start-up tax

Posts : 2 Reputation : 0 Join date : 2009-11-30

I would like to know what are the tax incentives/ concessions/ exemptions for new start-up companies in Singapore.

Subject: Re: start-up tax Thu Feb 18, 2010 12:10 am

I know of a consultant who does that for companies....
Let me know if you are keen to get together ya....

Posts : 6 Reputation : 1 Join date : 2009-08-13

Brian wrote:: I would like to know what are the tax incentives/ concessions/ exemptions for new start-up companies in Singapore.

New tax incentives for Singapore start-up private limited companies have been introduced since 2005. It is said that these incentives are meant to support entrepreneurship and to help foster growth of SMEs. However, to be eligible for the tax incentives the startup must satisfy certain qualifying conditions viz.
1. The company must be incorporated in Singapore,
2. The company must be a tax resident of Singapore and
3. The company must have no more than 20 shareholders of which at least one is an individual shareholder holding at least 10% of shares.

Such startups will be taxed as follows:
1. For each of its first three consecutive tax years - corporate tax rate of 0% on the first S$100,000 of taxable income and 9% (partial exemption) tax rate on the next S$200,000 of taxable income. The taxable income above S$300,000 will be charged at the normal headline corporate tax rate of 17%.

2. From the fourth tax year onwards - 9% tax rate on taxable income of upto S$300,000 per annum. The taxable income above S$300,000 will be charged at the normal headline corporate tax rate of 17%.

For more information, look up Singapore Corporate Income Tax Guide or the IRAS website.