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Tax Haven Singapore

The tax haven of Singapore is located at the tip of the Malay Peninsula. Singapore is the smallest state/ nation to be found in South East Asia. The population of the tax haven of Singapore is 4.84 million people. The official language of Singapore is English however mandarin, Malay and Tamil are also spoken across the population. English is the language used for conducting business in the jurisdiction. Singapore ahs a fast growing economy and depends heavily on trade with other nations. The country has a huge client base and business partners from around the world. The country owns one of the busiest ports in the world.

Singapore is a tax haven which is also an offshore jurisdiction. For many years Singapore has been a leading offshore provider with services such as offshore banking and incorporation of companies. Singapore is a tourist destination to which people flock each year making the tourism industry the biggest income earner of the economy of the nation. It is estimated that approximately over seven (7) million persons visited the tax haven in 2006. Medical tourism also gives substantial boost to the economy and the government has plans to expand the services and create more job opportunities for its citizens. The export of manufactured products is also very important to the economy of the tax haven.

One of the main attractions in Singapore is its Orange Road shopping district. There are many other activities to be enjoyed such as visits to museums and historic districts. Adventurous tours around the various districts can be arranged.

Singapore is considered to be a low tax haven. A low tax haven is a country whose taxation system is set up in a way that the taxes levied are very low. Companies which are incorporated in tax haven Singapore but realizes in capital earnings within the jurisdiction will not be taxed whereas companies which do business within the territory will pay taxes at the rate of 18% based on the annual profits of the company. Singapore’s corporate and income tax is very low when compared to the taxes of other countries of the world.

Companies incorporated in the tax haven can do business in and out of the country. Singapore companies which do business within the country can reduce their taxes significantly by taking advantage of tax incentives which are currently being offered in the business sector of the tax haven. Companies incorporated in Singapore both Resident and Non Resident must pay an annual fee to t he government.

The tax haven of Singapore is a top trading center and banking is very important to the economy of the country. Offshore banking is available for individuals and companies in the tax haven. As one (1) of the world’s top financial markets there are many prestigious banks doing business in the tax haven. Offshore bank accounts in the tax haven of Singapore and are not taxed. The banking systems of Singapore are very modern. Services offered by offshore banks include credit cards, online banking and multicurrency accounts which can be accessed anywhere in the world.

In the Tax haven of Singapore offshore clients can be assured that privacy will be provided by the jurisdiction. Offshore bank accounts are protected by laws which prohibit the disclosure of information within such accounts. The banking secrecy laws of the tax haven of Singapore have strict punishments for persons who work with or are directly associated with offshore bank accounts (agents, bank employees, secretaries, directors etc). Punishment includes a $125,000 fine and imprisonment for up to three (3) years. Privacy is also provided for offshore corporations in the tax haven. There is no obligation for the names of the shareholders and directors of Singapore nonresident companies to be made public. Various nonresident companies incorporated in Singapore can qualify not to have to not have their financial status be made public. Singapore nonresident companies with fewer than twenty (20) members, companies whose shareholders are natural person and those companies whose net profit does not surpass Singapore $5 million all qualify to keep their financial statements private.

The tax haven of Singapore has no exchange controls laws in place. This means that corporations and offshore bank accounts can benefit since they have no documents to sign or declare source of funds. Singapore has Tax Treaties with countries such as China, India, Switzerland, New Zealand, Korea, Sweden, France, Australia and the United Kingdom among others.

The tax haven of Singapore is dedicated to maintaining its status as a top tax haven. The jurisdiction continuously updates legislation to make the services provided more modern and suitable for clients. As a country Singapore has a thriving economy and stable social and political environment. Clients with interests in tax haven Singapore can benefits from asset protection and growth on investments.