How to pay Low Taxes in Singapore?

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Today we are going to talk about Singapore. How can you reduce your taxes if you're a resident of Singapore? Is Singapore a tax haven?
Are you thinking of moving to Singapore or doing business there? Singapore is an amazing jurisdiction, but it's possible to make it even better by optimizing in the right way.

Singapore is already quite a tax-friendly country. The highest tax bracket is 320 000 SGD per year, and it is 22%. Singapore doesn't tax capital gains.

There is also the added benefit of a single imputation system, which means that if you pay dividends at the corporate level when you pay out dividends to the shareholders there is no tax. This means if you process through the company you can pay as low as 17% tax, even if you're in the highest tax bracket.

In addition to this Singapore doesn't have Controlled Foreign Company Rules (CFC Rules), which is fantastic! However, they still have Management and Control Rules so if you have a foreign company that is managed and controlled from Singapore this foreign company will be a Singaporean tax resident and will be paying tax in Singapore.

Singapore has a quasi territorial remittance-based tax system. In practice, it is really hard to take advantage of the Singaporean territorial tax system. This is very different from Hong Kong, where you can easily not pay taxes on your offshore companies.
Because of this, it is really hard to have a zero-tax Singaporean operating company. Even if your foreign company makes money but the money gets sent to Singapore it will be considered Singaporean income.

Having all this in mind, it is still possible to optimize and pay less tax in Singapore by forming an offshore company.

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