Singapore’s efficient and attractive tax exemption strategy is of particular benefit among maritime businesses. In a survey spearheaded earlier this month by Faststream, a maritime recruitment based and founded in the United Kingdom and which canvassed chartering managers and shipbrokers, it reported the city-state being the world’s most favored location for a job, leaving behind Geneva and London.
“In shipping, Singapore provides government incentives for non-Singaporean enterprises,” beamed Gervais Green, the head of Asia shipping Norton Rose and who remained unperturbed with the survey result, “because it has a stable political system, it is only natural that Singapore has strong and stable legal system as well.”
Two of the maritime businesses that have flourished in Singapore mainly because of its tax exemptions are the Marco Polo Shipping and Mercator Lines.
As a consequence of such development, the maritime businesses in Norway, United States and London have suffered. A contributing factor to this is UK government’s offense in raising the corporation tax and other fiscal initiatives such as higher personal tax.
In contrast, Singapore maintains a low rate in corporate tax at 17% for an annual income of more than S$300,000. Foreign businesses enjoy tax-free operations for the first 3 years following its Year of Assessment. Having an annual earning between S$100,001 and S$300,000, qualifies the enterprise to a corporate tax levied at 8.5%.
Besides tax exemptions, foreign investors can also enjoy other incentives such as opting for a firm to steer the company registration while they stay overseas until such time when they need to open corporate bank accounts. In which time, the requirements such as an Entrepass, Employment Pass or Dependent Pass have already been issued.
Among the firms that take delight in bestowing company registration services is Rikvin. Established in 1988 and located at the heart of Singapore, Rikvin delivers satisfactory performance in helping foreign investors establish in Singapore.
Its specializations include company setup registration services and relocation to Singapore, which may involve relocating the whole foreign management staff. If relocation is not an option, Rikvin also offers the services of Nominee Directorship to satisfy the requirement of having a local resident director in Singapore.
“Rikvin exists because of its calling,” proclaimed a Rikvin corporate’s Business analyst who has helped hundreds of entrepreneurs in Asia Pacific region, “it helps businessmen prosper in their field of expertise by first settling legally in Singapore.”
Depending on their standard and intent, foreign investors have an option to establish a subsidiary, branch or representative office in Singapore. They can even decide whether to register a sole proprietorship, limited liability partnership, and private limited company.
Singapore retains the first slot in providing the best route for trading in the east and west. Rikvin lives by its reputation in helping foreign investors in taking advantage of that business-conducive route in Singapore.
About the publisher:
Since 1998, Rikvin consultancy has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Rikvin include Singapore Offshore Incorporation, EntrePass, Singapore Employment Pass, Personalised work Pass application, GST Registration, Accounting Services, Tax Planning & Consulting, and Business Plan Drafting.
Rikvin Pte Ltd
http://www.rikvin.com/
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email: [email protected]
