Singapore is one of the best-known cities for doing businesses. The World Bank ranked Singapore as the world’s 2nd best place to set up and run a business. Its entire suitable bureaucratic system and the simple laws are quite good enough to attract a lot of foreign investors. Singapore is now a major center for a transportation hub, business, and trade inside the South East Asia region. Its reduced tax liability, stable political environment, advanced banking facilities, and other beneficial nature helped to gain a huge international reputation. The stable economic environment of Singapore makes it the best choice for the formation of an offshore company. Besides, offshore company formation in Singapore is very easy since it takes no time at all.
So, new investors can set up an offshore company in Singapore without major difficulties. But first, one needs to understand the key requirements for completing the whole offshore formation process. They need to complete the following details for the offshore company formation in Singapore:
Before setting up an offshore company a client has to go through some important steps for the registration process. The steps are:
ACRA Approved Company Name:
Board of Resident Directors:
Resident Company Secretary:
Legal Registered address:
Business Licenses and Permits:
Registration for GST:
The offshore company will need to prepare some documents for the offshore registration procedure. These following are the documents necessary to submit to the registrar:
Singapore is an outstanding example of having a sustainable, stable and adequate banking system. To set up an offshore company in Singapore the investors will need to open a bank account. The offshore company can choose their desired bank from various reputable banks in Singapore.
Required mandatory Documents for opening a bank account:
Procedure for opening bank accounts:
The process of opening a bank account may take 2-15 days depending on the banks working schedules. The following are some requirements for opening a bank account:
Effective Corporate Tax Rate for Startup Companies in Singapore (YA 2019)
|Chargeable income ($)||Estimated tax (S$)||Effective tax rate|
|Offshore company set-up is very easy||Less transparency|
|Singapore has got eye-catching Tax benefits||Not legally eligible to employ staff|
|Relaxed migration and foreign ownership policy||Lack of exchange of information|
|Great banking services||Can’t lease any physical office space|
|Constant political, economic and trading environment||No substantial activities|
Singapore has been a business hub for many MNCs by representing a tax effective corporate entity. Offshore company formation is so simple and easy to manage in a stable political and economic environment like Singapore. The suitable government with sophisticated banking facilities of Singapore encourages a lot of foreign investors to invest there. Singapore provides the least risk with wider benefits for new company investors. So, Singapore is the best choice for offshore company development and entrepreneurial activity.