Singapore Certificate of Residency (COR)

A Certificate of Residency (COR) is a crucial document for businesses and individuals looking to leverage Singapore’s extensive Double Tax Agreements (DTAs). Issued by IRAS, it confirms tax residency status, allowing entities to benefit from reduced withholding taxes or exemptions.

What is a Certificate of Residency?

The COR is an official document that certifies a company, partnership, or individual as a tax resident in Singapore. With over 90 DTAs, Singapore offers tax relief on income earned overseas.

Why Do You Need a COR?

• Claim DTA Benefits: Reduced withholding taxes on dividends, interest, and royalties.
• Tax Exemptions: Some foreign-sourced income may be exempt from tax.
• Regulatory Compliance: Serves as proof of tax residency under international tax laws.

Who Can Apply?

• Companies: Businesses incorporated in Singapore with control and management in Singapore.
• Individuals: Tax residents who meet the 183-day rule.
• Partnerships: Partnerships managed in Singapore.
• Trusts: Trusts meeting tax residency requirements.

Eligibility Criteria

• Singapore Tax Residency: Companies must exercise control and management in Singapore.
• Income in a DTA Partner Country: The income should be subject to tax in the foreign jurisdiction.
• Proper Documentation: Proof of tax residency, such as board meeting minutes, is required.

How to Apply

1. Log in to myTax Portal: Use CorpPass or Singpass.
2. Submit the Application: Provide supporting documents, including tax assessments.
3. Review and Submit: Ensure all details are accurate.
4. Await Approval: Processing typically takes 7-14 working days.

Key Considerations

• Maintain Accurate Records: Document board meetings and financial transactions.
• Understand DTA Provisions: Ensure compliance with the specific DTA terms.
• Timely Submission: Apply early to prevent delays in claiming tax benefits.

How Apexia Corporate Advisory Can Help

• Residency Assessment: Determine your tax residency status.
• Application Support: Assist with COR application submission.
• DTA Advisory: Help optimize tax savings under DTAs.
• Compliance Review: Ensure complete and accurate documentation.