If you are new to Prelude Corporate Services, here are answers to some common questions about us, the services we offer, and how to get started.
If the FAQs below do not address your enquiries, please check out the following resources.
GST registration is required only if:
Please see details in An Introduction to Singapore Taxation.
A company may decide to voluntarily register for GST, depending on the profile of their customers, suppliers and type of goods/services. Please see details in Should I voluntarily register my company for GST.
The Singapore personal income tax rate is progressive, and ranges from 2% to 22%. If the individual does not satisfy the residency criteria, he or she will be treated as a non-resident of Singapore for tax purposes. The employment income of non-residents is taxed at flat rate of 15% or the progressive resident tax rates, whichever is higher. Please see details in An Introduction to Singapore Taxation.
All companies deemed to be of Singapore residency can enjoy partial tax exemption. Tax exemption schemes are also available for new start-up companies. Please see details in An Introduction to Singapore Taxation.
The Inland Revenue Authority of Singapore (“IRAS”) defines taxable income as:
(a) gains or profits from any trade or business;
(b) income from investment such as dividends, interest and rental;
(c) royalties, premiums and any other profits from property; and
(d) other gains that is revenue in nature.
A company is liable to pay tax in Singapore for income that is accrued or derived in Singapore or received in Singapore from outside of Singapore.
Capital gains (such as gain on sale of fixed assets) are not taxable.
Grants given to companies for the purpose of acquiring capital assets are deemed to be capital in nature, and therefore not taxable.
Conversely, if the nature of the grant is to defray operating costs or supplement trading receipts, these grants are taxable, unless exemption from tax is provided under the provisions of the Singapore Income Tax Act.
There are various business structures available for aspiring business owners. Please see details in Business Structures in Singapore.
Yes. However, the company must have at least one director who is a resident of Singapore. Please see details in Incorporation – What do you need?.
The minimal start-up capital is $1. Please see further details in Incorporation – What do you need?.
An overview of common business structures for start-ups are available in An Overview of Common Business Structures among Start ups.
No. A director and shareholder can be of a different person.
Outsourcing provides business owners with a sensible and affordable alternative to ensure that bookkeeping needs and compliance requirements are met. Please see details in Outsourcing as an Alternative.
Please see audit exemption criteria in Audit Exemption – New Small Company Concept.
Please see details in Corporate Compliance – An Overview.
Singapore companies are required to conduct an AGM once every calendar year. Please see details in Corporate Compliance – An Overview.