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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