Skip to content

Incorporation Company Registration

Accounting GST IRAS Compliance Business

  • Home
  • About
  • More Blogs
    • Central Top Accounting Firms
    • Serangoon Gardens SGP Business Account
    • Lorong Chuan SGP Simply Accounting
      • Hougang SGP Small Business Tax
      • Bidadari SGP Small Business Tax
Incorporation Company Registration

Tag: Find An Accountant in Bukit Purmei

Bukit Purmei SGP Audit Firm

What Is The Meaning Of Incorporate

Which is an ideal jurisdiction for company incorporation in Asia? Singapore and Hong Kong have been dominant players in the Asian region, vying for the position of “the best place to do business.” But the crucial questions are, which of these jurisdictions have an edge over the other? Is incorporating a business easier in Singapore or in Hong Kong?

Strategic location and attractive tax benefits make Singapore the most preferred location for the overseas companies to set up their business. Various options are – opening up a Branch Office, a Representative Office or a Subsidiary in Bukit Purmei . The country also has liberal immigration policies. If the company wants to set up their regional head quarters in Singapore they are also provided with Financial Assistance.

Best Accountants Singapore In Central, SG

A key determinant for setting up a business in Bukit Purmei is the tax regime in force. In this regard Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is an overview of the tax system and Accountants Singapore in Singapore.

Tax jurisdiction Singapore: Taxes are levied on a territorial principle i.e. companies and individuals are taxed on Singapore sourced income. In addition, the Foreign sourced income (branch profits, dividends, service income, etc.) are taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

Private Limited Company Registration Status

Why Use Out Accounting Or Accountancy For Business?

Which is an ideal jurisdiction for company incorporation? Singapore and Hong Kong have been dominant players in the Asian region, vying for the position of "the best place to do business." But the crucial questions are, which of these jurisdictions have an edge over the other? Is incorporating a business easier in Singapore or in Hong Kong?

Minimum Statutory Requirements:

  • Singapore: a local registered address (commercial or residential but no PO Box), a local resident director, a local resident and qualified company secretary, a shareholder (individual or corporate), minimum paid up capital of SGD 1.00 (no authorized capital required)
  • Hong Kong: a local registered address (commercial or residential but no PO Box), a director (local or foreigner), a local resident company secretary (individual or corporate), a shareholder (individual or corporate), minimum paid up capital of HKD 1.00 + authorized share capital of HKD 10,000 represented by 10,000 ordinary shares of HKD 1.00 each

Incorporation Timeline:

  • Singapore: 1 working day
  • Hong Kong: 4-7 working days

Foreign Ownership:

  • Singapore & Hong Kong: 100% foreign ownership allowed

Corporate Taxes:

  • Singapore: Current corporate income tax rate - 18%. However, corporate income tax rate effective 2010 - 17%. Note: The effective tax rate is much lower - below 9% for profits up to SGD 300,000 and capped at 18% for profits above SGD 300,000
  • Hong Kong: Current corporate income tax rate - 16.5%

Government Fees:

Fees for company incorporation with Companies Registrar:

  • Singapore: SGD 315
  • Hong Kong : HKD 1,720 + capital fee of HKD 1.00 for every or part of HKD 1,000 of the nominal share capital (capped at HKD 30,000)

Fees for company registration with tax department:

  • Singapore: Nil
  • Hong Kong - HKD 2,450 (1 year registration certificate) or HKD 6,550 (3 year registration certificate)

Annual Filing Requirements:

Singapore:

  • Annual returns along with audited annual accounts must be filed with Companies Registrar within one month of the Annual General Meeting.
  • Tax returns along with audited accounts must be filed with the Inland Revenue Authority of Singapore by 31 October each year.
  • Note: Dormant companies (i.e no accounting transactions for the financial year) and exempt private companies (not more than 20 shareholders and shares are not held by another company) with an annual turnover of less than SGD 5 million are exempt from audit requirements for both annual returns and tax returns. These companies can file unaudited accounts.

Hong Kong:

  • Annual returns must be filed with the Companies Registry once in every calendar year (except in the year of incorporation) within 42 days after the anniversary of the company's date of incorporation. Private limited companies are exempt from submitting accounts along with the annual return.
  • Tax returns along with audited accounts must be filed with the Inland Revenue Department by 31 April each year. The auditor must be a member of the Hong Kong Institute of Certified Public Accountants and must hold a practicing certificate. Dormant companies (i.e no accounting transactions for the financial year) and small corporations (i.e total gross income does not exceed HKD 500,000) are exempt from audit requirements and can file unaudited accounts.
Starting A Limited Liability Company

Financial Reporting & Auditing in Singapore

A key determinant for setting up a business in a given jurisdiction is the tax regime in force. In this regard, both Hong Kong and Singapore boast of being one of the lowest tax jurisdictions in the world. Detailed below is a comparative overview of the tax system in Singapore Vs HK.

