Yes, corporate tax registration is mandatory in Singapore for all companies. The Inland Revenue Authority of Singapore (IRAS) requires companies operating in Singapore to register for corporate tax within three months of their incorporation.
Singapore, a compact Asian country, has gained recognition as a hub for global trade and finance. Often referred to as a tax haven, Singapore features various advantageous policies for residents and businesses. The nation provides multiple tax incentives, maintains a comparatively low corporate tax rate and highest personal tax bracket, and does not impose taxes on capital gains.
Business entities, both resident and non-resident, conducting operations in Singapore incur taxation on income generated within Singapore at the time it occurs. Additionally, they become subject to taxation on foreign-sourced income when brought into or considered remitted to Singapore. Non-residents must undergo Withholding Tax (WHT) for specific income types such as interest, royalties, technical service fees, and movable property rentals, which they deem to have originated in Singapore.