Offshore registration in Singapore: global business opportunities and high security. Opening a company in Singapore. How and what to do

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For Russian entrepreneurs, if not a lifelong dream, then a tempting desire for sure. There are so many opportunities and advantages that the eyes of a future businessman simply run wild! Basically, preferential conditions for running their own business are provided to small business owners - it is easier to register and organize it.

Business in Singapore - registration stages

You may not believe it, especially if you have spent a long time studying the topic of opening a business in Europe or the United States of America, for example, but in Singapore you can register your business in just a day. If there are any delays, the process will take several days. Let's tell you what you need to become a full-fledged Singaporean businessman as soon as possible:

• You must approve a unique name for your company. This can be done in a special government body - ACRA (Accounting and corporate regulatory authority);


• next, the constituent documents should be prepared and signed;


• then comes the actual registration of the company;


• and, of course, you will need to open a bank account.

As you can see, the scheme is extremely simple and, if you approach the matter wisely, business will give you exceptional pleasure.

By the way, why Singapore?

The fact is that now this country is extremely attractive to Russians for several reasons:

• The size of the authorized capital is 1 dollar.


• An extremely simple procedure for registering a business in Singapore.


• An agreement with the Russian Federation, according to which the businessman will not be subject to double taxes.


• Tax exemption for the first three years (from $100,000).


• Singapore is one of the largest financial centers in the world, there is a huge number of companies and international representative offices, prospects and opportunities.

In Singapore, it is customary to contact so-called corporate providers when registering a company - it is reliable and fast.

How to get to Singapore as a businessman

If you intend to run your business on your own, that is, to be physically present in Singapore, you will need to obtain a work visa - for this, ideally you should have completed higher education and a document confirming business experience. After a year, you can apply for a residence permit in the country. In the future, you can even count on citizenship of this country - after two years after receiving permanent resident status.

If you do not plan to move to this country, you can appoint a director of the company who is a resident of Singapore.

The uniqueness of Singapore business is that the country's authorities provide a business space for those who want not only to earn income, but also to develop - this is how, for example, businessmen who produce some qualitatively new products or services are motivated, use advanced technologies in their enterprise - then the government will exempt you from income tax for a full five years, after which you will still be in the enviable position - the income tax rate will be half that of enterprises that do not offer anything new.

In order to decide on the form of business, it is best to turn to specialized agencies, of which there are a lot in Singapore - many willing - many agencies. You will be advised on the situation - what type of liability (limited or unlimited) to choose, whether it is better to establish an open or closed company.

Business in Singapore - which area to choose

In Singapore you can safely open restaurants and hotels, beauty salons and shops, cargo transportation and construction work - all this is in great demand and the majority of the population is involved in business in one way or another. The country is the largest port in the world (2nd place), a major tourist destination with a record number of holidaymakers, almost twice the number of the local population.

You can also go into manufacturing, so you can avoid income taxes for the first five years, but also learn a lot - by teaming up with other small businesses, you can get good government support for innovative technologies. This largely explains the highest level of high-tech production in many areas - medicine, for example.

It is impossible not to say about the standards of Singapore. Since you are planning to enter an already fully formed market, you will have to adhere to these same standards. Their compliance is enforced by special authorities; in case of non-compliance with the rules, a rather large fine may be imposed on your business. Teamwork is the name of the game for the country, if your small enterprise is a weak link, it will need to be brought in line with the rest so that the overall picture is not spoiled. But you shouldn’t think that you’ll end up in a place where you’ll have to walk the walk and do something you don’t want to do, the standards are quite acceptable and they can greatly increase your income. In case of problems, an entrepreneur can always contact the Spring agency, which provides comprehensive support to businessmen.

As a newcomer to the Singapore market, you get credit incentives if you require a loan. The authorities even help organize the training process for your new staff - sometimes up to 90% of the costs of retraining or training are covered by the state. Competent specialists - residents of Singapore - are the key to a healthy economy, it is believed in the country.

Moreover, there is also a public organization to support small and medium-sized businesses, and not only exists, but also actively performs its functions - organizes various trainings, meetings, and events.

Thus, Singapore is indeed one of the most desirable destinations for investment and businessmen from all over the world - the opportunity to develop yourself and develop your business - not in every country these two directions coincide so much.

Company type: Pte. Ltd (Private company Limited by Shares) - Company Incorporation.

