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Singapore was founded as a British trading colony in 1819. It joined the Malaysian Federation in 1963 but separated two years later and became independent. Singapore subsequently became one of the world's most prosperous countries with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe. Today, Singapore retains close ties with the United Kingdom and bases its legal system on English common law. Although the citizens of Singapore are predominantly Chinese, English remains the primary language of commerce and administration.
Singapore is one of Asia's most important financial centers. Its concentration of financial institutions and efficient capital markets make it a leader in global finance. Since its abolishment of currency exchange controls in 1978, Singapore has evolved into one of the world's premier banking centers. Indeed, in recent years, substantial capital has moved into Singapore from traditional European banking centers due in large part to new regulatory requirements promulgated by the European Union.
Singapore has some of the lowest tax rates in Asia. The current corporate rate is 26%. However, resident companies are only taxed on income earned within Singapore or remitted to Singapore. Non-resident companies are only taxed on Singapore source income. Corporate residence is determined by the location of central control and management. Note that companies must be resident to benefit from double taxation treaties.
A Singapore corporation requires two directors, both of whom must be individuals (as opposed to corporate entities) and must reside in Singapore. The corporation must have at least two individual shareholders or, alternatively, one corporate shareholder. Bearer shares are not permitted. Accounts must be audited by a qualified resident examiner. General meetings must be held annually and a local company secretary is required.
Singapore is one of Asia's most important financial centers. Its concentration of financial institutions and efficient capital markets make it a leader in global finance. Since its abolishment of currency exchange controls in 1978, Singapore has evolved into one of the world's premier banking centers. Indeed, in recent years, substantial capital has moved into Singapore from traditional European banking centers due in large part to new regulatory requirements promulgated by the European Union.
Singapore has some of the lowest tax rates in Asia. The current corporate rate is 26%. However, resident companies are only taxed on income earned within Singapore or remitted to Singapore. Non-resident companies are only taxed on Singapore source income. Corporate residence is determined by the location of central control and management. Note that companies must be resident to benefit from double taxation treaties. A Singapore corporation requires two directors, both of whom must be individuals (as opposed to corporate entities) and must reside in Singapore. The corporation must have at least two individual shareholders or, alternatively, one corporate shareholder. Bearer shares are not permitted. Accounts must be audited by a qualified resident examiner. General meetings must be held annually and a local company secretary is required.