Tax Haven — a country that offers little or no tax for foreign individuals. They usually provide a favorable environment for both personal and corporate tax needs and do not require citizenship to benefit from its system. Singapore is considered to be a low tax haven as its tax system encourages entrepreneurs to set up a business in Singapore. It supports the favorable tax conditions for both foreigners and locals, which also makes it eligible for offshore operations. To benefit form its tax system, your company needs to be a tax resident. The most important requirement is that control and management is exercised in Singapore.