For newly incorporated Singapore companies, full tax exemption is granted on taxable income of up-to to $100,000.
To qualify for the tax exemption for a relevant year under the new scheme, a company must –
a) be a company incorporated in Singapore
b) be a tax resident in Singapore for that year
c) have no more than 20 shareholders throughout the basis period relating to that year; and
d) have all shareholders who are individuals throughout the basis period relating to that year.
Any Singapore company that does not meet the qualifying conditions is still eligible for partial tax exemption.
