A foundation in Singapore is a non-profit legal entity established to support specific charitable, educational, social welfare, or other public interest 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 benefits, flexible management, and a high level of credibility.
Advantages:
Tax benefits: Singapore offers tax incentives for foundations. Registered foundations can usually enjoy tax exemptions or reductions.
Flexibility: Singapore foundations have a high degree of flexibility in their operations and management. Foundations can set their own rules and objectives, and decide how to use their funds.
High credibility: Singapore, as an international financial center, enjoys a good reputation and a stable legal environment. Foundations registered in Singapore are usually recognized and trusted by 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 valid employment permits.
Submission of 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 proper financial management and tax compliance for the foundation.
Registering a foundation can provide sustainable financial support for your charitable endeavors or specific purposes, 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.