Singapore Is the Dream Business Destination for Foreigners

It is true that most foreign companies have already established their offices in Singapore and are reaping the benefits by way of excellent sales of their products. Singapore is a market that is stable and supports new businesses. There is an excellent market for new products in Singapore. Innovative ideas get huge support in Singapore from funding organizations and this has helped many new entrepreneurs to see their ventures become reality.

Foreign companies who come to Singapore get excellent support from the government for setting up their companies. The procedure for incorporating the company is simple and straightforward. There is no corruption or red tape in the country. For those who cannot register the companies by themselves, there are highly competent agencies that will get the job done at a very affordable price. These consultants offer a lot of attractive packages that include other services too. 

An Attractive Tax Rate Helps Business

Another important aspect that lures companies to set up offices in the country is the Singapore corporate tax rate which is one of the lowest. The current corporate tax rate is 17% with a lot of exemptions and rebates. New companies which are incorporated in Singapore can get tax exemption for the first three years provided they fulfill certain conditions. The company can enjoy tax exemption for the first three years if it is incorporated in Singapore and is tax resident here. The company need to have above 20 shareholders. At least one shareholder must own 10% of the shares.

During the first year, the company can get full tax exemption up to a turnover of S$100,000. They will get 50% exemption for S$200,000 above the first S$100,000. For the subsequent two years, they will get exemption of 75% of the chargeable income for the first S$100,000 and 50% exemption for the next S$100,000. This will help the companies to invest the money that they saved in taxes. 

Tax on Income Earned Abroad

Singapore does not charge tax on income which is already taxed in other countries. This is due to the double taxation agreements signed with many countries. Income earned in other countries by Singapore companies is not taxed if the income has already been taxed in the other country. The country must have a corporate tax rate of 16% minimum.

The income that is received in Singapore from foreign earnings is taxed. If the income has been directly remitted or brought into Singapore by other means, then it would be charged tax. If the money earned abroad is used to pay off a loan that has accrued in Singapore. The income earned abroad will also be charged if the money is used by any movable property and brought into the country.

The best way for businessmen to understand completely about taxation is to get in touch with a corporate consultant. These people are experts in the field and can advise you properly on the matter. They will help you to prepare the estimated chargeable income statement on which basis the IRAS will charge the tax if you fail to submit this document the department will issue a notice to the company. Consultants can help you submit the statement on time. 

Living the Rest of Your Life in Singapore

Singapore is a country that everyone loves to spend their lives in. it has all the modern amenities and a calm and peaceful atmosphere. This is the reason why many foreigners who work here apply for the Singapore permanent resident status which can be applied by anyone with an employment pass. The corporate consultants will help you with this.

Another service that the consultant provides for the foreigners in Singapore is to follow up on employment pass rejected cases and find out the reasons. They can help correct whatever mistakes were there and help you get the pass.

An Overview of Some Common Taxes Applicable on Businesses in Singapore

Over the years, Singapore has been recognized as a business hub for global businessmen, investors, and entrepreneurs, who have creative business ideas too. Apart from that, the country diverts the attention of small to midsize enterprises (SMEs) due to varied corporate benefits such as lower tax rates, economic stability, political support, infrastructure, etc. Among all such profits, most of the SMEs do like to prefer lower tax rate in Singapore, which is a treat for them to earn more revenue for their small organizations and grow their ventures at international level too.

The foreigners doing business in Singapore, they also need to be aware of various types of taxes applicable to them to pay on time. However, the collection of Singapore taxes consist of different types of taxes such as Singapore corporate tax, personal tax, income tax, service tax, property tax, etc. So, every foreigner businessman needs to have proper knowledge of taxes applied to his business as per the Inland Revenue Authority of Singapore (IRAS) norms in Singapore.

Let’s take a brief about different kinds of taxes applied to businesses and on personal income of individuals in Singapore such as:

Personal Income Tax Rates in Singapore

The Singapore personal income tax rate depends upon the progressive tax structure of an individual’s personal income. Here, one needs to identify that his or her personal income lies under which taxable slot? For foreigners, the Singapore income tax will follow the progressive resident tax rate to be paid that starts from 0% to 22%. Besides, the individual will not get a profit of any capital gain or inheritance tax in Singapore. Besides, it is necessary to file for personal income tax by an individual resident in Singapore, if his or her annual income is S$22,000 or more. If your resident personal income is less than the same amount, you will be relaxed to pay personal tax to the IRAS authority.

Corporate Tax Rates in Singapore

Since 2010, the Singapore corporate tax rate has been fixed by the government up to 17%.  No matter what you are a local businessman or a foreigner in Singapore, you are eligible to pay the fixed 17% corporate tax in the country only. But, still, there are eligibility criteria that need to follow by the corporate businesses in Singapore to pay their business taxes such as:

• Your company should not have more than 20 individual shareholders.
• For corporate shareholders, the individual should be the owner of 10% of the offered shared capital.
• The corporate tax is not applicable for property and investment holding companies in Singapore.

