The present-day world is a place where diversification is the key to safety. Plan B (Plan C, and as many plans as you can imagine and afford) is no longer a whim but a necessity. Entrepreneurs set up companies, trusts, and bank accounts in different countries, and also buy real estate and make other investments abroad to be ready for almost anything. And this is a good strategy.
In this article, we are going to talk about the establishment of a company in Singapore. This is not a traditional island destination where people usually set up offshore companies, but it still offers good conditions for offshore company formation. Benefit from Singapore’s high reputation, excellent infrastructure, and high-quality banking services! However, if you are not a professional in the offshore world, please read our article on offshores before setting up a company in Singapore.
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Benefits of Singapore
Singapore is a low-tax jurisdiction, so it would be more correct to refer to it as a midshore. Why is it a better choice than usual offshore countries like the Marshall Islands or the British Virgin Islands? Well, each choice is good if it fits the purpose. Offshores are now experiencing strong pressure from regulators, which could make them less safe than a stable midshore jurisdiction like Singapore.
Still, the choice of a jurisdiction that will be best suited for your company is not that easy, but we can help you with this. You can follow the above link to book a free session where our expert will choose the best destination for your undertaking. Meanwhile, let’s discuss the main reasons why Singapore is a good option:
- Tax incentives. Singapore’s legal framework is very favorable to all kinds of start-ups and it offers numerous incentives to them to attract capital to the country. And this may be an excellent solution for the start of your business project. You will get support in the most vulnerable period, and this may help your company become profitable very quickly.
- High reputation. Though offshore jurisdictions and the companies registered in them are just as legitimate as any other countries and businesses in the world, they have this flavor of tax evasion schemes about them. And though this is just a wrong association formed by the mass media, it may still cast a shadow on your venture. A company registered in the midshore is better from this point of view as it will make a more positive impression.
- Straightforward incorporation. Usual midshores and onshores are not that quick to let you into their business environment: you collect a large package of documents and it takes the local authorities unbelievably long to consider them. Fortunately, there is nothing of the kind in Singapore (and this is the reason we recommend this option): the requirements are not very tough, and all you have to do is to collect basic documents and wait for several days.
- Non-resident entrepreneurs are welcome! Singapore is a bustling business community where there is room for everyone, foreigners included. Therefore, you will not face any substantial restrictions if you are a non-resident: the rights and privileges will be similar to those offered to the locals.
- Political and economic stability. Business feels good in stable conditions, and this is a maxim. Political, financial, or economic upheavals require too much effort to overcome, which causes many businesses to fail. Singapore is a jurisdiction that tries to keep the balance by introducing mild positive changes, which helps businesses to keep afloat.
- Excellent banking. Singapore is a rare destination where you can enjoy a pro-business environment and high-quality banking services at the same time! There are many reputable banks here, so you will have a wide choice. You will not face any challenges opening an account as the procedure is clear and straightforward.
Doesn’t that sound impressive? Many customers who read this list say that Singapore matches all their top priorities. Anyway, if you have any questions or doubts, follow the above link to contact our seasoned experts. We have helped hundreds of entrepreneurs from all over the world set up their businesses hassle-free, so join in!
Singapore Offshore Company: Basic Details
- Name. It has to be unique and it is approved by the registrar, so we usually recommend thinking of 2-3 options in addition to the main one. Make sure to specify the legal form of your company. You will have to pass the name pre-reservation procedure.
- Director. You can have as many directors as you wish (provided they are more than 17 years of age), but at least one of them should be a resident of Singapore or possess a local work permit. We will easily help you solve this problem as you can have a nominee director who will run your business locally.
- Shareholders. All of your directors can be shareholders, and vice versa. The residency is unimportant in this case, and the numbers are limited to 50 shareholders.
- Secretary. This is a mandatory position, and it can only be taken by a person with sufficient qualifications. If you have just one director who is also a shareholder, he cannot be a secretary. However, nominee service is available: we will help you find a local nominee secretary.
- Paid–up capital. There are no paid-up-capital restrictions in Singapore: you can start with SGD 1 if you want!
- Registered address. A physical registered address is mandatory, and you cannot have just a mailbox for that purpose. We can help you by providing a physical address for an additional fee.
- Registered agent. Is that a mandatory requirement? Yes, it is! You cannot set up a company on your own: you will have to use the services of a registered agent. We will help you get a reliable agent for this purpose.
If that sounds a little complicated, you can always rely on our help. If you buy a turnkey company registration package, all you will have to do is to collect the documents according to our list and entrust the rest to us. You will get your fully operational company in a matter of 1 week! We will complete all the administrative procedures for you, so you will not have to worry about anything in the future.
Follow the above link: reliable consultants are just one click away from you!