Tax jurisdiction

Singapore

  • Taxes are levied on a territorial principle i.e. companies and individuals are taxed on Singapore sourced income.
  • Foreign sourced income (branch profits, dividends, service income, etc.) will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

Hong Kong

  • Taxes are levied on the territorial principle i.e. only on income "derived from or arising in" HK and not on income sourced outside the SAR.
  • No tax is levied on profits arising abroad, even if they are remitted to Hong Kong.

Corporate Tax Rate

  • Singapore: Current corporate income tax rate - 18%. However, corporate income tax rate effective 2010 - 17%. Note: The effective tax rate is much lower - below 9% for profits up to SGD 300,000 and capped at 18% for profits above SGD 300,000
  • Hong Kong: Current corporate income tax rate - 16.5%

Goods and Services Tax (known as VAT/Sales tax in other countries)

  • Singapore: 7%
  • Hong Kong: Nil

Capital gains tax

  • Singapore and Hong Kong: Nil (Capital loss expenses are correspondingly not allowed as deductions)

Group relief for losses

  • Singapore: Allowed
  • HK: Not allowed

Withholding tax

  • Singapore: Interest, royalties, rentals from movable properties, management and technical fees, and director's fees paid to non-residents (individuals or companies) are subject to withholding tax. There is no withholding tax levied on dividends. 
  • Hong Kong: Royalties, rentals from movable properties, and fees paid to non-resident entertainers or sportsmen for their performances in Hong Kong are subject to withholding tax. There are no withholding taxes levied on dividends and interest.

Double Tax Agreements

  • Singapore: More than 50 bilateral comprehensive tax treaties
  • HK: DTA network of 37 treaties

Tax Year

  • Singapore: 1 January - 31 December
  • HK: 1 April - 31 March

Filing tax returns

Singapore:

  • Tax returns along with audited accounts must be filed with the Inland Revenue Authority of Singapore by 31 October each year.
  • Note: Dormant companies (i.e no accounting transactions for the financial year) and exempt private companies (not more than 20 shareholders and shares are not held by another company) with an annual turnover of less than SGD 5 million are exempt from audit requirements and can file unaudited accounts.

Hong Kong

  • Tax returns along with audited accounts must be filed with the Inland Revenue Department by 31 April each year. The auditor must be a member of the HK Institute of Certified Public Accountants and must hold a practicing certificate.
  • Note: Dormant companies (i.e no accounting transactions for the financial year) and small corporations (i.e total gross income does not exceed HKD 500,000) are exempt from audit requirements and can file unaudited accounts.  

http://financial-guide.net/central-singapore/

Accountants Singapore In Singapore

Author adminPosted on March 10, 2019March 10, 2019Categories Central Top Accounting FirmsTags Account Manager in Bukit Purmei, Accounting Consultant in Bukit Purmei, Accounting Dictionary in Bukit Purmei, Accounting Office in Bukit Purmei, Accounting Outsourcing in Bukit Purmei, Accounting Packages in Bukit Purmei, Accounting Practice in Bukit Purmei, Accounting Profession in Bukit Purmei, Accounting Software in Bukit Purmei, Accounting Systems in Bukit Purmei, Bookkeeping Services in Bukit Purmei, Bookkeeping Software in Bukit Purmei, Certified Public Accountant in Bukit Purmei, Chartered Accountant in Bukit Purmei, Company Accounts in Bukit Purmei, Corporate Accounting in Bukit Purmei, Financial Accounting in Bukit Purmei, Find An Accountant in Bukit Purmei, Online Bookkeeping in Bukit Purmei, Personal Tax Account in Bukit Purmei, Quickbooks Accountant in Bukit Purmei, Small Business Accountant Near Me in Bukit Purmei, Small Business Accounting in Bukit Purmei, Tax Preparation in Bukit Purmei

Categories

  • Central Top Accounting Firms
  • North-East Top Accounting Firms

Recent Posts

  • Serangoon North SGP Accounting System
  • Serangoon Gardens SGP Business Account
  • Serangoon SGP Accounting Firms
  • Sengkang SGP Top Accounting Firms
  • Seletar SGP Payroll Accounting
  • Punggol New Town SGP Accounting System
  • Punggol Point SGP Accounting Online
  • Punggol SGP Accountants Singapore
  • North-Eastern Islands SGP Audited Accounts
  • Home
  • About
  • More Blogs
    • Central Top Accounting Firms
    • Serangoon Gardens SGP Business Account
    • Lorong Chuan SGP Simply Accounting
      • Hougang SGP Small Business Tax
      • Bidadari SGP Small Business Tax
Incorporation Company Registration Proudly powered by WordPress