 Goods and Service Tax (GST) Rates in Singapore

 This is one of the major profits that fascinates the global companies to do business in Singapore, as the goods and service tax rates in Singapore is set up to 7% for all level businesses. The GST charges are applied to the businesses, which are engaged in goods and services activities in Singapore. No matter what, you have a local business or a foreigner company in Singapore you still have to pay 7% GST tax for the same without fail. For paying GST tax of business, you also need to make its registration by ACRA authority of Singapore government. Also, you need to file do right calculate of exact GST tax amount of business and file for the same timely. For more details about GST tax filing and paying, you can consult with charted accountants or approach to the leading accounting service agencies in Singapore too.

Property Tax Rates in Singapore

No matter what type and size of property you have in Singapore, you have to pay property tax too that depends upon the actual Annual Value (AV) of the property with property tax rates that apply to you. One can easily calculate the property tax in Singapore. For instance, if your property’s Annual Value is $30,000 and your tax rate is 10%, you need to pay property tax $30,000 x 10%==$3,000. However, this is the method to calculate your property tax rate annually and pay for it time too.

Thus, above are some commonly known business and personal taxes that every foreigner or local businessman has to pay to the government authorities in Singapore on time to get rid of any legal hassles in the business.

How to Choose the Right Immigration Service Agency in Singapore

Many people do visit in overseas nations every year for their personal and professional reasons. For this objective, they have to deal with genuine immigration agencies for applying for valid visa and passport in the country where they are intending to visit. For instance, if you are visiting Singapore for employment, vacations, and for any business reasons, you should have to find a reliable immigration agency in Singapore, which can help you better in this regard. If you are looking for employment or business purpose in Singapore, you should also have to consult about it from trusted immigration agency first. However, you will come to know about valid passes and requirements to be fulfilled for applying for jobs and setting up a new business in Singapore too.

For all the reasons, you need to get in touch with a trusted immigration service agency in Singapore first. For this objective, you need to keep below points in mind such as:

Government Accreditation or License

You should deal with Singapore immigration agency, which has legal proofs of its authorization or government accreditation to operate in the immigration industry in the country. Make sure the agency has an affiliation with the ministry of immigration department in Singapore and is able to manage all immigration requirements of the applicants as per the law in the country.

Experience of Immigration Agency

You should also check with experience level and service record of the Singapore immigration agency that should be impressive too. Also, you can check with online reviews and market reputation of the immigration agency in the industry too. However, you can get a fair idea about the agency and its professional experience in the same domain easily.

Authorized Immigration Consultants

Make sure, the immigration agency in Singapore has genuine and fully verified immigration consultants, who can provide you with relevant information regarding immigration passes, passport, visa, and other legal requirements for tourists to visit Singapore in a genuine way. The consultants should provide online assistance to the tourists around the world and give relevant answers to their quires related to immigration needs in Singapore with perfection.

Reasonable Charges

You should deal with the immigration agency in Singapore, which do charge reasonably for all immigration services like applying for a passport, visa, documentation works, work passes and Singapore permanent resident pass and many more. The agency should have affordable charges for applying all the services and help visitors properly as per laws in Singapore.

Thus, you should keep above things in mind whenever go to make a selection of the right immigration service agency in Singapore for the desired purpose.

Take Perfect Steps in Setting up Business in Singapore

If you are seeking to register a new company in Singapore, then this is possible for you. By getting hold of the best experts, you can always find the right and perfect help. For this, you can make your right selection to approach 3E Accounting Pte Ltd. We have got the best experience in the field of registering and incorporating your business. With the help of our time-effective services, you can always expect the best solution for your business. Thus you would be able to realize that your right choice has helped a lot in enjoying a big difference to your business. Achieving your goal is possible when you try to seek for our perfect advice in setting up business in Singapore. Therefore, making the right decision to connect with our ultimate experts would surely help to make the process of business registration much faster and convenient.

We offer an array of useful services like taxation, marketing, secretarial, etc. You can also find our expert accountant to be quite serious in their work. You would be able to enjoy healthy accounting and bookkeeping services where your financial goals would be met in the perfect manner. There is no hidden charge for our services where you can try to connect with us in the right manner. Our cloud accounting software proves to be quite useful to meet your expectation level to a lot extent. We help in compiling financial services without taking much time for it at all.

