International Business Organization Structures
international business organization structures
Singapore International Business Corporation
Singapore International Business Corporation
Offshore financial centers are coming under strict scrutiny because of the regulatory pressures exerted by organizations such as OECD. In the present scenario Singapore with a strong reputation as an international financial center offers a tax system that is equally attractive to resident and non resident companies alike.
“Recent developments in tax and corporate law in Singapore have made Singapore an even more appealing offshore jurisdiction. Singapore has abolished the two-tier tax system. Income of a corporation is only taxed once, i.e., at the corporate level. Dividend payments by a Singapore company are not taxable to the recipients. Offshore incomes that are not received in Singapore are not taxable in either. Additionally, capital gains are not taxable in Singapore. The current corporate tax rate on taxable profit is 18% but this will be reduced to 17% from 2010. Start-up companies receive full corporate tax exemption on the first $100K annual profits for the first three years.”
Singapore’s status and reputation as a trusted and responsible business and financial hub committed to the international efforts to combat cross-border tax evasion, is attracting high net-worth individuals and companies who seek unsullied image along with effective tax management. Singapore Company, if properly-structured is an attractive, tax-efficient corporate structure to conduct international business. Certain inherent provisions make a Singapore resident company an attractive entity for holding foreign investments. Similarly a non-resident company is not subject to Singapore income tax on foreign sourced income if it is not received in Singapore. Therefore non-resident companies are also an attractive vehicle as international holding or trading companies
Features of Singapore Company
- Minimum paid-up capital of just S$1 and allows 100% foreign ownership
- Minimum 1 shareholder is required and corporate shareholders are allowed, the details of shareholders appear on public register, however nominee shareholders are allowed. Nationality of the Shareholder does not matter.
- Minimum of one director and need at least one Singapore resident director. Corporate directors are not permitted. The details of directors appear on public register
- Details of beneficial owners are publicly accessible
- A natural person must be appointed as company secretary who can also act as a director, but in the case of sole director the same person cannot serve as company secretary and director.
- Must file annual accounts
- For companies with an annual turnover exceeding S$ 5 million, annual audited accounts are required to be filed with the Registrar. The accounts are required to be audited by Singapore auditors. For companies with an annual turnover less than S$ 5 million, annual accounts need to be filed but there is no auditing requirement.
- Must conduct Annual General meeting
- A registered office in Singapore is required
Merits of Singapore Company
- A Singapore company is resident and domiciled in a country with a highly regarded international reputation
- Singapore has political stability, sound economic and financial fundamentals, and reasonably comparable client confidentiality standards of other offshore jurisdiction
- No restriction on the free entry and repatriation of funds
- Foreign sourced income which is earned and retained outside Singapore is not taxed in Singapore.
- Singapore follows a territorial tax system whereby tax is levied only on incomes sourced in Singapore or received in Singapore
- Subject to certain conditions a Singapore company can enjoy tax exemption from its foreign-sourced dividends, foreign branch profits, and foreign-sourced service income that is remitted into Singapore
- Singapore follows a single-tier tax system whereby the dividends in the hands of shareholders are not taxed
- No tax on capital gains
- Attractive tax rate of just 17% and with the available incentive schemes and exemptions effective tax rate is as low as 8.5% for new startups and for small and medium sized companies
- Singapore has over 58 Double Taxation Treaties, Singapore resident companies can access the benefits of DTA
Limitations
- Redomicilation is not permitted
- Details of company members and directors is available on public registry
Did you know?
Singapore is not regarded as a “tax haven”. Unlike countries such as Switzerland and Liechtenstein, Singapore is not viewed as a prime location for asset protection and wealth management, but instead, simply a low-tax country. As such there has not been as much pressure on Singapore from tax agencies across the globe battling against tax evasion activities in these tax havens.
About the Author
Rikvin Offshore offers a convenient way to incorporate your company. We provide a comprehensive range of services to both local and international clients. When you want to set up an offshore Company, you can rely on us to be there every step of the way for you. For more information, please visit http://www.rikvinint.com or call us at 65- 64388887
Need topic ideas for an olympic paper?
It has to do with something of these topic. any ideas?
