A foundation in Singapore is a non-profit legal entity established to support specific charitable, educational, social welfare, or other public welfare causes. Singapore, as an international financial center, enjoys a good reputation and a stable legal environment, providing favorable conditions for the development of foundations. Registering a foundation in Singapore can provide tax advantages, flexible management, and a high level of credibility.
Advantages:
Tax advantages: Singapore offers tax incentives for foundations. Registered foundations can usually enjoy tax exemption or reduction.
Flexibility: Singapore foundations have a high level of flexibility in operation and management. Foundations can set their own rules and objectives, and decide how to use funds.
High credibility: Singapore, as an international financial center, enjoys a good reputation and a stable legal environment. Foundations registered in Singapore usually gain recognition and trust from the international community.
Steps we are responsible for in the registration process:
Setting goals and rules: Clearly define the foundation's purpose, objectives, and rules, and formulate the foundation's constitution.
Appointment of directors and secretary: Appoint at least one director and one secretary. Directors must be Singapore citizens, permanent residents, or have a valid employment permit.
Submit application: Prepare and submit the foundation registration application. The application materials usually include the foundation's constitution, personal information of directors and secretary, registration fees, etc.
Review and registration: The Accounting and Corporate Regulatory Authority (ACRA) of Singapore will review the application. Once approved, the foundation will receive a registration certificate and become a legal entity.
Bank account and tax registration: Open a bank account and register for taxes. This will ensure the financial management and tax compliance of the foundation.
Registering a foundation can provide sustainable financial support for your charitable cause or specific purpose, and gain wide recognition in international financial centers like Singapore. Singapore's tax incentives, flexibility, and stable legal environment provide favorable conditions for the growth and development of foundations.