To open an offshore company in Singapore or anywhere in the world, you will need to get your company registered and obtain the relevant licenses and visas. You will definitely be confused about all these procedures; it is the case with many individuals and businesses.
If at all you wish to start a private limited company in Singapore, it is a very straightforward process only, which usually takes 1-5 days to start. Many investors and corporates, be they SMEs or MNCs, have set up an offshore company in Singapore to look for a high-level profit and achieve their goals. There are more than 17000 foreign companies that are set up in Singapore.
As a significant business hub, Singapore offers many tax, legal, and financial benefits to all the companies set up there. All these features have attracted businesses from abroad to start an offshore company here.
The Different Types of Business Entities Prevailing in Singapore
If an individual is the principal shareholder of an entity, then they can use any one of the following legal entities to have their offshore company registration Singapore:
- Sole Proprietorship
- Limited Liability Partnership (LLP)
- Private Limited Company (Pte Ltd)
If you are a corporate entity looking to get your company registered in Singapore, then your options are as below:
- Branch Office
- Subsidiary Company
- Representative Office
Why Do You Need Business Consultants Help to Start Your Offshore Business
Basically, there are a number of reasons why people choose to get help from consultants if they want to develop their company. It is important to seek assistance if you are a corporate investor looking to set up your own offshore company in Singapore. Let us see why you need expert advice:
1. Fast and Easy Procedure
If you want to form your company easily without any hassle, then it is best recommended to get help from experts who work on this on an everyday basis. The agents find the process of setting up an offshore company very easy and quick. If at all you are not sure of the process, or you have only very limited knowledge on how to set up an offshore company, then it would lead to greater problems. So it is better to get help from consultants.
2. They are Very Professional
All the roles that have been carried out by the business consultants are very professional, and that makes it very easier. Also, you should make a record of all these procedures to have a clear view to help increase confidence. So, at last, it is really important to hire a consultant to get a professional touch to your offshore company setup in Singapore.
3. Market Insights
The amount of knowledge that the experts possess will help you to carry out the tasks in a safe manner. Also, these experts work with professionals in different fields every other day, which gives way for them to learn and know the current trends in the business sector easily. All the business owners and investors usually join with such consultants to get expert knowledge in this which will provide development for the company.
4. They will Be Your Guide
Starting your company requires more, than money; it also demands time and effort. In cases consultants can be invaluable in guiding you through the process. They assist with tasks like company registration. Even help you set up an offshore bank account. Step by step they'll support you in finding the location and budget for your business setup. Additionally they provide assistance in planning. Conducting a break even analysis.
5. They will Provide a Guarantee
One significant advantage of working with consultants is that they offer a guarantee to ensure that you're following the procedures. Their expertise proves invaluable when dealing with setup, registration and obtaining documents—a task that can be challenging to handle
6. High ROI
Moreover opting for expert guidance ensures a return on investment (ROI). You can expect profits, from your investment by making informed decisions with their support.
After considering all the factors it becomes evident that hiring a business consultant to assist you in establishing your company in Singapore can greatly reduce your workload and enable shared responsibilities.
Reasons to Choose Us
Take the time to thoroughly understand the points mentioned before making a decision, on whether or not to engage a business professional. There are advantages associated with hiring a business expert. Business Setup Worldwide is a company specializing in offshore company formation and managing all related procedures. They offer support, for initiating or managing businesses worldwide ensuring peace of mind. If you have any inquiries regarding the process feel free to reach out to us
Can a foreign company be registered in Singapore?
Foreign companies can establish operations in Singapore in four ways: Registration Transfer. Establishing a Representative Office. Establishing a Subsidiary / Local Company.
Do offshore companies pay tax in Singapore?
If a Singapore offshore company opens a corporate bank account in Singapore, all income remitted to this corporate bank account is taxed at the standard rate of 17% in Singapore.
What is a Singapore offshore company?
An offshore company is one that is incorporated in a jurisdiction other than the one in which the company's main place of operations or principal investors reside. Offshore, in a broad sense, refers to a jurisdiction other than your own.
How much money is required to register a company in Singapore?
Paid-up Capital - The minimum paid-up or share capital is $1, implying that you only need a small investment to start a business in Singapore. You can always start with $1 and increase it at any time after incorporation
Can offshore company open bank account in Singapore?
Singapore has over 200 banking institutions that provide a diverse range of services to account holders. Companies registered in offshore jurisdictions such as the British Virgin Islands and Cayman Islands can open accounts in Singaporean banks.