Important things business owners in Singapore need to know about corporate tax

Every year, more and more entrepreneurs flock to Singapore to set up new businesses. The reason for this is because of Singapore’s stable economy, world-class infrastructure, business-friendly policies and many more. Unlike most countries that take a strict bureaucratic approach towards new businesses and burden entrepreneurs with regulation limitations and high taxes, Singapore has a business-friendly environment and has been regarded by several sources like Forbes, among others as one of the best countries to start a business in.

Whether you plan to set up a business in the coming months or you incorporated your company in Singapore a while ago, it is important that you learn as much as you possibly can about the taxes that companies in Singapore may be subjected to.

 

 

This article by smeportal explains important factors business owners in Singapore need to know about corporate tax.

Singapore Corporate Tax Explained: Considerations for Business Owners

This guide serves to give an introduction to Singapore corporate tax system and shed some light to some key considerations among business owners. The prevailing Singapore corporate tax rate is 17% flat on its chargeable income. Though this may not be the lowest among all global jurisdictions, generous tax exemption and rebates from the Singapore tax authority has boosted the city-state to among the lowest-taxed places in the World, which has become a magnet to businesses and capital. Read more here

You likely now know a thing or two about the taxes that business owners may be subjected to in Singapore. This should be enough if you are still contemplating on whether to register your company. However, if you have incorporated and registered your company, it is important that you pay close attention to the corporate taxes that businesses are subjected to in Singapore. You can learn more about this at https://prelude.sg/.

 

Another article, this one by startupdecisions, is a comprehensive guide that contains everything business owners need to know about corporate taxes in Singapore.

Singapore Corporate Tax Guide

For global entrepreneurs looking to launch a new business, Singapore is a breath of fresh air. Most countries take a very bureaucratic approach towards business. This article describes Singapore’s approach to taxation of companies based in the country and provides an overview of the Singapore taxes that a company may be subjected to and the rules for their applicability. Read more here.

Now that you are abreast with the various taxes that your company may be subjected to in Singapore, as a business owner, you have the freedom to learn about this and address your tax issues on your own. However, doing this may not be a smart move because it will take up a considerable amount of time and prevent you from focusing on other important business matters.

 

The following article by incorporate sheds light on some reasons why you should hire a corporate service firm to cater to your accounting, bookkeeping and tax needs.

Why Hire A Corporate Services Firm In Singapore For Effective Tax Compliance

If there’s one thing that makes Singapore the perfect place to do business today is its friendly tax rates. In fact, this is one of the reasons why it was named the world’s best business location, next to London. If you’re one of those companies interested to take advantage of this opportunity, it will serve you well to have on your side the services of a company incorporation firm to assist in your taxation requirements. Read more here.

These are some of the reasons why you should outsource your taxes, accounting and bookkeeping needs to a reputable corporate services partner in Singapore. That been said, you need to keep in mind that not all corporate service firms in Singapore will be able to address the specific needs of your company. So, before selecting onw, you must ensure that it is reputable and has a good track record.

 

Final note

Singapore is a perfect place to set up a business because it has the infrastructures and economy that businesses need for growth. Also, its policies and regulations are business friendly.

Before starting your company, it is wise that you learn as much as you can about the taxes your business will be subjected to. After setting up and registering your company, your next course of action should be to hire a reputable corporate services provider to handle your tax, bookkeeping and accounting needs.