After gaining independence in 1965, Singapore, under the leadership of Lee Kuan Yew, began actively attracting foreign investments, which led to rapid economic growth. Thanks to its strategic location, stable political system, and favorable business climate, Singapore has become one of the world's leading centers for international business and innovation. Today, this city-state is considered one of the best places to register and conduct business in Asia.

Advantages of Registering a Company in Singapore

• Stable political and economic environment.
• No audit filing requirement.
• Strategic location in Southeast Asia.
• Transparent and efficient legal system.
• Favorable investment climate.

Taxation

Singapore applies a territorial system of taxation. This means that companies are taxed on income earned in Singapore or remitted to Singapore from abroad. A company is considered a tax resident of Singapore if control and management of its business are exercised in Singapore.

• Non-resident companies are taxed only on income derived from sources in Singapore.
• Dividend tax: 0%.
• Capital gains tax: 0%.
• VAT: 7% (planned increase to 9% by 2025).
• Personal income tax: progressive scale from 0% to 22%.

Singapore has an extensive network of double taxation avoidance agreements (with more than 80 countries).

Company registration: 1-3 business days Opening a bank account: 2-4 weeks (may vary depending on the bank and complexity of the company structure).

How to Register a Company

Registering a company in Singapore offers many advantages for international business. The favorable tax system, stable economic environment, and strategic location make Singapore an attractive place to do business in Asia. Despite some competition from Hong Kong, Singapore remains one of the best choices for companies looking to grow and develop in the region. To start the registration process in Singapore, we recommend contacting IT-OFFSHORE specialists.