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0% tax for non-resident companies with income outside of Singapore

Singapore has become a major financial center in Asia. It offers stable economy, reputation and reliable banking system. International Trading companies take advantage of territorial taxation, whereas income not sourced in Singapore (the company is considered a non-resident if its income 1) not remitted on Singapore bank account; 2) or, if income is not resulted from trading with Singapore companies; 3) if it is controlled outside Singapore) is not applicable for taxes.

For those companies which choose to have local bank account, corporate income tax is only 17% , which is subject to further reductions  (Taxable income of i) 0 to S$100.000 – 0% tax (for the first 3 years);  S$100.000 to S$300.000 – 8,5% (first 3 years) and S$0 to S$300.000 – 8,5% (following years) ; over S$300.000 – 17% tax). Possibilities for income tax reductions make Singapore extremely popular for small and medium business.

What are the opportunities?

  • 0% tax for non-resident companies with income outside of Singapore

  • No tax when income distributed to non-resident shareholders

  • Significant reductions of Corporate Income Tax if the Company pays taxes in Singapore


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