Registration of an offshore company in Singapore
Are you considering setting up an offshore company in Singapore? This article explores the benefits for small business owners looking to expand their business and make it more efficient in terms of tax, finance, opportunities and innovation.
Setting up an offshore company in Singapore is not a complicated process and not much different from the normal company registration process.
Why should I register an offshore company in Singapore?
1. Reduce taxes
One of the main reasons companies are considering setting up an offshore company in Singapore is the flexible tax regime and attractive incentives for foreigners. Not only is this a flexible approach, it is also Singapore's standard corporate tax rate, with a fixed tax rate of 17%, one of the lowest in all of Asia.
2. Easy offshore company registration
Another advantage of setting up an offshore company in Singapore is that the registration process itself is simple and straightforward. Foreigners can complete the registration of a new offshore company in Singapore in just a few days. This is because the whole process is designed to be efficient. Not surprisingly, the city-state is considered one of the easiest places to do business. The entire process of registering an offshore company in Singapore takes place digitally and is divided into two main areas of activity (more on this later). The first involves choosing and approving a name for your new business, and the second involves the more administrative part of filing paperwork. Registration of companies and legal entities in various jurisdictions is our area of expertise, so if you have any questions, feel free to contact our team at any time.
3. Political and economic stability
Singapore is considered one of the least bureaucratic and politically stable countries in Asia. The government of this Asian city-state has a reputation for being transparent, free from corruption, business-oriented and with a fair and responsible legal system. Reliable legal parameters reduce the risk of setting up an offshore company in Singapore.
4. Foreigner's right to own a business
Foreigners or persons residing outside the region have the right to register an offshore company in Singapore. You can do it all easily from your office anywhere in the world, so you don't have to be personally in the area. Incorporation requires a company secretary, a director nominee, and a legal address. As the foreign investment policy is liberal and open, entrepreneurs wishing to set up business in Singapore can rest easy knowing that there are no restrictions on permitted business activities and no prior approval is required from the Singapore authorities. Other important advantages include the fact that the company can be his 100% foreign capital and can have corporate or individual shareholders as well.
5. Modern banking services
When setting up an offshore company in Singapore, you will need to rely heavily on banking services. Fortunately, being able to do business in the major financial hubs of the Asia Pacific region means you have access to modern, efficient and affordable features. This makes it even easier to set up an offshore company in Singapore with the addition of a wide range of reputable foreign and local banks to choose from.
If the company founder is a national of a country on the station list, our team can offer various options for opening a bank account outside of Singapore. This option is not prohibited by local law.
We have partnered with multiple banks in Singapore so he can open a Singapore bank account within a day from anywhere in the world.
6. Strong and Stable Singapore Dollar
Trading ability is important for any business owner, and that's what makes a strong and stable Singapore dollar so attractive. It is one of the strongest currencies in Asia and one of the 15 most traded currencies in the world. Setting up an offshore company in Singapore puts you in a better position to pursue future prospects such as investment and growth opportunities. Moreover, inflation has been consistently low for decades, further boosting business confidence.
One of the main reasons companies are considering setting up an offshore company in Singapore is the flexible tax regime and attractive incentives for foreigners. Not only is this a flexible approach, it is also Singapore's standard corporate tax rate, with a fixed tax rate of 17%, one of the lowest in all of Asia.
2. Easy offshore company registration
Another advantage of setting up an offshore company in Singapore is that the registration process itself is simple and straightforward. Foreigners can complete the registration of a new offshore company in Singapore in just a few days. This is because the whole process is designed to be efficient. Not surprisingly, the city-state is considered one of the easiest places to do business. The entire process of registering an offshore company in Singapore takes place digitally and is divided into two main areas of activity (more on this later). The first involves choosing and approving a name for your new business, and the second involves the more administrative part of filing paperwork. Registration of companies and legal entities in various jurisdictions is our area of expertise, so if you have any questions, feel free to contact our team at any time.
3. Political and economic stability
Singapore is considered one of the least bureaucratic and politically stable countries in Asia. The government of this Asian city-state has a reputation for being transparent, free from corruption, business-oriented and with a fair and responsible legal system. Reliable legal parameters reduce the risk of setting up an offshore company in Singapore.
