Here is what you need to know about company incorporation Singapore:
A Private Limited Company is an independent entity. It can sue and be sued in its own name hence, the Company’s officers (directors or/and shareholders) will not be affected by the company’s liabilities
A Singapore Private Limited Company is considered a tax resident regardless of the nationality of it’s officer(s) hence, it is eligible for local tax exemptions and incentives provided to Private Limited Companies by the government.
Profits are taxable at 17% flat rate. (Corporate Income Tax). Dividends will not add on to shareholders’ personal tax.
Partial tax exemption (YA2020 onwards) from corporate tax for the first three years with effective from date of incorporation irregardless of date of operation (Save up to S$17,000 in tax payable a year)
Ownership of a company can be transferred easily through a transfer of shares.
Governed by strict rules and regulations by the Singapore Companies Act, failure to comply will result in penalties and even jail time in serious case.
Requires proper paperwork and filing for annual reporting and any changes in the company details (Director’s Resolution, Annual General Meeting, Annual Return etc.)