Wednesday, 4 September 2019

Understanding Corporate tax and employment pass in Singapore

Singapore appeals to global businesses to come and grab ample of business opportunities as well as earn revenue for their concerns by availing the benefit of tax exemptions for foreign businesses having the potential to grow and give the benefit to the nation too. Moreover, the Asian city-state like Singapore offers huge profits for foreign companies, investors and entrepreneurs for saving Singapore corporate tax, which is estimated up to 17% and GST is 7% only.  Besides, you will find some more profits in Singapore, which makes it a right destination in Asia to do business such as economic stability, magnificent infrastructure, political support, property security, easy business incorporation and registration process, easy to get business passes and employment pass and many more. Hence, all such benefits have made Singapore a suitable place to do a business expansion overseas and expect for huge growth prospects of business in the country easily.

Let’s take a look at a few key points, which influence  global companies to do business in Singapore:

1. Low Corporate Tax Rates

It is the prime reason that fascinates many entrepreneurs and business tycoons around the world to do the new business setup in Singapore too. The Singapore's corporate tax rates for all level companies are fixed up to 17% that is lower than taxes in other countries. However, the small and mid sizes business have found Singapore's right place to do business and earn revenue as well as save money by paying low taxes to the government.

2. Tax Exemptions for Foreign Businesses

The Singapore government gives huge profits for foreign businesses, which are not able to pay taxes, but have potential in business plans. For those companies, the government provides tax exemptions or gives them 100% tax-free facility till they achieve the threshold or cross the limit of taxable income slot. However, foreign companies do not need to pay any taxes for the initial 2 or 3 years. But, once you start earning good, your tax exemption the limit will reduce to 50% and gradually diminish once you start earning good to pay taxes of business expenses annually.

3. Easy Process of Company Incorporation and Registration

The foreign business having concrete business ideas and eligibility, they are most welcome by the Singapore government to do incorporation of their new ventures as well as get registration of private limited companies in the country easily. For more convenience, you can approach to the leading business registration agencies which can help you better in this regard. They will do the favor and can apply for company incorporation and its registration in Singapore according to the rules of ACRA and IRAS authorities in the country. Also, you will get a free consultation of business incorporation or registration requirements, documents, and legal formalities to do easily for the intended purpose.

4.  Get Business Passes Easily

Singapore government gives business permits or work passes easily to those entrepreneurs, candidates, investors, etc., who have an impressive business plan and expertise in a particular domain that is in huge demand in the industry. Some of the relevant business passes and work passes in Singapore are S Pass, Permanent Residency Pass (PR), Employment Pass (EP), EnterPre Pass, and many more. For instance, if you want to apply for employment pass in Singapore for joining the post, you need to ensure that company plays its role to issue to employee pass for you and apply for the same legally. 

5.  Superb Infrastructure

Singapore also entices the global business tycoons through its stunning beauty and modern infrastructure as well. The foreigners not only visit  Singapore for tourism but also want to settle there with family. Also, the business freaks do like to work in fully furnished offices in commercial buildings located in posh areas in the city. So, if you do prefer to do business in Singapore, you can hire any furnished office on rent and start business easily.

Thus, above are some key points, which have influenced many businessmen in the world to do business in Singapore with zeal.

1 comment:

  1. After reading this article it clearly explains company formation in Singapore. Keep sharing this blog with the users.