Is Singapore a good option?

[JimmyWho]

Is foreign-sourced income that is kept offshore (“foreign-sourced offshore income”) and used for payment of one-tier tax exempt dividends into the shareholder's offshore bank account considered received in Singapore and subject to tax?
No. The foreign-sourced offshore income used by a company in this manner does not constitute income received in Singapore from outside Singapore and is therefore not taxable.
This is subject to the condition that the one-tier tax exempt dividend is paid directly into the shareholder's offshore bank account and does not involve any physical remittance, transmission or bringing of funds into Singapore by the dividend paying company for the purpose of the dividend payment.
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Source: Taxable and Non-taxable Income - IRAS

Singapore + offshore bank/EMI seems like a good option if you don't mind the cost of accounting and director services in Singapore.

In practice, has anyone had issues with claiming foreign sourced offshore income in Singapore?

 

[fshore]

It's not all income, just dividend.

 

[JimmyWho]

What do you mean? It is only dividends paid from an offshore bank to the shareholder?

 

[OffCap]

Super hard to end up with zero tax for a Singapore operating company, essentially not worth it you're far better off going with another option if that's what you're trying to achieve.

 

[JimmyWho]

OffCap said:
Super hard to end up with zero tax for a Singapore operating company, essentially not worth it you're far better off going with another option if that's what you're trying to achieve.
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I have spoken to multiple accountants in Singapore that specialise in this. As long as everything is done correctly it won't be taxed.

 

[fshore]

JimmyWho said:
I have spoken to multiple accountants in Singapore that specialise in this. As long as everything is done correctly it won't be taxed.
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What won't be taxed, you mean dividend income?
Trading income for the Singapore company will be taxed.

 

[JimmyWho]

Trading income that is 100% done outside of Singapore won't be taxed from what I am told.

 

[JimmyWho]

Everyone's responses here is making me second guess the accountants I have spoken to. Is there something someone here knows that the accountants aren't aware of?

 

[zeytin]

JimmyWho said:
Everyone's responses here is making me second guess the accountants I have spoken to. Is there something someone here knows that the accountants aren't aware of?
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Any updates on this subject? What's your experience if you incorporated Singapore company?

 

[JohnLocke]

zeytin said:
Any updates on this subject? What's your experience if you incorporated Singapore company?
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I agree... it looks like @JimmyWho has consulted some professionals and it has been for some time ago, now I wonder what did you do and how does it went out for you?

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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​