What Canadian Businesses Should Consider When Expanding to Singapore
This article covers the key considerations for Canadian companies when incorporating their business in Singapore and the treaties and tax incentives in place which can be leveraged.
SINGAPORE, July 28, 2021 (Newswire.com) - GuideMeSingapore by Hawksford is the leading Singapore-focused business information portal that provides a host of resources for entrepreneurs and corporates who are looking to set up a business in or relocate to Singapore.
Singapore's reputation as a strategic gateway to Southeast Asia makes it an attractive hub for Canadian companies looking to establish or consolidate their business in Asia. If your company is not already based in Singapore, it may be useful to look at engaging the services of a professional business administration provider to register your company in Singapore to take care of all the back-end work.
There are 3 common ways companies can be structured in Singapore
- Subsidiary company: A subsidiary company is a private limited company incorporated in Singapore with the parent company as its shareholder, it is normally used for small to medium-sized foreign businesses
- A branch office: Is typically registered in Singapore as an extension of its parent company and not as a separately incorporated entity. The liabilities of a branch office extend to its parent company.
- Representative office: A representative office is registered in Singapore as a temporary arrangement for conducting market research. A representative office does not have any legal status and cannot be engaged in any profitable activities.
Need more information on the various structure, read more here
Singapore - Canada Double Tax Treaty and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
Singapore and Canada have entered into an agreement to avoid double taxation and to improve trade between the two countries; the CPTPP was also established in 2018, to help facilitate trade between Canada and Singapore, and through this trade has become a lot easier. Import tariffs have also been eliminated by 99% and the agreement has provided more protection and transparency for doing business between the two countries.
More information on the Singapore Double Tax Treaty and the CPTPP can be found here.
Business Grants in Singapore
Further to the general tax incentives and ease of doing business in Singapore, there are a wide range of business grants and financing schemes available to Canadian companies operating in Singapore.
More information on the various business grants available in Singapore can be found here
Hawksford is your one stop corporate service provider for incorporating and operating your business in Singapore, just as it has been for several thousand of businesses. Hawksford provide an experienced and global team of company secretaries, accountants and immigration experts who are intimately familiar with Singapore's regulatory framework.
Are you looking incorporate your business in Singapore? Hawksford can help. They have dedicated experts for Canadian businesses and an award-winning team recognized by peers and industry bodies. Contact their specialist team here.
Source: GuideMeSingpore by Hawksford