Companies registered in Singapore have an excellent reputation among counterparties and tax authorities of other countries, transactions with them do not cause suspicion.
Choosing a business structure and type of legal entity are one of the key decisions to be made when starting a business in Singapore. The choice depends on the ease of opening and closing the business, the transfer of ownership or assets, taxation, the degree of personal responsibility, reporting, as well as the perception of your business partners. The Companies Act and the Income Tax Act provide a comprehensive code of company law. English is the corporate language in Singapore.
Types of legal entities in Singapore:
- Sole Proprietorship;
- Limited Liability Partnership;
- Business Trust.
Private Limited Company is the most suitable type for international business, and for other business aimed at tax liability minimizing (reducing the tax payment to 0%).