Singapore is one of the world's top twenty exporters. This is a country that is the center of attraction for many multinational companies with their headquarters in Singapore. The legal system is based on English common law, and English is the language of office work and the official language.
Registration of a company in Singapore is simplified as much as possible and takes one day and does not require a visit to the island.

Singapore legislation

• Singapore Companies Act.
• Corporate Governance Code (Business Registration Act).
• Regulations for companies on accounting and reporting (Companies Accounting Standards Regulations).
• Statements of Accounting Standards (SAS)
• Singapore Income Tax Law.

List of company documents

• Memorandum of Association and Articles of Association
• Certificate of Incorporation
• Share Certificate
• Certificate of place of registration of the company (Registered office Certificate - analogue of a legal address)
• Minutes of the First meeting of Directors
• There may be additional documents depending on the client's requirements.

Company name

• The company name must be unique and can be reserved for up to two months with the Registry of Companies & Businesses in Singapore.
• The full company name must contain the company name and the abbreviation Pte. Ltd (Private company Limited by Shares) or Ltd.(Limited Liability Company)
• Names containing words such as bank, insurance company require a special license.

Director

• Based on the Companies Act, a company registered in Singapore can have one director and one shareholder. One person can be both a director and a shareholder of the company, but such a person must be a resident of Singapore, i.e. must either be a Singapore Citizen, permanently reside in Singapore, or have a Singapore Work Permit. A legal entity cannot act as a director.
• The resident director bears criminal and administrative liability for illegal actions of shareholders and the second non-resident director.
• Information about the director is stored in the company register and is public.
• A nominee director is possible.
  LARGO MANAGEMENT GROUP provides nominee service.

Residence permit for director

LARGO MANAGEMENT GROUP provides assistance in obtaining an entrepreneur visa. The processing time for visa documents is four weeks. It is usually issued for a period of up to two years with the right of extension, subject to the conduct of business by a Singapore company. This type of visa also applies to family members of the entrepreneur. An entrepreneur visa can be converted into a residence permit in Singapore.

Founder-shareholder

• Only one founder is required.
• The maximum number of founders is 50.
• There is no requirement for local Singapore residence of founding shareholders.
• It is possible to register a company with 100% foreign founders. If the founders are citizens of China, Bangladesh, or Pakistan, then registering a company will take longer.
• The founder can be either a legal entity or an individual.
• The founder can act as one of the directors, even if he is the sole owner of the company.
• The details of the founding shareholder are entered into the public Register of Companies.
• A nominal shareholder is possible.
  LARGO MANAGEMENT GROUP provides such nominee service.

Share capital

• There is no minimum share capital requirement. Legal practice - not less than S$1 for each share issued and paid up.
• During the signing of the Memorandum of Association (charter), the founders-shareholders distribute among themselves no less than one paid share for each.
• The founders are not liable for the company's debts with their own property. Their liability is limited to their share in the authorized capital of the company.
• Registered shares are allowed to be issued: preferred or ordinary. Bearer shares are prohibited.

Registered office

Every company is required to have a registered office, which is listed on its certificate of incorporation. The registered office must be active with opening hours of a minimum from 9.00 to 17.00, excluding weekends.
LARGO MANAGEMENT GROUP has the ability to provide such a registered office.

Secretary

• Every company in Singapore must appoint a resident secretary within six months of registration.
• The secretary can only be an individual qualified as a lawyer or accountant.
  LARGO MANAGEMENT GROUP provides nominee secretarial services.

Currency control

There are no restrictions on the export of currency and currency exchange.

