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Singapore

What is an annual return ?

COI - Certificate Of Incumbency

A private company – Limited (Ltd.) having a share capital should, except in the year of its incorporation, file its annual return once in every calendar year. In Hong Kong it’s within 42 days after the anniversary of its date of incorporation, in United Kingdom it’s within 28 days after the anniversary of its date of incorporation.

• the name of the company;
• its registered number;
• the type of company it is, e.g. Limited;
• the registered office address of the company;
• the address where the company keeps certain company registers if not at the
registered office;
• the company secretary
• the name and address of the company secretary, where applicable;
• the name, usual residential address, date of birth, nationality and business
occupation of all the company’s directors;
• the date to which the annual return is made-up

 

Register company in Hong Kong or in United Kingdom

Bank reference letter – HSBC

Bank reference letter from HSBC Hong Kong. Past a few days, we were getting questions how the bank reference letter looks like. Here you are – this is an example of bank reference letter from HSBC. It normally takes 2 working days to proceed. 40 US$ is charged per letter and  3 US$ is charged per additional copy.

Bank reference letter - HSBC

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Singapore keeps corporate and income tax rates low

Singapore keeps corporate and income tax rates low

The Singapore tax rate is based on a simple system offering rate of 17 %. There are also various tax and auditing tax and audit exemptions for all companies a certain criteria. Dividends and capital gains are tax exempt in Singapore.

 

One of the most typical business model is IT & trading service company once you decide to found company in Singapore. Why, its easy to manipulate. We always advise to our clients keep the company business structure simple and Singapore is the jurisdiction of that kind.

 

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

find out more here.

Nominee director – Singapore Hong Kong, BVI, Nevada and another jurisdiction

Do you need us to provide you with “Nominee director” once you incorporate your Ltd, LLC, IBC, Inc, Corp.? We provide “Nominee directorship” for all of our jurisdictions: BVI, Seychelles, Singapore, Nevada, Hong Kong, Luxembourg etc.

We do offer “Nominee director” service as well. Chose this service once you register your company.

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The Best Countries for Starting a Business

The Best Countries for Starting a Business

Inc.com has been released a new article on where is the easiest process to start a business. One of the most attractive places in regards to company incorporation. In some jurisdiction it’s just a matter of a few days in another one it might last a few weeks. Take your time if you are about to open up a business in another jurisdiction than you are based. However bear in mind that there is every-time an issue with documents needed  for a company incorporation.

 

Here is the list:
1) New Zealand
2) Australia
3) Canada
4) Singapore
5) Hong Kong
6) Macedonia
7) Georgia
8) Rwanda
9) Belarus

Android developers – Where to register company?

What does it mean an offshore or being an offshore?  Offshore company!

As Android application developer you might wonder in which country you should have registered company in order to get paid. Google has published a list of
countries where you should have registered company in order to be able to sell your application. If you are from e.g. India, China or Poland, you should consider where to open up a company!

 

Startupr can help you with company formation in (Google Checkout merchant countries):

 

Hong Kong
Ireland
Singapore
USA
UK

Singapore – Tax resident or non-resident?

Singapore - Tax resident or non-resident?

If you think about to start your new company and enjoy the tax exemption  in Singapore one of the most important matter is to be recognized by local authority as a Singapore resident (see the another criteria)  or Foreigner living in SG and the shareholder can’t be corporate body.

 

Indicate whether you are tax resident or not
In order to enjoy the Singapore tax exemption status you need to:
– be recognized as Singaporean citizen; or
– Singapore Permanent Resident (SPR) if your home is in Singapore
– Foreigner who is currently working or staying in Singapore for at least 183 days or more in previous year.

Starting UP in Singapore

Starting UP in Singapore

In Asia is a lot of opportunities for Small and Medium Enterprises to expand a current business model. There are actually 2 locations where you can start your
business! Singapore and Hong Kong! A few reasons why you should start with your business model in Singapore:

 

Pro-business environment

 

There is no better choice to start your Asian company than in Singapore! One of the most business friendly climate in Asia. General information you can find here. Set up fee, government fee and the whole process is smooth! Company might be opened into a few days upon receiving the funds. You start invoicing your Asian partners or simply use our address as a branch office. There are not difficult yearly requirements e.g. monthly reporting or difficult business registration and burdens from Singapore government. Hong Kong and Singapore have been ranked past 3 years among 5 most efficient cities (countries) on the world by many internationals ranking agencies!  Singapore is ranked 5th in the world and 1st in Asia for having the least corruption in its economy. Singapore is among the top 3 in foreign trade and investment.

 

Attractive tax regime

 

You can refer to SINGAPORE – Tax Exemption Compnay – Startup

 

Strategic location

 

Singapore lies at the center of a major sea route connecting the Far East to Asia, Europe, and the Middle East, which gives the country its strategic importance.

land area of 637.5 square kilometers (247 square miles), but no land boundaries, and its total coastline is 193 kilometers (120 miles). 

Singapore Exchange 

Singapore is the international capital market in Asia for the listing and trading of bonds and equities. It is also an internationally recognised fund management centre which provides ready funding support for the growth of international companies seeking to raise capital in Singapore. 

Think about to expand your business to Asia and start the company just in Singapore!

SINGAPORE – Tax Exemption Company – Startup

Singapore - Tax resident or non-resident?

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 yearsTaxable IncomeRelative expressionTax 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 yearsTaxable IncomeRelative expressionTax 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.

Switch your company incorporation service to Startupr

What does "KYC" mean?

Are you Unhappy with high fees or irresponsible service from your current incorporation / formation provider?

 

Here are a few examples of our pricing policy:

 

Hong Kong:
– 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.

 

Seychelles:
– 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.

 

Singapore:
– 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!

 

email: tomas[at]startupr.com