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Company Registration in Singapore 2020

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Singapore is now one of the easiest places to start a business. They have developed their processes to eliminate red tape, and are now an easy task. The Accounting and Corporate Regulatory Agency (ACRA) governs and supervises the business registration in Singapore. If you want to open a company in Singapore, you must follow and fulfill the compliance requirements of Singapore’s Companies Act, Chapter 50. Registration in Singapore by a Foreigner If you are a foreigner planning to set up a business in Singapore, it is most advisable to employ a registered filing agent to do it on your behalf. This will make the work so much easier for you. Further, you can also ask your concerns to an experienced professional. Foreigners cannot self-register a new company alone. You must hire a local business registration provider to start the company. Your local service provider will require you to prepare the necessary documents with their assistance. For example, you will have to acquire a Singa...
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Getting to Know the Singapore Taxation System

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As a rule, in every nation, citizens are required to give contribution to the state coffers of revenues in the form of a tax. The public funds collected are aimed at financing different projects and programs for the betterment of the country. Taxes are levied by the government from a worker's income, business profits, and even form the cost of some goods, services, and transactions. The same is also applied to the Singapore taxation system. It also has its rules and policies every citizen is following. Let us discuss some of them.   What are the Tax Returns and Compliance? Under the Singapore taxation system , the tax return is due every April 15. The tax year runs from January 1 to 31 December annually. Individuals receive a letter, tax return or a text message every February or March from the Inland Revenue Authority of Singapore (IRAS), signaling them to file their returns. They can accomplish these either via electronic platforms or paper filing. The details for employ...
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Singapore Personal and Corporate Tax Rates for 2020

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When we are talking about Singapore tax, we normally mean the personal and corporate taxes. Well, whichever it is, Singapore taxes are the lowest in the world. Singapore Personal Income Tax Rate Every Singapore resident who has been making an income in the city-state is liable for the personal income tax. Singapore citizen, permanent residents, and foreigners residing in the city-state for at least 183 days in a tax year are categorized as residents. The personal tax for residents is between 0%, which is if the yearly income is $22,000 or less. From that, the tax system is progressive, i.e., increasing depending on how much a person makes in a year. The personal income tax can go up to 22% if the yearly income is $3,20,000 or more. You can see a detailed table of Tax Rate Singapore to know how much you may need to pay depending on your income. Personal Tax Rate for Non-Residents Certain categories of non-residents should also pay taxes in the city-state if they make an inc...
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Location: Singapore
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