30 Oct YuuZoo Receives a Tax Free Status in Thailand for Next Eight Years
- Thailand’s BOI has given YuuZoo eight years of full tax holiday on profits
- YuuZoo will split head Head Office between Thailand and Singapore
Singapore, 26th October 2017: Singapore Exchange listed YuuZoo Corporation Limited (SGX:AFC), today announced that Thailand’s Board of Investments (BOI) has granted the Company an 8-year tax holiday on all its profits derived out of Thailand, by issuing a BOI Certificate (Type of Activity: Software development as listed under 5.7.2: Enterprises Software and/or Digital Content / Class of Investment Incentives: A3 plus BOI Super Cluster) to YuuZoo Platform Co. Ltd, a company in the process of being set up as a fully owned subsidiary of YuuZoo Corporation Limited.
As a result of the license and the 8-year tax holiday being granted, YuuZoo will split its head office between Thailand and Singapore to leverage on the tax advantages. “With ASEAN being set up as a single market, it enables an easy flow of services, investment, capital and skilled labour within Southeast Asia. The move to have two head offices within this region not only provides YuuZoo with more benefits, but also facilitates our growth in two major countries,” commented YuuZoo’s Chief Operating Officer Mohandas. YuuZoo’s Thailand offices are set to host all development, sales and marketing activities; while the Singapore offices are to focus on support functions.
Listed on the mainboard of the Singapore Stock Exchange (SGX: AFC), YuuZoo has offices in France, China, Nigeria, Thailand and Singapore. YuuZoo has built a mobile and online technology platform on which several in-house developed products in a unique, and for each market fully localised manner, offer hundreds of vertical social networks, eCommerce, gaming, video and payments. Through a global network of franchisees and marketing partners, the services cover several countries in Asia, Africa and Europe with a combined population of more than 4 billion. To see the YuuZoo platform and learn more about the company, log on to: http://www.yuuzoo.com.