Summary of the ancient Olympic Games – athletes, events, myths involved
• The revival of the olympic idea and ideology, culminating in the first Modern
Olympic Games in 1896
• Locations of summer and winter Olympic Games
- changes of events/sports and political controversies
- memorable performances
• The International Olympic Committee
- organization, olympic movement/philosophy, criticism
• Different structures of national & international professional sports
• Amateurism & professionalism – the evolution of sports as “Big Business”
• Doping in sports
• Science and Technology and Sports Performance
The Locations of summer and winter Olympic Games from 1924
If Greece was the mother of the Olympics, France was the mother of the Winter Games. Early on, the International Olympic Committee had decided that there would definitely be an Olympic Winter Games sometime. The event was first scheduled for Germany in 1916, but was cancelled when World War I intervened.
Eight years later, Paris was awarded the 1924 Summer Games, and a very aggressive French Olympic Committee was determined to hold history’s first-ever Winter Games, as well.
The French buildup to the Games had begun more than fifty years earlier. To be blunt about it, in the aftermath of the Franco-Prussian War of 1870, the French felt they needed mountain troops.
This was a time of great admiration for the effectiveness of Norwegian ski troops. The Russians, Swiss, Germans, Austrians, and Italians had established mountain troops by 1872. The French followed in 1888 with their Chasseurs alpins, staffed by French officers who had learned to ski from Norwegians. Now the officers began looking for recruits.
The obvious candidates, mountain farm boys, just were not up to it. Rather than a sturdy, self-reliant and fit bunch, the French mountain boys were a sickly lot who stayed indoors all winter long. Circa 1900s, the French military encouraged a learn-to-ski program, aimed at its mountain farm boys. Mountain troops sent back to their villages were making kid-size skis and teach village boys to ski. The sport had done wonders for the health and fighting spirit of Norwegian lads, so it was said.
There was an urban effort as well. Beginning in 1910, France established a Council of Health in every French region with the aim of encouraging public fitness. One of their aims was to get city-dwelling kids, who were in as bad shape as their mountain cousins, into the mountains on skis in the winter. French ski clubs were founded with state backing, and mountain towns given the power to tax winter vacationers in order to build up winter sports facilities.
The Club Alpin de France founded a Winter Sports Commission that was given state funds and responsibility for building up “skiing’s patriotic and military importance and its mobilizing force as a sport. There was a need to improvement of the French race haunted us said one of the members of Club Alpin de France.One knew that Norwegians took to skiing as part of their regeneration. One also understood its patriotic and military reach. One wanted to make strong men and strong soldiers.
The Winter Sports Council mounted Winter Sports Weeks—competitions on skis to which other nations were invited beginning in 1907 at Mont Genèvre. Next came the 1908 Winter Sports Week at Chamonix. It drew 2,000 spectators.
In 1912, a Chamonix Winter Sports Week drew more than 12,000 visitors, one of the largest crowds at an international ski event before World War I. The International Olympic Committee encouraged, voted to schedule the first Winter Olympics in 1916 in Berlin. Even Norway voted yes. But World War I intervened,
.
Postwar Chamonix grew apace as a ski resort. It had the best terrain and the most hotels. By 1924, Chamonix was ready for an Olympics. The International Olympic Committee was ready for an Olympics. The French were ready for an Olympics. The Norwegians were not. The Scandinavians had changed their minds. They had been running the international ski competition since the first Nordic Games at Stockholm in 1901, where they dominated the nordic-only world championships. They also now saw a Winter Olympics as eroding their rule. The IOC appeased them, declaring that the IOC would put on a Winter Games not officially “Olympic.” The champions would have “no right to medals.” Further, the Chamonix Games were “not an integral part of the Olympic Games.” The French tradition of Winter Sports Weeks reassured the Scandinavians that this was just another international winter meet held amid their first class hotels by the hospitable French.
The French kept up a brave front of “non-Olympism” until the Chamonix Winter Games got underway. Then the difference with a Winter Olympic Games became very small. The French even arranged that the athletes be sworn to the Olympic oath. During the Chamonix Games, the skiing nations all founded the Fédération Internationale de Ski, or FIS. The next year, the FIS requested that the Games be retroactively made a bonafide Olympics. The IOC certified the Games as truly Olympic, entitling all the winners to be awarded the first Winter Olympic medals ever struck.
Good luck
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