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Move business to Singapore or keep in HKG and other questions

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
queenie71
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Move business to Singapore or keep in HKG and other questions

Postby queenie71 » Fri, 12 Jun 2009 7:43 am

I started a business in HKG last year and now we have to move to Singapore.
The business currently has a very low turnover and I an about to submit my first set of accounts.

I definitely want to bring it over with me to Singapore but not quite sure how to handle it yet.

It is an online business and I also act as sales Agent for 2 of the brands so I will try to break into some of the big luxe stores in Singapore.

I also do private organised home sales which are pretty successful - does this concept exist in Singapore?

If I keep HKG as company base, and open a subsidiary in Singapore will I need to provide accounts to Singapore govt as well as HKG govt? If so, it might just be better to move and recreate new company in Singapore...

If I decide not to retail and just keep up the sales agent, can I just work freelance and file normal tax return?

I will be moving on a dependant/spouse visa.

THANKS

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Strong Eagle
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Postby Strong Eagle » Fri, 12 Jun 2009 8:11 am

In general, it doesn't matter who owns the company, if it does business in Singapore, it will need to file accounts and pay taxes. I see no compelling reason to keep the business in HK unless you have a solid on the ground business running there.

She this post about working freelance.

http://www.singaporeexpats.com/forum/ftopic60398.html

Generally, if you are providing services in Singapore to a Singapore entity you must have a company, file tax returns, etc. The exception is if you provide a service or product outside Singapore, receive the money outside of Singapore, and pay taxes on that money outside of Singapore.

queenie71
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Location: Singapore

Postby queenie71 » Fri, 12 Jun 2009 9:43 pm

Thanks for the feedback. Have come to conclusion to wind up HK company and restart up in Singapore...


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