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Singapore
ASIACITI TRUST IN SINGAPORE
Asiaciti Trust Singapore office provides a complete range of professional corporate services for the formation and management of both Singapore companies and offshore companies. We incorporate Singapore companies and can usually provide a recently incorporated company at short notice. We act as company secretaries and provide domiciliary and company administration services for both resident and non-resident Singapore companies. For companies under our administration we also handle invoicing, banking transactions, accounting and tax compliance functions. We provide statutory corporate secretarial support services to foreign law firms or other professionals for Singapore incorporated companies or branches of foreign companies registered in Singapore.
Since 1981 Asiaciti Trust has provided offshore corporate and offshore trust services from its Singapore office. We form offshore companies in most offshore jurisdictions and provide corporate secretarial, domiciliary or administration services for offshore companies. Our offshore trust services include formation and administration of asset protection trusts, tax effective investment trusts, charitable trusts, retirement funds and pre-migration trusts.
Our consultancy services encompass strategic planning for individuals and corporate clients in the areas of international tax planning, wealth protection or asset protection planning, estate planning, retirement or pre-migration planning, and investment holding, trading or licensing structures.
SINGAPORE - A BASE FOR INTERNATIONAL BUSINESS
Singapore is a major international finance centre which provides an attractive fiscal and economic environment from which to base international holding companies, offshore financial services and regional business activities.
TAXATION SYSTEM
The Singapore tax system is territorial. Income tax is levied on the net income of residents from sources within Singapore and on foreign source income if remitted into Singapore. Non-resident Singapore companies and businesses are taxed on the same basis. The company income tax rate is currently 18%. There is no capital gains tax imposed in Singapore. Singapore does not levy a withholding tax on dividends. Interest, royalties or rental of equipment payments to non-residents are subject to a 15% withholding tax. This rate may be further reduced under the provisions of a tax treaty.
Singapore has tax treaties for the avoidance of double taxation with more than 40countries including Australia, Belgium, Canada, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mauritius, the Netherlands, New Zealand, People’s Republic of China, Philippines, Thailand, Switzerland and the United Kingdom.
INTERNATIONAL HOLDING COMPANIES
Singapore has emerged as a credible and attractive jurisdiction from which to base international holding companies, both as a result of its status as a major financial centre and through the introduction of income tax legislation encompassing specific tax exemptions and tax concessions.
As outlined above the Singapore tax system is territorial and foreign source income is only taxed if it is remitted into Singapore. Foreign source income which is retained outside Singapore is not taxed in Singapore. Dividends received in Singapore by resident companies are taxable but credit is allowed for foreign tax paid. The tax credits allowed may include the foreign tax paid on the underlying corporate profits out of which the foreig source dividend has been paid. Consequently where foreign tax credits in aggregate exceed 18%, there is no Singapore tax payable on the dividend.
These exemptions make a Singapore resident company an attractive entity for holding foreign investments. If the foreign source income has borne tax at a rate of 18% or more, then the Singapore resident holding company does not pay any Singapore tax on that income and may distribute dividends out of such income to its shareholders on a tax exempt basis. As Singapore does not tax capital gains further benefits may arise to the holding company upon the disposal of its investment in the foreign company, particularly in tax treaty countries where the treaty concedes to Singapore the right to tax capital gains.
NON - RESIDENT COMPANIES
Non-resident Singapore companies, i.e. companies which have their central management and control located outside Singapore, are not entitled to the benefits of double tax treaties but can also offer attractions as international holding or trading companies. Non-resident companies are not liable to Singapore income tax on foreign source income if it is not received in Singapore.
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