Page 1

Rikvin Provides Singapore Corporate Tax Consultancy The good thing about taxation in Singapore is that it is relatively low among Asia Pacific. Singapore has the lowest tax rates on personal and corporate levels. Every 31st of October, all companies are required to file their corporate income tax with IRAS, the taxing authorities of Singapore. Rikvin offers tax consultancy and filing services.

“The documents to be prepared are the tax computation, director’s report and form C,” quips Rikvin. The Form C is a declaration form that every company should complete. It will ask for the company’s income.

“Each company engaged in trading or any form of business in Singapore must report its income through the Form C. Even if for example, the company is losing, it shall still file such form,” clarifies Rikvin. Newly incorporated companies shall file their first Form C in the first year following its incorporation date.

“The Form C has to be filed every July of each year for the preceding Financial Year End,” adds Rikvin, “However, if the ECI or Estimated Chargeable Income has been filed within 3 months after the end of its accounting period, IRAS will provide the company an extension until December,” continues Rikvin. Meanwhile, the Director’s Report is a representation of a company’s financial position. It includes unaudited financial statements like the balance sheet and income statements; supporting notes and disclosure of significant accounting policies applied by the company; disclosures of company’s operations; and shareholder’s and director’s interests.

“The financial statements are prepared in XBRL format beginning November 2007,” Rikvin continues. Its team of accountants is adept at preparing the financial statements based on the requirements stipulated by the laws in Singapore. Newly incorporated companies enjoy tax exemption for three years. Says Rikvin: “For the first S$100,000 annual revenues, the company is exempted from taxes. The next S$200,000 shall be taxed with a tax rate cut by 50%.” To qualify, the company must be a tax resident of Singapore. This means that the control and management is sourced in Singapore. Also, the number of shareholder must not go beyond 20, and they should all be individuals. Or at least, there ought to be one shareholder who maintains 10% of the company’s stocks. After the 3 year period, the company shall be taxed on a single-tier progressive tax rates.

“Should the company be unqualified for tax exemptions, they may still enjoy tax incentives in the form of reduced rates. There are also tax exemptions given for industry-specific company,” Rikvin says. Rikvin provides assistance in compliance requirements and other services such as accounting and web hosting, processing of work visas, virtual office, and company incorporation.

About the Publisher: Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, income tax Singapore and providing professional services relating to financing and compliance services. Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value


of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.� For more information, visit: Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 Email : info@rikvin.com Website: http://www.rikvin.com/

Rikvin Provides Singapore Corporate Tax Consultancy  

The good thing about taxation in Singapore is that it is relatively low among Asia Pacific. Singapore has the lowest tax rates on personal a...