Are start-up companies qualified for Start-Up Tax Exemption (SUTE) even if all shareholders are foreigners?

Singapore introduced a new scheme for new start-up companies. This was to support entrepreneurs and help them grow,

This scheme allows newly incorporated companies S$75,0000 exemption on first S$100,000 of their chargeable income.

You are qualified for Start-Up Tax Exemption (SUTE), even if all shareholders are foreigners.

These are the conditions applied to it:

• No more than 20 shareholders in the company for that Year of Assessment
• All the shareholders are individuals beneficially and directly holding the shares to their name
• Minimum one shareholder holding at least 10% of the issued shares