Does the foreign owner of a Singapore company legally withdraw the Singapore company’s profit after tax to his or her personal bank accounts?

Singapore operates a single-layer tax system. Once a Singapore company has met its tax obligations with the IRAS, its shareholders or owners can withdraw any net income after tax to their personal accounts via bank transfer without incurring additional tax. Withholding tax is also not applicable to foreign owners or shareholders when withdrawing the company’s income after tax.