Incorporating in Singapore as foreigner without residing there - HackerspaceSG

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Message from discussion Incorporating in Singapore as foreigner without residing there
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Date: Wed, 15 Aug 2012 09:13:36 -0700 (PDT)
In-Reply-To: <CAHN=9D7s0oUiVYOm-txb6xgrvNLq1Pv5bZ2Gt4rdck0krvfdGw@mail.gmail.com>
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Subject: Re: Incorporating in Singapore as foreigner without residing there
From: Juanita <juanita.sabapa...@gmail.com>
To: HackerspaceSG <hackerspacesg@googlegroups.com>
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Thanks for the endorsement!

I am on the programme with the sg tax academy right now to become an
accredited tax practitioner yay! It is as fascinating to me as well
written code is to the hackerspace community, if you can imagine
that :)

Maybe tax planning talks hosted by hsg would be useful at some point
in the next 12 months, after provisional accreditation.

On Aug 15, 11:39=A0pm, Benjamin Scherrey <proteus...@gmail.com> wrote:
> Ditto the recommendation for Juanita's company. We use her and just about
> every startup with any sense in SG uses her. We also work primarily out o=
f
> Bangkok so circumstances are very similar to yours.
>
> =A0 -- Ben
>
> On Wed, Aug 15, 2012 at 6:05 PM, chris chong <chris.chonghui...@gmail.com=
>wrote:
>
>
>
>
>
>
>
> > I think Juanita has the best experience here for this :)
>
> > Do also remember that you will need to pay CPF if you do have Singapore=
ans
> > working in your company in Singapore, even of your company isn't
> > incorporated in Singapore.
>
> > Cheers
> > Chris
>
> > On Wednesday, August 15, 2012, Juanita wrote:
>
> >> On Aug 15, 5:35 pm, tom <thomas.feich...@gmail.com> wrote:
> >> > Do you know about any restrictions to this scenario according to
> >> > Singaporean law, especially regarding business relations with Myanma=
r?
>
> >> There are no issues with hiring foreign manpower or service
> >> contractors to work on a Singapore based contract. However you should
> >> be aware that if your Myanmar or other contractors do any work
> >> physically in Singapore, the salary or fees earned for the work
> >> physically done here may be taxable in Singapore. If your Singapore
> >> company is required to withold the tax from the contractor payment,
> >> the rate is usually
>
> >> 15%http://iras.gov.sg/irasHome/page04.aspx?id=3D566
>
> >> > Are there any formal requirements for invoices issued by foreign
> >> > freelancers and companies?
>
> >> The requirements for any invoices collected by a Singapore entity are
> >> the same as regardless if the billing party is overseas or in
> >> Singapore. IRAS has a sample of a tax invoice in which they state the
> >> elements of an invoice which are required. You can omit the word 'tax'
> >> from the heading 'tax invoice', GST registration number and GST amount
> >> but otherwise all the other elements are required.
>
> >>http://www.iras.gov.sg/irasHome/page04.aspx?id=3D826
>
> >> > Which are the possibilities to pay regular salaries to people not
> >> living in
> >> > Singapore (including myself)?
>
> >> If the individuals are not working in Singapore at any time in the
> >> year, you can pay salary without any deductions.
>
> >>http://iras.gov.sg/irasHome/page.aspx?id=3D8502
>
> >> If the individual is in Singapore for 0-60 days during the year, no
> >> witholding tax deductions are required. If the individual is here for
> >> 61-183 days, you need to deduct 15% on salary and 20% on directors
> >> fees or other related income. If the individual is here for more than
> >> 183 days, no deductions are required but the individual would pay tax
> >> on resident rates:http://iras.gov.sg/irasHome/page04.aspx?id=3D8914
>
> >> Note that none of this tax information takes into consideration the
> >> requirement of a work visa which is a separate but equally fascinating
> >> process.
>
> >> > As for Hong Kong, I can pay myself a regular salary as director of m=
y
> >> > company and pay the according income tax without the need to reside
> >> there.
> >> > Does anybody have experience with foreign currency corporate bank
> >> accounts
> >> > (Euro)? According to the following comparison, OCBC seems to have th=
e
> >> best
> >> > conditions:
> >>http://www.guidemesingapore.com/incorporation/banking/corporate-bank-..=
.
>
> >> This is really subjective. If you do a search on this group you will
> >> likely find some discussions worth reading. I personally like Standard
> >> Chartered as their Business One account has 50% cheaper TT fees than
> >> all other banks in Singapore, if the company intends to send alot of
> >> money overseas. This is only for the SGD account though. The FY
> >> accounts are a standard $5K min balance but you can request for your
> >> discounted TT rates to be allowed on other accounts if you anticipate
> >> a 'significant' volume of transactions.
>
> >> --
> >> --
> >> Chat:http://hackerspace.sg/chat
>
> >> =A0--
> > --
> > Chat:http://hackerspace.sg/chat
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