States and the European Union). You can see on the official website of desire jurisdiction and contact local government in order to get an Apostille for your copy of original.
The Legalisation Office website for U.K
If you would like to open up a bank account in Hong Kong without coming to sign all documents Startupr might get done this for you. Some of HK banks will require to have an Apostille from local government in order to be sure that your copied document (e.g. password, incorporation certificate, etc.) is authentic with the original one. There is many reasons why to use local government to certified your documents. It’s just the highest level of authorization declaring that the particular document is correct. It’s mostly used to prove that the copy of the document is recognized as a true copy in another jurisdiction.
Incorporate your Cayman Islands Exempted Company or Resident Company. If you think to incorporate exempted company which is one of the most incorporated entinty in Cayman’s please tick off the box in order form. Please see the Cayman government statistic. Download order form and send to us to tomas[at]startupr.com or use a fax +1 (213) 291-2176. Why Cayman Islands?
Incorporate your Cayman Islands Exempted Company or Ordinary Resident Company. If you think to incorporate exempted company which is one of the most incorporated entinty in Cayman’s please tick off the box in order form. Please see the Cayman government statistic. Download order form and send to us to tomas[at]startupr.com or use a fax +1 (213) 291-2176. Why Cayman Islands?
Common scheme of Cayman companies
The Companies Law from 1961 ( further amended in 1990, 1995) is based on English law. The wider
recent revision came with the Companies Law, 2009, becoming effective on 11th of May, 2009.
The Cayman jurisdiction offers four types company under the Companies Law:
– Cayman Island ordinary resident company
– Cayman Island ordinary non-resident company
– Cayman Island exempt company
– Cayman Island Exempted Limited Duration Company
Starupr offers two commonly used companies – ordinary resident and exempt company
Ordinary Resident Company
An ordinary resident company (meaning Company intended to run a business on Cayman Islands) is usually formed for the purposes of carrying on local business. There is an requirement for an AGM (Annual General Meeting) and a register of members must be kept at the registered office, open to public inspection. The next requirement is to keep the end wit “Ltd.” or “Limited”. There is a Immigration process which is supposed to be taken into account before you think about to start move to Cayman Islands. Registration fees of US$ 365.85 are payable on incorporation and annually for capital not exceeding US$ 50,000.
For better understanding of The Companies Law (Exempted Company) please read about Non-Resident Company.
Ordinary Non-Resident Company
There is a different between non-resident and resident company. Non-resident company is subject to the same rules as a resident company however Non-resident company can not conduct any business within the islands.This company is usually chosen for the purpose of offshore operations. You don’t need any license if you don’t conduct business in the territory of Cayman Islands. There is just one requirement for reporting to fill the annual list (giving the names and address of members, directors and the amount of paid-up capital) to the Registrar. Non-resident must also maintain at their registered office, open for public inspection, a register of their past and present members. Fees payable to the Registrar of Companies for Non-resident company – uppers SH Capital 42,000 – fee US$ 487,80.
If you think to open up an exempt company there is no special requirement however if you would like to be sure to have guarantee for next 20 years (if the government will change the company law and regulation) then you can apply for extra certificate which will guarantee you the exemption for next 20 yerars since incorporation date. An exempt company (or limited duration exempted company) is the normal form of choice for collective investment vehicles. Incorporation fees depend on registered capital. Fees payable to the Registrar of Companies for Non-resident company – uppers SH Capital 42,000 – fee US$ 573,17. It’s better to compare a non-resident company and an exempted company in order to see the main differences . Here are main differences:
– there is no requirements to keep a register of members open for public inspection
– an ex. company need not hold a AGM (Annual General Meeting) in the islands ( non-resident companies is a must)
– the form of company as “Limited” or the abbreviation “Ltd.” does not have to stand behind the name
– the capital might be expressed in any currency or in multiple currencies
For both type of companies need to be filled a declaration with the Registrar (government body) that the operations of the registrant (our customer) will be conducted with the outside the Cayman Islands. If you would like to see the Registration & Annual Fees click here.
If you still don’t understand to the process, how to establish your own company please see our incorporation form for better understanding of the whole Lux incorporation process.
Download our incorporation form and send it to tomas[@]startupr.com.