Singapore operates a territorial tax system: profits earned outside Singapore are in principle not taxable unless they are remitted to or received in Singapore. This makes Singapore one of the most attractive locations in the world for international holding structures and Family Investment Companies.
An FIC in Singapore benefits from a stable, transparent legal system, an extensive network of double tax treaties and direct access to Asia's growth markets. Asset protection is often strengthened by integrating trusts, so that assets do not fall into the estate when the founder dies.
Advantages of the Singapore FIC
- Profits from sources outside Singapore tax-free unless remitted to Singapore
- Stable, internationally recognised legal system
- Extensive network of double tax treaties
- Direct access to Asian capital markets
- Robust asset protection possible through trust integration
- Clear separation of personal and business assets
Bookkeeping, audit and tax return
Despite its tax efficiency, every Singapore company is required by law to keep full accounting records, to prepare annual accounts, to have them audited by a public accountant unless it is exempt from audit as a small company, and to file an annual corporate income tax return with the Inland Revenue Authority of Singapore (IRAS). We can take care of all bookkeeping, accounting and audit services through our partners, on request and for a separate fee.
Local director required
Singapore company law requires every company to have at least one director resident in Singapore. We provide this nominee director through our partners. The nominee director is there solely to meet the legal requirement and is not involved in the management or day-to-day business of the company.
Who is the Singapore FIC for?
The Singapore FIC suits entrepreneurs and investors who want to build an international holding structure in one of Asia's most respected financial centres and benefit from an efficient tax system and a stable legal framework.
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