Tax regime

• Tax administration in Singapore is carried out by the Inland Revenue Authority of Singapore. Since 2008, the country has had a single-tier territorial taxation system, under which income from sources within Singapore is taxed at the company level.
• The basis of the Singapore tax system is the income tax on net income (corporation tax), paid at a progressive rate of 15-25% of the amount earned. Charged only to companies with a source of income in Singapore and funds transferred to the company's account in a Singapore bank (resident companies). This tax principle is similar to the tax systems of Hong Kong and Gibraltar.
• VAT for resident companies is 3% (Good and Service Tax).
• Holdings are subject to a dividend tax of 27%. The rate for transnational companies has been reduced to 10% to attract global holdings.
• There are no export duties because export is strongly encouraged by the state, although special licenses are required to conduct export and import activities.
• Import duties are on a progressive scale and do not apply to certain goods.
• No license is required to import transit goods.
• Contributions to a pension fund in Singapore do not exist, nor do pensions.
• Tax benefits for some types of activities can last up to 15 years. To do this, the company must meet the criterion of a “pioneer company”, i.e. produce and distribute new, advanced technologies on the market.
• The financial year in Singapore begins on 1 January. No later than December 31, each company is required to submit an annual audited financial report for the reporting period to the public register of Singapore.
• All companies are required to submit financial reports. An income tax return must be filed even if the company is not operating.
• Only Exempt Private Companies with founders who are individuals, of whom the company should not have more than 20, the company should not have sources of income in Singapore, or a company whose annual income does not exceed 5 million Singapore dollars, may not submit a financial report.
• The annual financial report (Annual return, Dormant Annual Accounts) can only be submitted by a certified public accountant.

Resident and non-resident companies in Singapore

• If a company registered in Singapore is managed outside the country, and all business activities, signing of contracts, issuing of invoices takes place outside the territory of Singapore, including receipt of income from any foreign sources, without a bank account in Singapore, then it is considered non-resident by the tax authorities and is subject to tax. profit is not taxed. Non-resident companies pay taxes only on profits sourced in Singapore. To do this, the company's Board of Directors must include at least two non-residents of Singapore.
• Founding shareholders can reside in Singapore, but do not have a source of income in the country. Non-resident companies are used to take advantage of international double taxation agreements.
• Branches and representative offices of foreign companies in Singapore are not recognized as residents, since they are not recognized as managing and controlling the company.
• A resident is a company with headquarters (control, management) and sources of income in Singapore. In this case, the profit and the returned (remitted) profit to Singapore are taxed.
• Only resident companies can take advantage of the benefits provided by double taxation agreements. The company receives a residence certificate and pays tax only in Singapore. This certificate cannot be obtained by branches, representative offices with governing bodies outside Singapore and dormant companies.

Bank account

Pte. Ltd company can have a bank account in Singapore and in any other country in the world. The law does not in any way limit the choice of jurisdiction for opening an account.
LARGO MANAGEMENT GROUP provides assistance in opening bank accounts.

International agreements for the avoidance of double taxation

Singapore has concluded 58 double tax treaties. The benefits provided by double taxation agreements can only be used by resident companies.

Participation in the Hague Convention

Singapore has not acceded to this agreement, and therefore it is impossible to affix an apostille on documents issued in Singapore. In accordance with the rules on the legalization of documents, the documents will be certified by a local notary, then sent by the Ministry of Foreign Affairs of Singapore, Singaporean Academy of Law and certified by the embassy of the country where these documents are supposed to be sent.

To register a company, the following information and documents are required

• Company name
• Detailed professional business plan
• Information on director, shareholder and secretary
  a) for individuals
  Full name, date of birth, citizenship, address of residence (copy of passport, driver’s license). Detailed resume, personal declaration, bank certificate.

  b) for legal entities
  Apostilled and translated into English constituent documents and other documents confirming the creation of a legal entity. The translation must be certified by a Russian notary. Detailed resume, personal declaration, bank certificate.

Registration of trusts in Singapore

We have prepared a proposal for trust management. We are talking about a simple trust (Bare Trust), within which we determine the only and permanent beneficiary. The beneficiary trustee has no freedom to dispose of the trust assets at his own discretion and acts solely in accordance with instructions, which will only be accepted in writing. The beneficiary also has immediate rights to and access to all trust assets.

The trust itself consists of an instrument such as a Trust Deed, which specifies all participants and the terms of the trust, and Terms and Conditions, which specifies additional conditions. Above are the unchangeable components of our service; everything else can be discussed.

Of course, in such a trust it is possible to discuss the possibility of opening an account without the presence of the client on site. We recommend using an account in one of the three local banks, so the whole company will look as natural and logical as possible in combination with the local structure and residents who will be in its structure. In this case, the account will be opened by the director, whose services will be provided by our company, in accordance with written instructions from the trust founder.

Opening bank accounts in Singapore

In Singapore, we have our own partners with whom we communicate and who help us prepare information for banks properly, as well as somewhat speed up the registration process. We, however, do not create illusions about this - everything depends entirely on the business that plans to open an account in a Singapore bank; we can only help as much as possible with the registration and documents.

