Singapore Corporate Tax Incentives
Singapore imposes a flat corporate income tax (CIT) rate of 17% on both local and foreign companies. This makes it one of the lowest corporate tax rates in the ASEAN region.
Additionally, Singapore offers various tax incentives and exemptions to encourage business growth and investment, such as:
Start-up tax exemption: Eligible start-up companies can enjoy full tax exemption on their first $100,000 of chargeable income for the first year of assessment, and 50% tax exemption on the next $100,000 of chargeable income for the second and third years of assessment.
Partial tax exemption: Companies with annual turnover of up to S$100 million can enjoy a partial tax exemption of 50% on the first S$300,000 of their chargeable income.
Pioneer incentive: Companies engaged in new and innovative activities can apply for the Pioneer incentive, which provides full tax exemption on their income for the first 10 years of operation.
Development and expansion incentive: Companies investing in new or expanded projects in Singapore can apply for the Development and Expansion Incentive, which provides tax deductions for capital expenditure incurred on the project.
These tax incentives, combined with Singapore's efficient tax administration and stable political environment, make it an attractive destination for businesses looking to set up or expand their operations in Southeast Asia.
How Bestar can Help
Bestar is a comprehensive business solutions provider that offers a wide range of services to help businesses set up or expand their operations in Singapore. Here's how Bestar can assist you:
Company Incorporation and Setup:
Company Registration: Bestar can help you register your company in Singapore, whether it's a Private Limited Company (PLC), a Sole Proprietorship, or a Partnership.
Business Name Registration: We will assist you in choosing and registering a unique business name that complies with Singapore's regulations.
Corporate Secretarial Services: Bestar provides ongoing corporate secretarial services, including maintaining statutory records, filing annual returns, and ensuring compliance with corporate governance regulations.
Tax Advisory and Compliance: We offer expert tax advice to help you optimize your tax obligations and ensure compliance with Singapore's complex tax laws.
Business Advisory and Consulting:
Market Entry Strategy: Bestar can help you develop a comprehensive market entry strategy tailored to your specific business needs.
Business Plan Development: We can assist you in creating a detailed business plan that outlines your business objectives, financial projections, and operational strategies.
Regulatory Compliance: Bestar will guide you through the various regulatory requirements and ensure that your business operations adhere to all relevant laws and regulations.
HR and Payroll Services:
Recruitment and Onboarding: Bestar can help you recruit and onboard talented employees, ensuring compliance with Singapore's employment laws.
Payroll Processing: We offer efficient payroll processing services, including salary calculations, tax deductions, and statutory contributions.
Employee Benefits Administration: Bestar can assist you in managing employee benefits, such as CPF contributions, insurance, and leave entitlements.
Other Services:
Accounting and Bookkeeping: Bestar provides accurate and timely accounting and bookkeeping services to help you maintain financial records.
Audit and Assurance: We offer audit and assurance services to ensure the accuracy and reliability of your financial statements.
Corporate Finance: Bestar can assist you with corporate finance activities, such as raising capital and mergers and acquisitions.
By leveraging Bestar's expertise and comprehensive range of services, you can streamline your business setup or expansion process, minimize risks, and maximize your chances of success in Singapore.
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