For centuries, Singapore has been a hub between the East and West, due to its strategic location in the heart of Southeast Asia. Historically, its main source of growth has been its port, which still ranks among the largest in the world. Singapore has also grown into an established regional and global financial center.
Thanks to its highly educated, multilingual and flexible workforce, Singapore is a leading destination for setting up a business. The city-state is renowned for its political and economic stability, with the government actively having created one of the world’s most-open economies. Singapore’s pro-business attitude is further enhanced by a robust and transparent legal system.
Singapore applies a territorial tax system, so a company is only liable for taxes on income accrued in or derived from Singapore, and on foreign income received in Singapore. However, an exemption is available for certain foreign-sourced income received in Singapore. This applies to dividends, branch profits and service income, under certain conditions.
In addition to the favorable corporate tax rules, Singapore has no taxes on capital gains, no withholding taxes on dividends or on management fees – as long as the services are performed outside of Singapore – and no thin capitalization rules.
Singapore also has double taxation treaties with over 70 countries, which further accommodate cross-border transactions. In addition, Singapore authorities comply with OECD guidelines regarding the exchange of information for tax purposes. Therefore, Singapore is part of the OECD white list.
Trustmoore Singapore is located in a former conservation shophouse. This location was once part of a nutmeg plantation, with two properties: Craig Hill and Duxton.
During the late 19th and early 20th centuries, this was one of Singapore’s rougher neighborhoods, with residents from all walks of life. We know that our office used to be the home of a rickshaw puller named Tee Chew Kim.
Now this area is one of Singapore’s trendiest neighborhoods, with nice restaurants, boutiques, fancy hotels and some residential flats. A wet market for local produce is also nearby.
Our office is centrally located, just a three-minute walk from the Tajong Pagar MRT station. Please feel free to stop by for a cup of coffee.
Trustmoore Singapore company secretarial services are provided by a Registered Filing Agent registered with the Singapore Accounting and Corporate Regulatory Authority (ACRA) and is a member of ADB Dutcham and IFA Singapore.