The major legislations that govern corporate entities registered in Singapore are The Companies Act and The Income Tax Act kobe bryant jersey. Hence, the registration of a Singapore offshore company is not a complicated or cumbersome process.
The company can register itself as a resident company or a non-resident company nike air max 90 . It can also register as a foreign branch operation or simply as having a representative office.
The government does not normally impose any restrictions on financial transactions and funds transfer of Singapore offshore companies However, business entities that are related to financial services, media, education and other sensitive business operations that can have an impact on the politics and image of the island are carefully monitored and their business transactions are periodically scrutinised air jordan fusion. A Singapore offshore company enjoys all the powers as a natural resident or a local company.
Since English is the main official language, the various legislations and the regulations are easily available in English. The corporate documents can also be submitted in English and will be accepted as such by all the related governmental authorities. This facilitates an easier registration process for the Singapore offshore company. The corporate tax rate on income sourced in Singapore is 17% from the assessment year of 2010. Still, the effective tax rate will be significantly lesser for business entities that are qualified to avail tax incentives.
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