Offshore company incorporation Singapore

Get Offshore Company Incorporation & Formation Services in Singapore

introduction

Singapore is located on the southern tip of the Malaysia peninsula. As one of the original tiger economies, Singapore is now a major international financial and trading centre, rivalling Hong Kong as the world’s biggest container port. While Singapore has a sophisticated regulatory infrastructure, it is not overly bureaucracy and it is easy to do business there.

Law and Taxation

Singapore has a British-based legal system and corporate law operates on statute and common law basis. Singapore is a signatory to a number of double tax and investment protection treaties, which provide some tax planning and security advantages.A Singapore company with external investments that are correctly structured and administered may not be liable for tax on profits generated from activities conducted outside Singapore.

From Year of Assessment (YA) 2010, companies are taxed at a flat rate of 17% on their chargeable income.

A newly incorporated company that satisfies the qualifying conditions can claim full tax exemption on the first SGD100,000 of normal chargeable income and a further 50% exemption on the next SGD200,000 for its first three consecutive YAs. Estate duty was abolished on 15 February 2008.

Please consult your tax accountant to fully understand how and when the exemptions apply.

Corporate Requirements

A Singapore company with external investments that are correctly structured and administered may not be liable for tax on profits generated from activities conducted outside Singapore.

From Year of Assessment (YA) 2010, companies are taxed at a flat rate of 17% on their chargeable income.

Please consult your tax accountant to fully understand how and when the exemptions apply.

Each Singapore company must have a local registered office, which must be a physical address (rather than a post office box).Each company must have at least one local director. A corporate director is not permitted. Local director may be a Singapore citizen, a permanent resident, or an employment pass holder.

Each company must have at least one shareholder who can be a local or foreign individual or legal corporate entity. Bearer share is not permitted.

Each private limited company must have a local individual company secretary and maintain books of accounts subject to local audit requirements unless exempted.

A qualified local company secretary is only required for a public company. A sole director may not act as the company secretary.

For financial years commencing on or after 1 July 2015, small private companies that meet at least two of the following three criteria in the immediate past two financial years will be exempted from audit:

total annual revenue not exceeding S$10 million
total assets not exceeding S$10 million
number of employees not exceeding 50 people

Details of the directors, chief executive officers, shareholders, and secretary must be filed at the Registry of Companies and are on public record. Each year, the company must submit an annual return together with audited accounts (unless exempt). Penalties apply for late filings.

Subject to the Companies (Amendment) Act 2004, private companies may dispense with an annual general meeting.

Local Infrastructure

Singapore is a sophisticated international business and financial centre and, as such, there are numerous domestic and global banks, stockbrokers, and finance houses. All the major international legal and accounting firms have offices in Singapore. Singapore has a stable government and a rich pool of professionals who can assist in all international business transactions.

With an airport that serves as a regional hub for over 100 destinations, state-of-the-art communications, and a sound infrastructure, Singapore is an excellent location for international businesses.

Our Services

Sage has standard shelf companies available for immediate purchase, including those with Land Dealings Unit clearance certificates for the acquisition of local residential properties.

We can also incorporate a company with your choice of name and confirm the availability of names in advance. All companies are provided with a complete company kit, including share certificates, four copies of the constitution, 3 copies of Memorandum and Articles of Association, statutory registers, a common seal, a company chop, and a Certificate of Guarantee of Quality. Our package will also include the preparation of documents for initial secretarial requirements and the changeover of a director and shareholder.

An overview about setting up an Offshore Company in Singapore

In this we have discussed about the formation of an offshore company incorporation in Singapore. Forming a company in a new country is a difficult task and that too when you have no idea about the rules and norms of that region. If you intend to open a branch of your company in Singapore, you should be well-versed with the rules and regulations of the country.

Hiring a consultant who can help you set up your company or helps for off shore company incorporation in Singapore can be a great help for anyone. Since the consultant’sdeals with different companies and work on different projects while managing the issues which peopleface in new countries, they are the best to guide you about the basic to set up an offshore company incorporation in Singapore.

Few basic things you should be knowing before setting up a company or company formation, incorporation in Singapore are. Know about the offshore company incorporation services in Singapore

You should be knowing all the services offered by the company in the region where it was already set up. If you intend to give the same type of service to the offshore company as your on shore company is providing, then only your business is going to generate profits.

Remain aware about the business costs

You should be having an idea about the costing and funds required to set up your offshore company incorporation in Singapore. Offshore Company incorporation in Singapore is not easy as it is a costly place. You need to include all the required attributes and services adhering to the specified budget.

Inquire about legal formalities before hand:-

The paperwork and legal formalities should be carried out beforehand as it is the foremost thing to do when planning to set up an offshore company incorporation in Singapore.

Adhere to the timeline

If you have already hired the candidates for your offshore company incorporation services in Singapore, make sure you start your working by their time of joining the company. If you delay their joining this will form a bad reputation of the company in another land, which can even become a reason for the downfall of the new venture.

Company incorporation services in Singapore are quite different from other countries. Singapore people are more punctual and dedicated so they believe in working in a collaborative manner in order to generate great outputs for the company. When an onshore site generates a great profit at the end of a financial year, the off shore company is also required to generate similar amount of profit as the expansion of business brings along with it certain set of expectations.

Thus, if you also intend to expand your business and generate desired outputs/profits, take our help and get ready to achieve results in no time. We help the companies to set up their offshore company incorporation in Singapore successfully. Having been into this business from a long time, our employees have become expert in dealing with people in Singapore, which indeed helps the people to set up their business in the foreign land in no time. Thus, get our help and expand your business today!!