What is the difference between full exemption and partial exemption for Singapore start-ups?

Full corporate tax exemption is on normal chargeable income up to $100,000 for the first three consecutive tax filing years. Thus is only granted to start-ups that meet the following criteria:

  • Singapore incorporated company
  • Tax resident in Singapore for the applicable year
  • Have no more than 20 shareholders in that year,
  • At least 10% of the shareholders must be individuals
  • Should a company not meet the requisite criteria, it would still be eligible for a partial exemption.