Whether a corporation is resident or non-resident depends on whether central management and control is exercised inside or outside Singapore respectively. Central management and control is deemed to be exercised outside Singapore where a majority of directors reside outside the jurisdiction. Thus a non-resident corporation is one in which a majority of directors reside outside the country.
Until 2002, non-resident corporations enjoyed some significant fiscal advantages over resident corporations, but these are being removed.
(N.B. Non-resident corporations cannot benefit from the provisions of double taxation treaties signed by the Government).
Financial Investor Scheme (FIS) for Singapore Permanent Residence
Singapore's political stability and economic prosperity have always attracted foreign talent looking to set up new homes for themselves and their families.
For all its residents, Singapore offers a meritocratic society, a safe, family-friendly environment with high standards of living.
The
Financial Investor Scheme offers high net worth individuals
an opportunity to apply for permanent residence in Singapore.
Among other conditions, the scheme requires the placement
of S$5 milllion (at the time of writing) in financial
assets with MAS-regulated financial institutions.
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