How to open an IT company in Singapore in 2021
Many businesspeople are seeking to open an IT company in Singapore in 2021 because the state is one of the largest exporters in the world. The territory is suitable for establishing multinational companies and IT enterprises that plan to enter Asian markets. Contact our specialists at IT-OFFSHORE to clarify the nuances of company registration.
There are several advantages of opening a company for IT activities in Singapore. There is the possibility of immigration for businesspeople, the establishment costs are relatively low, and there are tax benefits. There is an agreement with many countries to avoid double taxation.
The pros of Singapore for the сompany registration:
- A large number of potential service users;
- Well-developed infrastructure;
- Doing business is not difficult;
- High level of access to the Internet;
- Unoccupied niches can be found.
The country has created favorable conditions for the development of entrepreneurship. The current legislation allows to reliably protect copyrights. To learn more about the nuances of registering an IT company in Singapore in 2021, contact us. If you need a quick business startup, it's worth considering buying a ready-made company in Singapore.
How to start a business
Before registering, you need to prepare a business development plan, conduct a risk and competitor analysis, as well as identify sources of funding. It will be necessary to draw up the name of the company. In total, you need to prepare a minimum of 2 options. The name must be unique.
It is necessary to make company structure, to appoint directors, shareholders, to distribute duties, to determine beneficiaries, and to define the size of capital and legal address.
Individuals need to provide copies of passport pages with last name, first name, surname, and date of birth. Information about citizenship the residence address is needed. In addition, documents proving the address of residence are required. Foundation documents are required for legal entities.
Residents of the country can use agreements to avoid double taxation. For the first few years of operation, tax exemptions are available. Newly established businesses can receive an exemption from taxation for the first 100,000 Singapore dollars.
Thereafter, it is possible to pay a levy of 8.5% on the next 200,000. After that, the standard rate on income is 17%. Funds sourced from capital gains are exempt from the levy.