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Offshore Company Formation in Singapore

Singapore is a developed country in Asia, known as one of the "Four Little Dragons in Asia". It has a well-developed tourism, communication, finance, education and free economic system, a clean, efficient and business-friendly government, and preferential and flexible tax policies. It is a real world financial center, trade center and science and technology center. Singapore ranks second only to Hong Kong in the evaluation of economic and trade freedom.

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Singapore is a developed country in Asia, known as one of the "Four Little Dragons in Asia". It has a well-developed tourism, communication, finance, education and free economic system, a clean, efficient and business-friendly government, and preferential and flexible tax policies. It is a real world financial center, trade center and science and technology center. Singapore ranks second only to Hong Kong in the evaluation of economic and trade freedom.

 

Benefits of Registering a Company in Singapore

1. Enjoy Singapore's Low Tax Rate or Tax exemption

Compared with other major economies in the world, Singapore's corporate tax rate (0-17%) is lower, which is levied on its corporate profits.

2. Skillfully Bypass Trade Barriers

There are opportunities to obtain more tariff reductions and exemptions from the free trade agreements signed between Singapore and some countries and regions, so as to promote enterprises' effective access to the international market, create more business and investment opportunities, and obtain more tariff reductions.

3. Good Investment Environment

Singapore has double hedging and investment protection agreements with most countries in the world.

4. Independent Legal Person Status

According to the company law of Singapore, a company established in Singapore has the status of an independent legal person. It can participate in litigation, own assets, and generate debt. The liability of the shareholders of the company is limited to the amount retained but not yet paid. As long as the shares have been fully paid, the shareholders of the company will not be responsible for the debts of the company.

5. The Realization of Asset Transfer

Singapore's easy foreign exchange policy, foreign banks and long-term stable low tax rate make it the best place to transfer assets. There is no estate tax in Singapore.

6. Opportunities to Immigrate to Singapore

With real business and tax payment in Singapore, families can get the opportunity to immigrate to Singapore.

7. Excellent Company Reputation

The Singapore government implements a strict registration and approval system for the establishment of companies in Singapore, requiring the companies to have at least one local director guarantee, and implementing a strict maintenance system to ensure that they enjoy a good reputation in the world.


Offshore Company Formation in Singapore

 

Time to Incorporate a Singapore Company

The time to register an ordinary company in Singapore is generally about 5-10 working days.

 

Singapore Company Registration Service Fee

1. Registration Fee

Generally speaking, the fees for registering a Singapore company are mainly the fixed fees charged by the Singapore government and the related service fees of the secretary company. If the business of the Singapore company needs to apply for an access license, the cost will increase accordingly.

2. Maintenance Costs

After the successful registration of Singapore companies, there will be certain maintenance costs every year, such as annual auditing, tax declaration, etc., which are also the key maintenance work to maintain the normal operation and survival of Singapore companies.


Documents Required for Singapore Company Formation

1. Letter of appointment of the first director

2. Notice of appointment of first director and secretary

3. Notice of consent to be a director

4. Notice of registered address

5. Copies of identity of directors and shareholders

6. Company name (English), registered address, business scope and capital

7. Other relevant documents (mainly the memorandum and articles of association)


Process of Registering a Company in Singapore

1. Customer fills in the form, signs the service agreement and finishes the down payment

2. Company registration related documents sent to customers for signature

3. After documents are signed, submit the documents to ACRA

4. Company registration is approved

Specific process: sign the agency agreement → make payment → prepare company registration documents → customer signature → declaration documents → company registration completed → documents handover


Singapore Company Incorporation FAQs

Q1: What are the requirements for directors of Singapore companies?

A1: The condition of application is that at least one director of a Singapore private limited company must be a Singapore citizen or permanent resident or an employment permit holder.

 

Q2: Are there any restrictions on the names of Singapore companies?

A2: The name of a company in Singapore should not be too similar to that of another one in Singapore. Generally speaking, there are no strict restrictions on other fields, such as international, collective, holding, etc. The name of a Singapore company must be in English. Private limited companies are ended with PTE.LTD. Generally, the name of a company must not contain words such as bank, insurance, etc.

    

Q3: Can we choose multiple industries for one company?

A3: A Singapore company can only choose one industry. If you need to deal with different businesses, it is recommended to register different companies.

 

Q4: Can I open a business bank account before I register?

A4: No, you can only open a bank account when the company is registered.

 

Q5: What are the tax incentives for Singapore companies?

A5: If the pre tax profit of a Singapore company in the first three years is less than US $100000, it can enjoy zero rates of duty. If the pre tax profit is US $100000-300000, the corporate income tax is 8.5%. If the profit is over US $300000, then the corporate income tax is 17%.


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