Legislation has also played a key role in Singapore’s importance. The territorial taxation system taxes only income sourced in or actually remitted to Singapore.
The current corporate tax rate is 17% on all income sourced in Singapore or received in Singapore from outside sources. Singapore also has a network of 54 double income tax treaties.
Singapore private limited companies include the following benefits:
- No withholding taxation on dividends paid from Singapore;
- No capital gains taxation on investments;
- Non-Singapore domiciled individuals can avoid Singapore estate taxation;
- Shares may be held in a trust;
- No audit requirements for private exempt companies;
- Foreign-sourced income remitted to the Singapore head office may be exempt from taxation.
The Singapore LLP is a relatively new entity that provides attractive international structuring possibilities for holding and trade purposes. Taxation occurs at the level of the LLP’s members (the shareholders), not at the LLP itself. The LLP can be used for private investments, international trading, and rendering services without incurring any Singapore income tax.
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