About Singapore Offshore jurisdiction
Mainly based on services, specifically banking and financial, Singapore’s economy is one of the most promising in its region and in the world. The tertiary sector represents for nearly 75% of its GDP, and permits the employment of nearly 75% of the population. Moreover an open world economy, Singapore offers an exceptional and relatively attractive tax landscape for foreigners.
A special jurisdiction
The Singapore jurisdiction offers a lot of freedom, firstly because there is no tax on dividends nor on capital gains. In addition, many tax credits and exemptions exist for entrepreneurs, For example, VAT on goods exports and international services is 0%. The Singaporean government advocates a relatively attractive jurisdiction, through fiscal incentives in particular, to promote the development of investment and trade on its territory. Start-ups can benefit from unpublished tax exemptions by not paying taxes for the first three years of existence. Other tax allows, for example, to invest massively and serenely in Research and Development, with relatively large compensation. In general, the corporate tax remains relatively low with a rate of 17%. The standard tax is estimated at 7%, Singapore ranked tenth among the least taxed countries in the world.
Singapor and the tax conventions
The State of Singapore has signed non-double taxation agreements with various countries, including France. Indeed, since October 3, 1975, in order to avoid double taxation and to prevent tax evasion, each French and Singaporean citizen can be taxed directly on his income or profits. This tax convention, easily findable on the official site of Diplomatie.gouv.fr, then evokes precisely the scope and the different conditions to define its fiscal residence. Generally, nationals who have resided in Singapore for less than 60 days are considered non-resident Singaporeans and are then exempt from tax in that territory. However, nationals who have lived between 60 and 183 days are also declared non-resident, but are subject to a tax rate of 15%. Finally, nationals who have stayed for more than 183 days in Singapore have resident status and are then subject to a progressive tax rate of 0 to 20%. It is then essential to know the laws in force on the chosen territory, it is crucial to choose the right jurisdiction. That’s why a good knowledge of the global banking sector is vital to yourself or your business.
To sum up, FBS Banking ™ is the best solution for offshore account opening, with a large choice of jurisdictions. Choosing FBS Banking ™ means choosing a professional quality service and experts who will be there to guide you and advise you whatever your situation. FBSB today means, 20 years of experience in the world of offshore banking, and valuable partnerships with renowned banks all over the world. So do not hesitate to explain us your situation via firstname.lastname@example.org or through our online contact form on the website.
FBS Banking ™, the choice of prosperity in all legality!
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