Are you planning to open an offshore company in Singapore? If yes, then you are going in the right direction. Singapore is considered as one of the best countries in Asia to do business because of its pretty straight-forward procedures of incorporation.
A large number of multinationals have also formed their offshore companies in Singapore because the business hubs like Singapore provide them with tax and financial benefits. In this blog, we provide you with the procedure of registering an offshore company in Singapore.
Different Types of Business Entities in Singapore
Following are the business entities in Singapore provided you are an individual entrepreneur
- Private Limited Company
- Limited Liability Partnership
- Sole Proprietorship
Following are the business entities in Singapore if you are a corporate
- Subsidiary Company
- Representative Office
- Branch Office
Key Requirements for Offshore Company Registration in Singapore
- A minimum of one Shareholder
- A minimum of one resident director
- A minimum of one company secretary
- A minimum of initial paid-in capital of $1S
- A local registered address for company office
Key Requirements for Foreigners in Registering Offshore Company in Singapore
- Copy of passport
- Description of their business activity
- Memorandum and Articles of Association
- KYC documents – Residential address proof(Foreign), Bank reference letter, Personal profile, business profile, particulars of directors, company secretary and shareholders
Procedure to Register Offshore Company in Singapore
There are only 3 steps to register for an offshore company in Singapore.
Step 1} ACRA’s Approval
The first and the foremost step in registering an offshore company in Singapore is to get your company name approved by ACRA. You have to keep the following things in mind in order to get a quick approval.
- The name that you choose for your company must be unique and easy to pronounce.
- The name should be free of copyright issues.
- The name must not contain words like ‘Bank’, ‘Finance’, ‘Educational’, and ‘Media’. If it contains such words, then you need to take further approval from higher authority.
Once you get your company name approved, it will be reserved for the next 60 days from the date of applying. If you are unable to incorporate your company within this time interval, then you have to take ACRA’s further permission by filing a request.
Step 2} Prepare Documents
- Company name approved by ACRA.
- A brief description of all the business activities.
- Details of the registered address of the company in Singapore.
- Particulars and details of shareholders.
- Particulars and details of directors.
- Particulars and details of company secretary.
- A copy of passport and residential address proof (overseas) for foreign entrepreneurs.
- Memorandums and Articles of Associations for foreign companies.
- A copy of Singapore Identity card for the Singapore Residents.
Step 3} Submit Application to ACRA
Once the approval of your company name is done, you can apply for the company registration. It won’t take much time for the accomplishment of the process provided that all your documents are in proper order.
Post Business Registration
Following are the steps to be followed for post business registration
Certificate of Incorporation
ACRA will send an email for the successful registration of your company which includes the company registration number as well. A soft copy of the same is kept which will be treated as the official certificate of incorporation. A hard copy can also be obtained by a special online request. A nominal fee will be applicable too.
Company Business Profile
You will obtain the company business profile right after getting the certificate of incorporation. The company business profile contains the company particulars. It can be obtained online by paying a fee, as applicable. It can be downloaded within an hour of request. It comes in PDF format.
Following are the details that a company business profile includes
- Company name
- Company registration number
- Previous company names (if any)
- Date of registration
- Main business activities
- Paid-up capital
- Registered address
- Particulars of all the shareholders/directors/company secretary
You also need a soft copy of the company business profile for opening of a corporate bank account, signing of the office lease and subscribing to office utilities like internet, telephone, etc.
Acquiring Business Licenses and Permits
The nature of the activities of your business decides whether you need a business license or a business permit. Some of the businesses that need business licenses are restaurants, travel agencies, financial services, cleaning business, etc.
Registration of GST
You must register for GST if you are expecting an annual turnover of more than S$ 1 million. You have to collect the 7 % GST from your clients.
Company’s Rubber Stamp
Company’s document obtains reliability by the company’s rubber stamp. The company’s rubber stamp has the company’s name and registration number printed on it. This makes the company’s official document appear more professional.
The company secretary issues share certificates to its shareholders which serves as a proof of their ownership in the company.
Are you ready to start an offshore company in Singapore? We at Business setup worldwide provide business setup procedures for registering an offshore company in Singapore. If you need any assistance in starting an offshore company in Singapore, feel free to contact us! We’d be happy to assist you.