The bank will request information about the type of activity, frequency and volume of transactions, and annual turnover. It is also advisable to provide the company’s website, contracts, and contacts of foreign partners.

The director of the company must be able to speak freely about the company's activities and provide evidence of experience in the declared field (recommendations from partners, Internet references, previous contract of employment, partnership or documentary evidence of qualifications).

When opening a bank account, you need to remember that the bank must see the company's activities as logical and organic, so you should avoid confusing structures. The bank must also determine for itself the beneficiary and the person responsible for the account.

If the nature of the business is absolutely logical, understandable and clear to the bank, then the account can be opened on the day of the meeting at the bank.
Opening a bank account is, in general, a simple procedure, but you need to prepare well for it.

Documents, information and conditions for opening an account:

• Statutory, certified documents of the company
• Resolution issued by the company management to open a bank account
• If the new company, as a founder, has a foreign legal entity. person, then notarized documents of this legal entity (company) are required.
• Certified copies of passports and confirmation of addresses of all signatories, directors and beneficiaries (if these are different persons of course).
• Personal presence of the signatory (future account owner)

We can assist in opening an account in the following banks in Singapore:(!) Since in most cases the departure of the beneficiary and the presence of the directors are necessary, and not all clients can usually be present, we have discussed with the bank a possible offer for our clients. This concerns the fact that in theory you can do without coming (!). To do this, either our person (who will nominally act in the company) or the secretary must come to the bank and hold a meeting in person. Ideally, we will get two signatories, where the first is a foreign director, and the second is either a secretary or a director. When opening an account in this way, the access of the secretary or nominee to the account can be limited to an observation function. To simplify and speed up the process, it is better for the director to come in person.

If we talk about a trust, then the account is opened by the trustee. As an option, you can include a client observer in the company and/or account management. We can also either disclose the beneficiary in the bank or not, this is your decision. Let me remind you that all movements of the trustee are limited by the instructions issued by the founder (thereby ensuring confidentiality).

You can obtain additional information by contacting the specialists of LARGO MANAGEMENT GROUP.

Singapore is often called the economic miracle of the Southeast, and in many ways it is true. In the shortest possible time, this country was able to turn into an economic giant, managing to attract many transcontinental corporations. Many consider this small state an ideal place to start their own business.. Today we will look in detail at how to open a business in Singapore for Russians, what needs to be done for this and what documents to prepare.

We have prepared an informative article for you. But before you start reading it, we recommend watching a video about the most interesting facts about this amazing country from an ordinary resident.

Features of business in Singapore - what you should prepare for

Singapore is in many ways a very unusual country; in fact, it is not a state in our usual understanding - it is one big city. From an economic point of view, everything here is also very difficult, let's look at all this in detail:

• The business is very structured. This is expressed literally in everything. Each profession here has its own specification and structure. Here Literally everything is laid out on the shelves. And you will encounter this as soon as you try to open your own business in Singapore. This may seem very strange to foreigners, but to open your own company you need to hire a secretary, and he must be a resident and accredited.
• Asian mentality. This may seem strange to the uninitiated, but for many Singaporeans, the main career goal is not getting rich, but promotion, preferably in the government. Therefore, if you cannot offer a good career ladder, then you are unlikely to be able to find decent workers among the local population, but this is compensated by a large number of migrant workers.
• Labor migration. And even labor migration looks special here; it’s simply impossible to come here and try your luck. You need education, it doesn’t matter whether it’s higher education or secondary vocational education. In addition, you must have work experience, otherwise you simply will not receive a work visa.
• Corruption. If you decide to open the world ranking of countries for corruption before coming to Singapore, you will see this country in sixth place. But don’t deceive yourself; business in Singapore for Russians will not be built exactly the same as in their homeland. If you look at the ranking of the cleanliness of bureaucratic hands, this country is one of the three world leaders. This difference is due to the fact that the influx of money from outside was not strongly controlled. Local exchanges were the center of money laundering throughout the Asian market.

In general, it is very difficult to find differences here from other Asian countries, the only thing is officials take much less bribes. Business in Singapore for Russians can be called one of the best in the world.

Basic questions before starting a business

Business in Singapore for foreigners - how to open?

