FAQ > Corporate Tax Rate
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Expand AllThe reality is that not all EP work visa applications are approved. The Ministry of Manpower evaluates each applicant based on the individual’s and company credentials.
Factors which play a very important role are:
- Applicant age, salary, citizenship, education, professional experience and skills
- Roles & responsibility of applicant
- Repute of the company and paid up capital
- Availability of local staff and economic viability of the company to Singapore
If the initial application is rejected, we will explore the rejection reasons with MOM and if appropriate, file an appeal by addressing the issues raised by authorities. If the additional details submitted are satisfactory to MOM, your employment pass application will likely be approved. Please note that MOM will take a minimum of three weeks or more to review appeal application.
Yes. The sales tax in Singapore is called Goods and Services Tax (GST). The current GST rate is 7%. Only GST-registered businesses are allowed to levy the GST on their sales or invoices.
To encourage foreign capital inflow into Singapore, there are tax incentives provided to various industries namely in the form of reduced corporate tax rates.
| Finance & Treasury Centre Co. | 10% |
| Fund Manager | 10%/exempt |
| Headquarters Co. | 10% |
| International Commodity Trader | 10% |
| Offshore Leasing | 10% |
| Oil Trader | 10% |
| Securities Company | 10%/exempt |
| Trustee Company | 10% |
| Arts & Antique Dealers | 10% |
| Asian Currency Unit | 10%/exempt |
| Insurance & Re-insurance Co. | 10%/exempt |
| Members of Commodity Futures Exchange | 10% |
| Pioneer/Incentive Co. | exempt/various |
| Financial Sector Incentive Co. | 5%/10% |
| Cyber Trader | 10% |
| Commodity Derivatives Trader (New) | 5% |
Singapore DOES NOT have a Capital Gains tax.
| Value of property | Rate (%) |
|---|---|
| First S$180,000 | 1.0 |
| Next S$180,000 | 2.0 |
| Thereafter | 3.0 |
What is the tax Rates for Companies for Year of Assessment 2009 and for those who do not qualify for the New Start up exemption rates?
| Amount of chargeable income | Effective tax rate |
|---|---|
| First S$10,000 | 4.5% |
| Next S$290,000 | 8.5% |
| In excess of S$300,000 | 17% |
Note: *A qualifying new company must fulfill the following conditions:
- It is incorporated in Singapore;
- It is a tax resident of Singapore for that Year of Assessment;
- It has no more than 20 shareholders throughout the basis period relating to that Year of Assessment;
- All its shareholders are individuals throughout the basis period relating to that Year of Assessment OR start-up companies with corporate shareholders can qualify for the existing Start-Up Tax Exemption Scheme, provided that there is at least one individual shareholder of minimum 10% shareholding.
*A company is resident in Singapore if the control and management of its business is exercised in Singapore.
To encourage local entrepreneurship, Singapore Government has declared a full tax exemption for newly incorporated companies.
New Start-up Companies
| Full tax exemption is granted on the first $100,000 of Chargeable Income for qualifying new companies for the first three years of assessment consecutively | (%) |
|---|---|
| First S$100,000 chargeable profit | Nil |
| S$100,001 to S$300,000 | 8.5 |
| Thereafter a Flat Rate of | 17 |
Marks that can be registered
A trade mark can be letters, words, names, signatures, numerals, devices, brands, labels, tickets, shapes, colors, aspects of packaging or any combination of these. (more…)
