Singapore accounting and tax considerations

Tetra Consultants provides Singapore accounting and tax service. To ensure your business is compliant with Singapore accounting and tax regulations, our accounting team will assist with your business’ annual returns, financial statements, tax compliance and bookkeeping.

Singapore accounting and tax service

Many clients choose to outsource their Singapore accounting and tax obligations to Tetra Consultants. Our accounting and tax team will timely complete your firm’s financial statements, corporate tax returns and manage auditors on your behalf and without the need to travel.

By outsourcing accounting and tax obligations to Tetra Consultants, you can enjoy reduced overhead costs and timely reporting and filings. Our accounting team will explain to our clients all required deadlines and expectations before the start of every engagement.

Thereafter, Tetra Consultants will prepare the required fillings in advance to ensure we meet all stipulated deadlines agreed at the start of the engagement. Tetra Consultants will send a weekly or bi-weekly update to our clients, ensuring all parties are aware of upcoming deadlines. Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.

  • Singapore has one of the world’s simplest and most rational tax system. It levies no tax on capital gains or on dividends received from a business. This makes the country particularly attractive to entrepreneurs who want to incorporate and build a new business.
  • Singapore uses a tiered tax system for both personal and corporate taxes. New firms receive significant tax breaks during their first 3 years reducing their tax rate to 0% for first S$100k of income. The corporate tax rate is capped at 17%.
  • Similarly, the personal tax rate starts at 0%, rises very gradually to a maximum of 20% for incomes above S$320,000. Corporate profits are not double taxed when they are passed to shareholders as dividends. In other words, dividends are distributed to shareholders tax-free. Finally, Singapore charges one of the lowest value added tax rates in the world.
  • Due to Singapore’s excellent foreign relations, it has 75 comprehensive double taxation agreements and 8 limited treaties. These agreements are designed to ensure that economic transactions between Singapore and the treaty country do not suffer from double taxation. Furthermore, Singapore provides Unilateral Tax Credits (UTCs) for the case of countries with which it does not have a DTA. Thus, a Singapore tax resident company is very unlikely to suffer from double taxation.
  • Singapore allows foreigners to own 100% of the stock of a Singapore incorporated company and there is no need for any local partners or shareholders. This enables you to start a company with the type of capital structure that you desire and distribute its ownership to suit your investment needs. Furthermore, there are no restrictions on the amount of capital that you can bring from your home country to invest in your Singapore company.
  • Singapore imposes no restrictions on the repatriation of profits. No taxes are imposed on capital gains from the sale of a business. Similarly, no tax is levied on dividends paid to the shareholders.
  • Singapore does not impose any restrictions on the movement of foreign currency into or out of the country. This frictionless movement of funds across borders can provide extreme flexibility to a business.
  • Your Singapore business is legally tax exempt if the company does not have a local corporate bank account, does not have local management team and does not have local customers or suppliers.

Contact us to find out more about accounting and tax obligations in Singapore. Our team of experts will revert within the next 24 hours.

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22 Sin Ming Lane #06-76 Midview City, Singapore 573969

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