This island state is an economic Mecca in Asia; it is quite easy to open your own business here; the state tries to minimize its influence in the business sphere, which has a very beneficial effect on business in Singapore. For Russian people, some requirements may seem strange, let's look at them in as much detail as possible:

• When opening a company, one of the founders must either be a citizen of Singapore or have a residence permit or work visa. This is done for the participation of Singapore as such in all economic activities.
• Authorized capital. For some this may seem funny, but the minimum authorized capital of the company is one dollar. According to experts, this was done in order to maximize the influx of foreign finance into the local economy.
• Singapore is actively fighting corruption and this is evident in everything. The position of director cannot be held by a person with a conviction for corruption.
• A company cannot consist of only local or only foreign assets. A symbiosis of local economic power and foreign investments is necessarily envisaged. However, the shares are not specified in any way.
• The company must have its own address in Singapore.
• As mentioned above, it is imperative to hire an accredited secretary.

Business in Singapore for Russians - what to do?

Another important question is what to do, what is relevant as a business in Singapore. You can come across different ideas, but everything is hidden on the surface - more than 80% of the population is employed in the service sector. At the moment this is the most popular direction. Tourism, the restaurant business, music schools - all this will bring you money, but do not forget that this will require large investments from you, from $100,000.

All transport companies have a special place. The thing is that a personal car in Singapore is not a means of transportation but a luxury. Covering transportation services can be very profitable.

But here than exactly It’s not worth doing - it’s serving diasporas. Many immigrants come to foreign countries and work with an interesting target audience - their fellow countrymen. They build shops with “native” products, open private schools and kindergartens aimed at them. But here it is doomed to failure. In Singapore, there is no such thing as a diaspora and this is enshrined in law. This was done so that relatives would stand and traditions would not interfere with the development of society and the country’s economy.

But the ease of starting a business makes up for it. If you have business acumen and really want to make money, then this country will be ideal for you. Here there are a huge number of programs to support small and medium-sized businesses. Moreover, foreign companies can take exactly the same part in them as local ones.

Business in Singapore for Russians - step-by-step registration

Although bureaucracy is kept to a minimum in Singapore, let's take it step by step. What you need to do to register your company:

1. First of all, you need to decide what you want to do. The fact is that in Singapore, some industries require additional licenses and permits. In addition, they have fixed amounts of authorized capital. For example, to open a travel company, the authorized capital of your company must be at least $100,000.
2. After this, you need to choose a name for your future company. The law simply does not allow the existence of companies with two identical names. You may have to spend several hours at the computer, choosing a good name for your business.
3. Calculate the required investments. Despite the fact that the minimum authorized capital is one dollar, this amount will clearly not be enough. As mentioned above, this is done so as not to scare off potential investors.
4. So, if you have citizenship, a residence permit or a work permit, or a person who has one of these documents, then you can skip this point. If none of the above is present, then you need to find a company that will help you register your Business in Singapore. This may be especially relevant for Russians, since, as a rule, they do not have such connections.
5. If you used the services of a local business to register a company, then, as a rule, they will completely take care of this issue. You need to approve the entire management and management team: directors and shareholders. Remember that the latter should not be more than 50. And be sure to not forget the secretary.
6. Prepare documents: current account, letter from the bank, charter of the organization.

Myself The company registration process takes exactly one day, all procedures are carried out online. If you have used the services of local organizations, then your participation will not be required at all, with very rare exceptions.

These exceptions apply to the very industries with the required licensing. At a minimum, the bank will require your personal presence when opening an account.

A few words about Taxes

The taxation system in this state is quite interesting, but at the same time very soft. The government makes no distinction between residents and non-residents and the tax rate is 17% on profits. But at the same time there are a large number of benefits. The most important of these is that a new organization is exempt from tax on the first $100,000 for the first three years. It looks like this:

• When you reach a profit of $100,000, you pay nothing.
• Upon reaching a profit of $200,000, you must pay 8.5% tax.
• Upon reaching a profit of $300,000, the tax rate is 5.7%.
• If the profit exceeds 300,000, then the full rate of 17% is paid.

This is done in order to allow start-up companies to develop and not burden them with unnecessary fees.

However, subsequently, if your organization does not achieve large profits, lenient tax rates of up to 4.3% may also be applied to you.

Singapore - business visa

The last issue that remains to be considered is obtaining a visa. If we talk about business immigration, then there are two options:

• Invest $50,000 into the company at once.
• After opening a company, your local partners will issue you a business visa.

