Residence Certificate (COR) Explained
Summary: A written confirmation that a company is a tax resident of Singapore.
A Residence Certificate (COR) is a written confirmation provided by Singapore’s tax authority, IRAS, affirming that a company is indeed a tax resident of Singapore. Having this certificate enables the company to enjoy tax relief as well as claim benefits under Double Tax Avoidance Agreements (DTAs).
Which Companies Can Apply for a COR?
A company needs to meet certain requirements to be eligible for a COR:
- The company must be a tax resident of Singapore.
- Most of the company’s income must be brought into Singapore.
- The company has to be the actual owner of the income.
For holding companies to be eligible for a COR, there are additional prerequisites:
- They must justify why they’ve established an office in Singapore.
- They must produce evidence to validate that the company’s management and control are done in Singapore. This typically indicates having staff living in Singapore and making key decisions.
How Can You Apply for a COR in Singapore?
3E Accounting can help you apply for a COR in Singapore. Alternatively, you can apply for a COR via the IRAS myTax Portal online platform. Applications can be filed for:
- The current Year of Assessment (YA).
- The upcoming YA.
- Up to four previous YAs.
Generally, it takes around seven working days for the IRAS to assess your application. Once approved, your company’s COR will be mailed to its registered address.