Setting Up an Offshore Company in Singapore
An offshore company is a company that incorporated in a jurisdiction other than the jurisdiction that constitutes its main place of operations or where the company’s principal investors reside. In other words, offshore simply means a jurisdiction other than your own.
Some of the advantages when incorporating an offshore company includes reduced tax liability, credible image, ease of offshore company incorporation, liberal foreign ownership policy, political stability and sophisticated banking facilities.
The choice of a particular jurisdiction for offshore company incorporation is an important decision as to can have a significant impact on your business. Looking on Singapore offshore company, it represents a tax efficient corporate entity that is simple and easy to operate in an economically and politically stable environment.
As a matter of fact, Singapore has been ranked as the world’s easiest place to do business consistently. The company registration procedure is fully computerized and involves only two distinct steps which are company name approval and incorporation documents submission. Both of these procedures can be executed online, and thus resulting in a quick and efficient, free of bureaucratic red-tape company registration process. Not to mention, an offshore company can be incorporated in 1-2 days under normal circumstances.
Setting up an offshore company in Singapore, 100% foreign shareholding is allowed in all sectors with no prior approval from Singapore authorities required. Shareholders can be individuals or corporate bodies. An offshore company that is incorporated in Singapore communicates credibility and stature as legal entity. In other words, your business will be taken seriously by stakeholders such as employees, bankers or other professional that you will be dealing with.
When setting up an offshore company, one of the thing at our concern is taxes. Singapore’s tax system is characterized by low corporate and personal income tax rates, tax incentives and tax relief measures, absence of capital gains tax, absence of dividend tax, territorial one-tier tax system and an extensive tax treaty network.
As we all know, Singapore government has been described as rational, pragmatic, transparent and corrupt-free. There are clear-cut rules and regulations pertaining to commerce, intellectual property protection, manpower and other business related areas. Hence, setting up an offshore company in Singapore is with very minimal risk. Furthermore, the sophisticated banking facilities that are available in Singapore offers offshore companies in Singapore with great convenience of running a business.
If you have decided to set up an offshore company in Singapore, the checklist below would be helpful for you to understand the incorporation process:
- Company Name approval
- Company Secretary
- Paid-up capital
- Registered address
- Appointment of incorporation agent
- Documents required for incorporation:
- Passport copies of proposed shareholders and directors
- Residential address proof of proposed shareholders and directors
- Details of the parent company if the shareholder is a corporate entity
- Company incorporation process
- Bank account opening
- Registration for GST
- Obtain business licenses or permits
- Relocation to Singapore
How 3E Accounting can help you? We understand that time is essential for you in setting up business, hence when you turn to 3E Accounting, we can ensure you for a hassle-free incorporation process at the most economical price. Contact us today for more information!