Even here there are no problems. A Singapore business visa is issued at the Asian Visa Application Centre.

Conclusion

Today we looked at what business in Singapore is like for Russians. Many people consider this place to be an economic paradise, and in many ways this is true. But if you are not ready for fair competition, then this country will not be the best place to start your own business.

Business in Singapore

Singapore: two new years and a thousand fines

It just so happens that the beginning of the calendar and financial year in Singapore coincides. Therefore, at the end of December, Singaporean accountants not only have to prepare gifts and decorate the Christmas tree, but also add the finishing touches to the “portrait” of the annual report, the deadline for which is December 31.

About business only in English

The total area of ​​Singapore is only 646 square kilometers (about one and a half times smaller than Moscow). The island state gained independence only 40 years ago. And before that, Singapore at various times belonged to neighboring Malaysia, Japan and England. But this does not at all prevent Singaporeans from considering themselves citizens of a free republic and being proud of their country.

The main population of Singapore - 75 percent - comes from China, with a few Indians and Malaysians and almost no Europeans. Nevertheless, the main language of business communication is English. It is used to draw up all contracts, write business letters and fill out accounting documents. And even if accountants speak Chinese or Malaysian at home, at work they speak only English.

Image is everything

The working day of Singaporean accountants usually begins between half past eight and ten in the morning, depending on the company. And the earlier it is, the more pleasant the journey to the office is. Firstly, early in the morning there are still relatively few people and cars on the streets of densely populated cities. And secondly, at this time it is relatively “cool” - about 27 degrees. During the day the air warms up to 34–38 degrees. Moreover, the temperature in Singapore does not depend on the time of year - the country is located only 120 kilometers from the equator. Despite the heat, accountants only wear formal suits in the office. No light skirts, T-shirts or sundresses. You can afford to take off your jacket, but only on the condition that underneath there is a perfectly ironed blouse.

Residents of Singapore pay a lot of attention to their appearance. Your own irresistibility is one of the components of wealth, along with cars, home furnishings and the presence of a housekeeper. And it is customary to flaunt wealth here. So Singaporeans suffer in thirty-degree heat in business suits, and go for an evening walk in long, tight dresses. In pursuit of fashion, stylish business women regularly whiten their faces tanned under the tropical sun and carefully enlarge their eyes with makeup.

Missing taxes

The day-to-day responsibilities of accountants in Singapore are much the same as in many other countries. Invoicing, payroll calculation, filling out invoices, accounting books, reporting - everything is traditional, even specialized computer programs are similar. But the difference in taxes and rates is noticeable. The rates of certain taxes differ several times from ours, and some payments simply do not exist there.

Just a few years ago, the Singaporean authorities introduced a value added tax in the country. In our understanding, this VAT rate is simply ridiculous - 3 percent. But Singaporean companies are still offended by the government for such “rip-off”. And the accountants are not happy either - the need for extra calculations did not make anyone happy.

Local accountants can be called, in a sense, “pampered creatures.” They very rarely have to calculate capital gains tax; they know about sales tax and excess profit only from accounting textbooks in foreign countries, and they are also unaware of problems with the pension fund. Interest is not deducted from Singaporean workers' salaries to pay into the pension fund. However, pensions are not paid either. Everyone provides for their own old age as best they can.

Young people love everything

The basis of the Singapore tax system is income tax. It is paid by both companies and individuals at progressive rates. Typically, 15 to 25 percent of the amounts earned go to the treasury.

To support “young” companies just starting their activities, there are significant tax incentives in Singapore. For some types of activities, income tax holidays can last up to 10 or even 15 years.

So, for example, if a company is going to introduce new products to the market or use advanced technologies to produce already known goods, it is given the status of a “pioneer” company. All “pioneers” are completely exempt from income tax for the first five or even ten years of work, depending on the industry. And after this period, they have the right to pay income tax for another five years at a rate half the required rate.

The state also treats guests from abroad very kindly. Additional benefits have even been adopted to attract large foreign companies to the country. All multinational companies that establish their headquarters in Singapore can pay income tax at a rate of 10 percent for the first ten years of operation. And for some highly respected corporations, the government has kindly extended this period.