4. Foreigner's right to own a business
Foreigners or persons residing outside the region have the right to register an offshore company in Singapore. You can do it all easily from your office anywhere in the world, so you don't have to be personally in the area. Incorporation requires a company secretary, a director nominee, and a legal address. As the foreign investment policy is liberal and open, entrepreneurs wishing to set up business in Singapore can rest easy knowing that there are no restrictions on permitted business activities and no prior approval is required from the Singapore authorities. Other important advantages include the fact that the company can be his 100% foreign capital and can have corporate or individual shareholders as well.
5. Modern banking services
When setting up an offshore company in Singapore, you will need to rely heavily on banking services. Fortunately, being able to do business in the major financial hubs of the Asia Pacific region means you have access to modern, efficient and affordable features. This makes it even easier to set up an offshore company in Singapore with the addition of a wide range of reputable foreign and local banks to choose from.
If the company founder is a national of a country on the station list, our team can offer various options for opening a bank account outside of Singapore. This option is not prohibited by local law.
We have partnered with multiple banks in Singapore so he can open a Singapore bank account within a day from anywhere in the world.
6. Strong and Stable Singapore Dollar
Trading ability is important for any business owner, and that's what makes a strong and stable Singapore dollar so attractive. It is one of the strongest currencies in Asia and one of the 15 most traded currencies in the world. Setting up an offshore company in Singapore puts you in a better position to pursue future prospects such as investment and growth opportunities. Moreover, inflation has been consistently low for decades, further boosting business confidence.
How to open an offshore company in Singapore?
Foreign investors have the same rights as residents but receive different types of incentives to set up an offshore company in Singapore.
The main steps involved in setting up an offshore company are:
1. Company Name: Must not be different from existing company names, must not contain offensive or sensitive language, and must comply with legal requirements not to conflict with any Singapore government agency.
2. Business form: You need to decide which form of business is right for you (sole proprietorship, limited liability company or subsidiary/branch/representative office). Understand the difference between a branch office and a branch office to choose the best option for your business.
A private limited is usually the choice for offshore companies due to the ease of raising capital, limited liability, trust in the corporate structure, and the tax benefits and incentives available in Singapore.
A foreign entrepreneur needs the services of a professional firm or local agent to register an offshore company in Singapore
The main steps involved in setting up an offshore company are:
1. Company Name: Must not be different from existing company names, must not contain offensive or sensitive language, and must comply with legal requirements not to conflict with any Singapore government agency.
2. Business form: You need to decide which form of business is right for you (sole proprietorship, limited liability company or subsidiary/branch/representative office). Understand the difference between a branch office and a branch office to choose the best option for your business.
A private limited is usually the choice for offshore companies due to the ease of raising capital, limited liability, trust in the corporate structure, and the tax benefits and incentives available in Singapore.
A foreign entrepreneur needs the services of a professional firm or local agent to register an offshore company in Singapore
- Prepare incorporation documents. The most important of these is the Articles of Incorporation.
- Translate and notarize the owner's business registration documents and identity documents.
- Submit all documents to AKRA to obtain the company's operating license and business profile.
- Register with the Singapore Tax Authority for tax purposes and obtain a GST number.
What do you need to prepare before creating an offshore company?
The following are the requirements for setting up a private limited company in Singapore. This is done to ensure that your business transactions remain legal and comply with Singapore regulations.
- At least one shareholder (100% ownership of the company's shares is permitted and the chosen shareholder can be both a foreign and domestic individual or company.
- At least one resident director who resides in Singapore.
- At least one company secretary appointed within 6 months after the establishment of your offshore company, who is a permanent resident or citizen of Singapore.
- A minimum of 1 USD as initial paid share capital upon registration of the offshore company.
- Registered Singapore office address (mailbox address is not valid, must be registered as business or residential address).
Popular sectors for offshore companies:
- Finance: trade, investment and asset ownership
- Consulting services in various fields of activity, such as IT
- Ship management and yacht ownership: Singapore is one of the most important maritime hubs in Southeast Asia due to its strategic geographical location
- Intellectual Property Ownership: Singapore is one of the most advanced countries in this field, well supported by its strong legal and enforcement systems;
- Real estate: a constantly relevant and profitable business sector due to the territory
Please get in touch with us at cn.shileconsulting@outlook.com and we will consult you on setting up a business in new regions