From Year of Assessment (YA) 2008, companies are taxed at a flat rate of 18% on their chargeable income. A newly incorporated company that satisfies the qualifying conditions can claim full tax exemption on the first $100,000 of normal chargeable income (excluding Singapore franked dividends) for each of its first three consecutive YAs. Estate duty was abolished on 15 February 2008.

You can establish several types of offshore companies in Singapore: Sole Proprietorship, Partnership, Limited Liability Partnership, Private Limited Company, Public Limited Company, Foreign Company and Holding Company.

The Singapore offshore company or an offshore bank is the best corporate structure in the world we can recommend. Some of the main advantages a Singapore offshore company offers are: an ideal vehicle to house global corporate profits, minimizing international taxation (asset protection, investment companies, holding companies and more); it is easy to open corporate bank account globally since Singapore company does not portray a tax haven image; excellent reputation the jurisdiction has as a global business hub; top jurisdictions for offshore services; favorable corporate tax rules, together with extensive network of double taxation treaties for offshore companies; Singapore banking is considered one of the most secure in the world (strict confidentiality laws); possibility for the business to be listed on the Singapore Stock Exchange; high standard of incorporation and business supported services; reduced tax liability; liberal foreign ownership policy.