Export is encouraged

Due to the small territory and narrow domestic market, most Singaporean companies export their products abroad. In terms of volumes of exported goods and services provided abroad, this small state is among the world's twenty leading exporters. The value of exports usually exceeds even the size of the gross domestic product.

Officials from the Trade Development Authority understand perfectly well that exports are the basis of the country's economy, and they try in every possible way to help exporting firms. Several special export production zones have been created for these companies, an entire system of tax incentives has been developed, and export duties have been completely abolished.

Licenses are required to conduct export activities in Singapore. If there are no restrictions on the export of this type of goods, then licenses can be obtained from the head of a commercial or trading bank. To export certain types of goods, you must first obtain permission from the relevant ministry or department.

Import duties are quite moderate and do not apply to many products. But all companies wishing to import any products into Singapore must also obtain a license. Permission is not required only for the import of transit goods, personal belongings and cargo for government organizations.

Features of creating an LLC

It only takes 24 hours to register a new company in Singapore. If you submit the entire package of documents early in the morning, then the organization can begin its activities the very next day.

Singaporean companies, just like Russian ones, can be open or closed. There are also companies and partnerships with limited and unlimited liability.

To create a limited liability company, you need an authorized capital of 100 thousand Singapore dollars (1.69 million rubles), at least two shareholders, two directors, one of whom must be a resident of Singapore. It is this “local” director who will be responsible for compliance with the law. Another feature is that any Singapore company must have a secretary who is a resident of the country.

January is the time to pay

All Singapore companies are required to submit annual financial statements. And since the financial year in this country begins on January 1 and ends on December 31, December turns out to be the “hottest” month for accountants.

In addition, all companies must obtain audit confirmation of the accuracy of their reports. Only limited liability companies, among the founders of which only individuals are registered, and the total number of employees does not exceed 20 people, are exempt from mandatory audit.

Once your taxes are calculated and your return is filed, the amount due must be paid within the next 30 days. For late payments, tax authorities levy a fine of 10 percent of the unpaid amount. The next 60 days of delay increase the fine by another 5 percent.

They will fine you, they will fine you!

Singapore is often called the country of fines. For any violation, even a very minor one by our standards, huge sums are charged. The lowest fee here is 500 Singapore dollars (8.5 thousand rubles). The fine for smoking in public places ranges from 700 to 1000 Singapore dollars (12-17 thousand rubles). Only very rich Singaporeans can part with such sums painlessly. Accountants' salaries are not fabulous - on average from 1,700 to 3,000 Singapore dollars (25-50 thousand rubles) per month, depending on experience, company and duties performed. Chief accountants can receive up to five thousand Singapore dollars (85 thousand rubles), but no one wants to give a tenth of their earnings for an unsuccessfully thrown piece of paper. Therefore, everyone tries to follow the established procedures. There is no littering on the streets, no smoking in crowds, no feeding of pigeons. There is probably not a single wall in the country covered in graffiti.

Law enforcement officers and the townspeople themselves are especially vigilant in ensuring that no one appears on public transport or in crowded places with the local fruit – durian. The fruits of this plant are so “fragrant” that very few people can stand their smell, although their taste is quite decent. If someone decides to pamper their family with this delicacy, they have to walk from the market to their home or carry the fruit in their own car, risking for a long time “flavoring” the interior, to put it mildly, not the most pleasant of smells.

Singing and food are the best rest

Perhaps, in no other country in the world, except Singapore, are there so many people who are fond of singing karaoke. Singaporeans' mic addiction is like an epidemic. Often in the evenings or on weekends, they and their whole family go to a karaoke bar, where they demonstrate their skills to vocal connoisseurs like them from the stage. If the bar is too crowded, they sing on open stages, at home, in cars or even in city taxis. However, our accountants also love to sing - especially on holidays and especially those songs that are dedicated to themselves. Nothing else can explain the sudden sharp increase in the number of calls and letters to our editors asking us to send a disc with songs that “Reckoning” released last year.

Another favorite holiday destination for Singaporeans is Sentosa Island, which is entirely dedicated to entertainment by the government. There are many beaches, gazebos, attractions and strange animals.

But what you won’t find in Singapore are gambling establishments. Such business is strictly prohibited here. The only gambling options are football betting and lotteries. But there is no tax on gambling in local legislation.

Anna BIRYUKOVA

The editors are grateful to our compatriot Vsevolod Vlaskin for the information provided