GST Registration Singapore

Taxation in Singapore

Singapore is one of the most appealing taxation destinations in Southeast Asia because of the low tax rates. When opening a company in Singapore, there are several steps to complete, one of them being registered for the Goods and Services Tax (GST). The procedure is rather simple.

Singapore GST Registration Requisites

Companies in Singapore are required to register for GST. GST registration in Singapore is not mandatory for all companies. Only companies with a minimum turnover of 1 million SGD in the last three quarters of the financial year are required to register for GST. All other companies can file for voluntary registration.

GST Registration Steps in Singapore

The following steps need to be considered when registering for GST in Singapore:

1. determination if registration is required based on the annual turnover;
2. completing the e-learning course for registration;
3. filing the application papers;
4. obtaining the registration notification and GST number.

Voluntary GST registration in Singapore

Singapore companies can also apply for voluntary registration in Singapore upon business incorporation. In this case, company directors are required to take the e-learning course on GST registration and GST tax return filing before applying for the GST number.

Documents for Singapore GST registration

The following documents need to be prepared upon GST registration in Singapore:

- the GST registration application form;
- the income statement indicating the registration threshold;
- the company's business profile;
- information about the company's appointed officer for registration.

Apart from these, the company must also register with the Customs Authorities.

GST Registration for Foreign Companies in Singapore

Foreign companies can operate through branch offices and subsidiaries in Singapore, and both business forms are required to register for GST in Singapore. The procedure is the same as for domestic companies and implies registration with the Inland Revenue Authority in Singapore (IRAS).

Singapore GST Schemes

GST registration in Singapore can attract various tax advantages under the form of government aids. Among the available schemes are:

- the Cash Accounting Scheme for small companies;
- the Major Exporter Scheme for trading companies;
- the Zero GST Warehousing Scheme;
- the Import GST Deferment Scheme.

GST Registration Services in Singapore

If you want to open a company in the city-state and register it for taxation and GST, you can rely on our accountants in Singapore. You can also rely on us for assistance in various taxation matters, but also for accounting services in Singapore.