Offshore companies are those that have been incorporated in a jurisdiction outside their central location of operation. Choosing which jurisdiction to incorporate your company is a key factor that can determine the success of your business.
As a key regional and global hub for business, Singapore is an ideal place to set up your company. The risks are low to none due to its political and economic stability which add to its pro-business environment.
As an experienced institution, we will be able to properly help and guide you in your offshore business formation. We will provide you with expert advice and professional service that will completely take the load of setting up a company off your back.
Advantages of Setting up an Offshore Company in Singapore
Ease and efficiency of company registration, straightforward reporting requirements, absence of bureaucratic red tape, and attractive tax benefits are just some of the off-hand benefits you will be getting when choosing to set-up a n offshore company here.
Here are more details about those advantages that will make Singapore your top pick:
Easy offshore company set-up
You can have your company set-up in just a matter of 1-2 days. The computerized registration procedure allows the process to be fast and efficient and also eliminates any government red tape. The only two things you have to accomplish are: having your company name approved and submitting pertinent documents. These are the reasons why Singapore, for several years now, has been named by the World Bank as the world’s easiest place to do business in.
Attractive Tax Benefits
Offshore based private companies can achieve considerable tax savings which is one of the main lures of this kind of investment. Despite not being a tax haven, it still has lucrative offerings with its simple and low tax system. Corporate taxes are on a territorial basis, which means income is taxed only if it is earned in Singapore or is received in the country from a foreign source.
Tax rates for corporations are still relatively low where profits of up to S$ 300,000 will have a tax rate of only 8.5% while those exceeding said profit is capped at a flat rate of 17%. However, if the income coming from a foreign source is received in Singapore and meets certain qualifying conditions, then the company does not have to pay any taxes.
In addition, a newly formed company is also exempt from paying taxes for its first three years given that it meets certain requirements such as having a maximum of 20 shareholders where are least one shareholder owns 10% of the shares.
Honest and Stable Government
Just like its ranking in ease in doing business, Singapore also sits comfortably among the least corrupt country in the region. The premium placed on openness and transparency leads to the enactment and strict implementation of laws and legislation imposed by the government on all business matters, dealings, and transactions.
With clear-cut government policies when it comes to business, sound and efficient legal system, stable government, and overall business-friendly environment all worries when putting up an offshore business are eliminated.
Relaxed immigration and foreign ownership policy
Should you need to settle permanently in the country, Singapore has lenient immigration guidelines that make it easy for foreign professionals to get a Permanent Residence status. Likewise, liberal foreign ownership policy allows 100% foreign shareholdings in all sectors.
What You Will Be Needing
Here is a quick overview of the requirements for registering an offshore company in Singapore:
- ACRA Approved Company Name
- At least 1 Local Resident Director
- At least 1 Shareholder (Maximum of 50 Shareholders)
- Local resident Company Secretary
- Paid-up Capital of at least S$1
- Local Registered Address
- Incorporation Agent
- Documents for Incorporation