Singapore Offshore Company Formation and Requirements: A Singapore Company Formation process is simple.The Singapore company has become recently a much attractive jurisdiction. Unfettered by any restrictions or black lists it continues to be the first choice of offshore jurisdiction for all big and small foreign investors and enterpreneurs. The Singapore company offers great opportunities for your business to access the Asian markets and also great advantages as you can see below. Our company will offer you all the needed services for any business license you may need in Singapore, or any visa or work permit you need for yourself your staff or your family. Although a Singapore Offshore Company pays tax in Singapore the corporate tax rate is much lower than in many countries as you can see below, thus giving you the leeway you need to program your operations.
Singapore Offshore Company Formation Procedure
The formation of a Singapore company is uncomplicated and it can be set up quickly without fuss. For our fees page. For the formation of your Singapore Offshore Company all we need from you is your passport and a utility bill of your residence. A KYC form is also completed. The whole procedure can be done through our company by fax, email and courier. Your personal presence is not necessary unless you want to open a bank account in Singapore in which case one visit will be unavoidable. As soon as the formation is complete your company kit is prepared and sent to you via courier. The incorporation certificates of a Singapore offshore company are both written in English and in Chinese and they are appostilled. Your company is also registered with the necessary authority so that it can begin trading immediately. A company seal is also provided. Nominees are allowed so that your confidentiality can be secured.
Why You Should Choose Singapore Offshore Company:
- Its convenient location. Singapore offshore company is placed in the middle of Southeast Asia. It offers your business the possibility to access an almost 3 billion people market. Singapore has also been classified as a premier International Maritime Center, whilst its airport serves more than 15 million passengers every year.
- Singapore holds the 3rd place of the wealthiest nations worldwide and it holds 1st place in Asia for the quality of life it offers.
- Singapore is well known for its pro-business environment and the fact that it is a financial hub for a lot of foreign investments and businessmen. Singapore is also considered to be no. 1 for ease of doing business.
- Singapore is one of the most politically stable countries in Asia and it is the no. 1 labor force worldwide.
- In Singapore it takes 1 or 2 days to incorporate a company.
- Singapore’s low effective tax rate for private limited companies is below 9% up to $300K profits.
- Singapore offshore company: The Tax is only 17% on profits above $300K.
- Also there are no dividend tax or capital gains taxes in Singapore.
- Singapore Exempt Private Limited Companies can enjoy full legal tax exemptions for the first $100,000 of corporate profits for the first 3 years.
Singapore Offshore Company Types:
- Public limited company. This type of Singapore company is an LLC that can offer its shares to the public.
- Public company limited by guarantee. This is a type of Singapore company which purpose is non-profitable.
- Sole proprietorship. This is the most simple and also most unsafe type of Singapore company. It is not a separately incorporated entity and due to this fact the owner and the company are one and the same. All assets and liabilities of the company are owned by the owner.
- Partnership. This type of Singapore company allows to two or more persons to set up and own together an enterprise and it has no legal existence separate from its partners. This type of Singapore company has three types, the General Partnership, the Limiter Partnership and the limited liability partnership (LLP).
- Private limited company. This type of Singapore company is the most preferred for incorporation due to the fact that it is more developed, flexible and adaptable and practicable type of Singapore company.
Singapore Offshore Company: Some quick facts
| TYPE OF COMPANY | Private Exempt Limited Liability Company |
| TYPE OF COMPANY | Private Exempt Limited Liability Company |
| CAPITAL | There is no law provision about minimum amount of capital. |
| CAPITAL PAID UP | At least one share must be issued and paid up. |
| TYPE OF SHARES | Sale of shares to the public is not allowed in private companies. Bearer shares are prohibited. |
| HOW MANY SHAREHOLDERS | At least one- maximum 20. It can only be individuals (no corporate shareholders are allowed). A local Shareholder is not required. |
| SHAREHOLDERS REGISTER | The first shareholders are declared with incorporation to the Registrar of Companies. After that the Secretary of the Company keeps updating information related to the transfer of shares. |
| HOW MANY DIRECTORS | At least one. A local director is required and a corporate director is not allowed. |
| DIRECTORS REGISTER | The first Directors of the Company are declared on incorporation to the Registrar of Companies. The Secretary must keep a Register with the changes of the Directors. Such changes must be notified to the Registrar of Companies within 14 days. |
| IS A SECRETARY NEEDED | The position of Secretary is mandatory by law. A Secretary should be a resident of Singapore. The Secretary can be a natural person or a corporate legal entity whose registered office is in Singapore or has a place of business in Singapore. |
| REGISTERED OFFICE | It is the place where notices, letters, communications, legal proceedings are sent or served. It is mandatory by law that it should be in Singapore. |
| ACCOUNTING/AUDITING/TAX
COMPLIANCE |
It is mandatory by law that any Singapore company must have its annual accounts subject to a statutory audit. Dormant companies or those which have revenue of less than U$5 million are exempted from having their annual accounts audited. |