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 fishing village, situated on a former promontory. The name Tanjong Pagar means “capes of stakes” in Malay, which reflects its origins as a fishing village, where banana stems once lined the coast to defend from swordfish attacks according to local legend.
During the late 19th and early 20th centuries, this was one of Singapore’s rougher neighbourhoods, with residents from all walks of life. Now this area is one of Singapore’s trendiest neighbourhoods, situated alongside grade A office are restaurants, boutiques, fancy hotels and some residential flats.
Our office is centrally located in the heart of Singapore, just a two-minute walk from the Tanjong Pagar MRT station.
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, IFA Singapore and the Singapore Fund Administration Association (SFAA).
Variable Capital Companies
A game-changer for Singapore’s fund management industry
The Variable Capital Company (VCC) is an enhanced form of the Singapore incorporated company, which is specifically tailored for the asset management industry and used for collective investment schemes (CIS).
The VCC Act was launched on 14 January 2020 with an initial pilot of 18 licensed fund managers.
It immediately enjoyed strong momentum, with more than 400 VCCs and 550 sub-funds registered in the first two years.
Singapore currently offers a variety of structures for investment funds including limited partnerships, unit trusts, business trusts, and real estate investment trusts. Corporations are also commonly used as investment subsidiaries for fund investments; more than 70% of alternative funds sold in Singapore are corporate form funds that are domiciled in foreign locations. However, there are limitations to each fund structure, including investor transparency issues, restrictions on dividend payout from capital, and lack of access to certain tax treaties that Singapore has in place. That is what makes the VCC an attractive and efficient investment fund structure option.
We appreciate any feedback for improvement. If your expectations are not met, you can always contact your dedicated Account Manager.
Also do not hesitate to contact our Managing Director Desley Tan. Please do not forget to leave your full contact details.
If necessary, we will allocate a suitable dedicated contact person for handling your feedback and/or complaint and ensure you receive an answer within 5 days.
For any questions or additional information about our feedback and/or complaint handling policy, please contact Desley Tan.