The Certificate of Residence (COR) is a document issued to a company in Singapore in order to prove that the respective legal entity is a tax resident.
Entrepreneurs need to apply for a COR in Singapore in order to claim the various tax benefits that are available under a double tax treaty. Our accountants in Singapore give you the main reasons why companies should apply for a certificate of residence and how to handle this procedure.
We invite you to watch a video about the certificate of residence for companies:
What companies can apply for COR?
All companies that are eligible to claim tax benefits under a double tax treaty signed between Singapore and another jurisdiction need to apply for the certificate of residence. This document certifies the ta company is a tax resident, meaning that its main management and control location is in Singapore.
Branches in Singapore cannot apply for COR, except if that company has valid reasons why it is not incorporating in Singapore and when the Singapore branch has full control of the company – this satisfies one the key conditions, for the place of management and control to be located in Singapore.
The team of experts at our accounting firm in Singapore can help you apply for COR even if the company does not claim benefits under a DTA and the document is required for other purposes.
How to apply for COR?
Applications for the certificate of residence are filed via an online platform. In certain special cases, offline applications are still accepted. Company administrators need to access their myTax Portal and select the proper e-service from the available many. Companies can apply for the certificate during the current year of assessment or for the following accounting year.
Applications are submitted to the Inland Revenue Authority of Singapore (IRAS) and are processed in approximately two weeks and the certificate is sent via mail, to the company’s registered address.
For more details about the rules for accounting in Singapore, please do not hesitate to contact us. Our team of accountants is able to answer any questions regarding taxation and corporate compliance in Singapore.