Note: *A qualifying new company must fulfill the following conditions:
- It is incorporated in Singapore;
- It is a tax resident of Singapore for that Year of Assessment;
- It has no more than 20 shareholders throughout the basis period relating to that Year of Assessment;
- All its shareholders are individuals throughout the basis period relating to that Year of Assessment OR start-up companies with corporate shareholders can qualify for the existing Start-Up Tax Exemption Scheme, provided that there is at least one individual shareholder of minimum 10% shareholding.
*A company is resident in Singapore if the control and management of its business is exercised in Singapore.
Posted in: Corporate Tax FAQs