Positioned strategically on the world’s busiest shipping routes, the State of Singapore, after its independence, followed a Free-trade policy allowing ships to anchor in the Port of Singapore free of customs duties.
Over the years, the state has developed infrastructure with a secure environment for trade and commerce; by different implementing the offshore trade laws that have made the tax-haven one of the perfect offshore destinations.
Starting an offshore business in Singapore is one of the smart options that an investor can proceed ahead. By the end of this guide, you will get a clear idea regarding the necessary steps that are to be taken accordingly.
Singapore: A Profitable Offshore Destination
As per the World Bank report 2020, Singapore has termed the second-best spot for “Ease of Doing Business.” It has been one of the known financial and business hubs among the popular offshore destinations that have grabbed the attention of the global business investors and owners.
Singapore Offshore Private Limited Company (PLC) is one of the most widely opted offshore business structures that allow business owners to enjoy tax-exemption benefits.
The offshore companies in Singapore are incorporated into the Singapore Companies Act Chapter 50, regulated through the Singapore Accounting and Regulation Authority (ACRA).
Checklist for Starting an Offshore Company in Singapore
Now, it is vital to make note that the below essentials are important while starting an offshore company in Singapore.
- Designing Company name and getting approval
- Number of Directors
- Number of Shareholders
- Registered Company Secretary
- Total Paid-up Capital
- Registered Company Address or Office Space in Singapore
- Appointment of Incorporation agent (i.e., Business Setup Worldwide)
- Documents necessary for registration
- Passport Copies of the proposed Directors and Shareholders
- Residential Address Proof of the proposed Directors and Shareholders
- Information of the Parent Company if corporate is the shareholder
- Detailed business plan
- Name of the company
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Open an Offshore Bank Account in Singapore
- Registering for GST
- Acquiring business licenses and permits for the company in Singapore
How to Start an Offshore Company in Singapore?
Once you are sure that the above checklist is met accordingly, the following steps will be considered to incorporate an offshore company in Singapore.
1.Choose a Business Consultant
The first and foremost step is to choose a certified business consultant who is aware of the offshore incorporation process and can help you in every possible effort.
2.Submit the Essentials
The documents list mentioned previously needs to be submitted to the business consultant, which will be forwarded to the relevant authorities.
3.Get the Approval from ACRA
The final move is to get approval from the ACRA, after which the certificate of incorporation will be assigned accordingly.
To know the process in-depth, here’s a guide on How to Register Offshore Company in Singapore, which will help you understand the mechanism accordingly.
As you are aware of the process now, it becomes essential for you to understand the benefits that you can derive by proceeding ahead towards the offshore investment.
Benefits of Starting an Offshore Company in Singapore
Business investors hold the privilege to enjoy the following benefits when it comes to offshore companies set up in Singapore.
- Ranked consistently top in the Ease of Doing Business rankings worldwide
- Strategic location in the Asia Pacific Region
- State-of-the-art infrastructure
- Extensive banking and financial services
- Minimized tax liability
- Enhanced business image
- Effortless and streamlined procedures
- Liberal laws regarding foreign ownership
- Economically and politically stable
- No capital tax and dividends
- Ease to invest in the international market
By now, you have got a complete idea regarding the overall process and benefits that one needs to undergo to set up an offshore company in Singapore.
It is recommended to proceed ahead with the help of business experts as they are well-aware of the business establishment process and holds a complete knowledge of the detailed steps.
Business Setup Worldwide has been performing as one of the top business consultants in Dubai who has been helping the business investors to incorporate the business process at ease. Our business advisors take the initiative of understanding the business needs and provide tailored solutions accordingly, suiting the business needs.
Contact us today-we’d be glad to assist!