Our reliable and effective Singapore company registration services can meet your goal in the right way. Drafting employee’s contracts along with our HR performance management services are also done by our experienced team. You can always approach us for the best legal services where we also make sure to provide you with wealth management services, trademark registration, intellectual property services, etc. Therefore, by choosing the right services from our experienced team, it would lead to finding tense-free as well. You would surely be able to feel quite glad of your best effort made in selecting our services. We are always available for you to provide with the perfect assistance.

Transform your idea into a successful business in Singapore

Singapore attracts a lot of beginners in business due to the favorable work environment and beneficial government schemes. This is highly attractive for newcomers who have been waiting to start their own companies. But even so, the correct path is not known to many and most of them end up failing at their endeavors. If you want your story to be different and look forward to it become a success story, you need right support that could show you the right direction to tread on. 3E Accounting is the one most suitable for this purpose as they have a highly qualified and experienced team to help you with Singapore company registration.

Stepping in the corporate marketplace is no child’s play and has certain rules and regulations to be abided by. If you are just starting out on your venture then you will need to have a peek inside the steps you need to follow to transform your business in a success. Therefore 3E Accounting brings you a complete guide for setting up business in Singapore which will calm all the turmoil that has been building up in you before you set out on this new journey. If you get the guidance needed, you are sure to achieve your goals without any difficulty.

The unfamiliar environment of the corporate world might scare you at first. But as time passes and 3E Accounting introduces you to the elements, you will be able to build your own comfort zone and Singapore company registration will not seem like a humongous task. Give wings to your dream and fly without any resistance with assistance from 3E Accounting. Your business is of utmost importance; don’t let your idea be thrown away because of incomplete knowledge and improper guidance.

Get Possible Solutions for Corporate Businesses in Singapore from “3E ACCOUNTING”

For giving a right navigation and quick growth to the business in overseas, it is important to find right ways of its expansion and prospective clients in same country. To fulfill this purpose, many enterprises are moving in Singapore with positive hope to launch their new ventures out there. The country offers huge business opportunities for the small to large level enterprises to grow and find their avenues of success at global level. If you are making plans to start business in Singapore, you should go wisely for the same. For successful setup of new office or branch in Singapore, you need to get its registration and other legal formalities done genuinely. If you do not know how to proceed in this way, you should get in touch with any authorized business registration agencies in Singapore and know about their effective solutions of business setup to accounting services as well.  

For instance, you should better approach to the “3E ACCOUNTING”, which makes possible for new enterprises in Singapore to setup their feet in the corporate arena of the country and manage their operations legally. To start business in Singapore, company has professionals for the same. They have vital experience in this work and have been entertained many small to mid-size new businesses in Singapore to setup their ventures in the country according to the corporate rules of the nation. The above agency specializes in varied steps of a start up business such as naming, privatization, identification, etc. For all such business requirements, company has talented staff, which includes corporate experts, business setup professionals and legal advisors too. They will take care of whole process of company incorporation in Singapore for client and will manage its form filling, paper works, and other documentation formalities to be done legally.

Thus, if you plan for Singapore company setup and registration would become possible, if you avail genuine services of “3E ACCOUNTING”. The company assures for hassle free and legal assistance in all sorts of business services such as accounting, business incorporation, finance, taxation, auditing, corporate secretarial, etc.  In all the services, you will get proper contribution of expert staff of the company at every step. For more details of company and its legal services, you should explore website of the firm. Also, you can apply for any sort of service online from website and company’s personnel, they will contact to you shortly after receiving online enquiry.

Get useful Singapore tax services for you

When all plans are made to start an organization in Singapore, it is crucial to get an employment pass. It is not easy at all to get such passes for which you need to take help from the right experts that would help in a good way to provide you with the best support. In this case, you would be able to get the most important assistance without any worry. All important business requirements can be taken care of in the perfect way when you try to seek for the ultimate solutions provided by 3E Accounting Pte Ltd. So you can count on us to get lots of useful services for your business purpose.

Our solutions simply do not end with setting up your company, but we also go a step ahead in delivering the best Singapore tax services. We make ultimate efforts to provide the best growth to your business by providing lots of different services like public listing, IT remedy support, auditing solutions and so on. Hence after you connect with our proficient team, we would in no way make you wait for your business set up. Thus you can always find ultimate and affordable solutions when you approach us.

At 3E Accounting Pte Ltd, we supply you with trustworthy and quick services where your organization would get incorporated more quickly. We have attained skilled recognition for our ideal function. With our correct and ideal procedure that we follow, you can find that you have been able to get the most useful and helpful services from our Singapore employment agency. We make it possible to provide the extra boost to your business for the best growth. You have to ensure of connecting with us for the best services for your business set up that would prove to be an added advantage.  With our best knowledge, we prove to provide the right solution for your business requirement. If you contact us, we would promise to provide our best effort in delivering with the ideal consultation. We promise to make things much simpler when you plan to start your business in Singapore in the right way.