I am a Singapore resident who wants to use IB located outside of Singapore. I talked to IB US but they required a US address. Is there another branch where I can open an account besides IB Singapore? Thanks.
You can setup a company in the British Virgin Islands and then open an account at IB. All IB Panama accounts were closed down but people reopened in BVI.
account entities are based upon the residence in where some resides. as you live in Singapore, we need to open you account under MAS regulations an our SG entity. For professional/accredited investors we may be able to do something but may I ask why do you prefer LLC over SG?
I trade frequently with high volume. It is regarded as carrying out a trade by IRAS, and the gains are taxed as income rather than capital gain. I want to use a foreign IB so that the income becomes foreign income and no longer taxed.
That does not sound right. Capital gains from share trading is not taxable in Singapore. Singapore does not differentiate between the frequency of trades or the volume thereof as far as I know. https://www.iras.gov.sg/irashome/In...f-Property--Shares-and-Financial-Instruments/
That general rule on that page only applies to normal investors. They see the gain as income rather than capital gain if the frequency and volumes are high enough (it's not common).
Who said that, IRAS for sure does not state that. I am fairly certain about that. I have tons of previous colleagues who trade quite frequently for their accounts in SGP and none are liable to pay taxes on those gains. SGP directly competes with HK for talent and this would be a huge downer in the expat community.
That's the information I received from IRAS two weeks ago. Maybe your friends are not trading full-time as only source of income.
They do not, but for the sake of taxation that is irrelevant. What matters is that IRAS clearly spells out that financial gains are not taxable, period. If you truly received such communication from IRAS then you should challenge that, if need be, in court. Unless the tax code changed from last year, the information you received is wrong.