The Singapore government collects different types of taxes. There are tax impositions on individual and corporate incomes, properties, estate dues, motor vehicles, customs and excise dues, betting, stamp dues, foreign worker levies, airport passenger service charges, and goods and services.

An overview of the GST collected by Singapore is provided in this article.

Goods and services tax is the tax levied by the Singapore government for goods and services bought or availed of in the country of Singapore. Other jurisdictions have a similar tax collected from goods and services, and it is known as the Value Added Tax.

Being implemented in April of 1994, the goods and services tax is a rather new tax imposition in Singapore. Currently, Singapore’s goods and services tax is at 7%, and the Inland Revenue Authority of Singapore is the agency that manages, enforces and collects goods and services tax.

Goods and services tax is classified as an indirect tax. It is collected each time a person purchases goods or avails of services, and is not collected from people’s incomes.

Companies in Singapore are advised to be personally responsible for evaluating if their businesses are eligible to charge customers GST. The Inland Revenue Authority of Singapore has two categories available of registration process for companies registering for goods and services tax.

Some corporations will have to abide by the compulsory registration. If a corporation has an income of more than SG$1 million in a single year – or has already earned more than a million Singapore dollars in less than 1 year (called the prospective basis) – it is compelled by The Inland Revenue Authority of Singapore to register for goods and services tax. Eligible companies that fail to register for goods and services tax will be penalised by the Inland Revenue Authority of Singapore.

Some corporations will voluntarily register their businesses for GST. A company that doesn’t have an income of more than SG$ 1 million within a single year or in a prospective basis may register for goods and services tax as well. One advantage that corporations acquire in registering for GST is that they can claim input tax obtained in their business operations.

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Many companies registered in Singapore are classified as private limited companies. Based on Singapore business rules, any individual – whether a non citizen or a citizen – who is of legal age (above 18 years old) is qualified to register a private limited company in the country.

Singapore, just like other countries, has several requisites if you wish to register a private limited company in the country.

Below are some of the requisites that need to be met by entrepreneurs who wish to establish business in Singapore. The guidelines cover the basic requisites, the procedures, and some things to pay attention to when registering a private limited company based in Singapore.

1. Singapore expects a multinational company wishing to establish operations in the country to hire a professional firm to process the registration of the private limited company. Foreign business people are not permitted by the Singapore government to self-register their private limited companies.

2. At least one resident director has to represent the private limited company. In this context, the word resident refers to an individual who is either a natural-born Singapore citizen or a foreigner granted a work permit (for instance, EntrePass, Employment or Dependent Pass) and qualifies as an immigrant.

3. A corporation being registered as a private limited company is required by Singapore regulations to have at a minimum of one and at a maximum 50 shareholders.

4. The corporation being registered as a private limited company must have a physical address in Singapore – whether in a commercial or residential area.

5. The private limited company that has been granted registration by the Singapore administration may then open a corporate bank account in the country. For this specific transaction, the banks will require the principal of the newly registered private limited company is physically present in Singapore.

6. Depending on the business nature of the private limited company, the administrative agency of Singapore may require it to also acquire a business license upon incorporation.

When your company registration requirements have all been met, you are then ready to do business in Singapore.

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