Full Tax Exemption for new companies:

Full tax exemption can be granted on normal chargeable income (excluding Singapore franked dividends) of a qualifying company up to $100,000, for any of its first three consecutive YAs that falls in YA 2005 and beyond.

To qualify for the tax exemption for a relevant YA under the new scheme, a company must:

1. be a company incorporated in Singapore
2. be a tax resident in Singapore for that YA
3. have no more than 20 shareholders throughout the basis period relating to that YA;

and

Any company that does not meet the qualifying conditions for any of its first three consecutive YAs falling in YA 2005 and beyond would still be eligible for partial tax exemption.

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