Singapore is a small island located in SouthEast Asia close to the Malay Peninsula. Singapore has a calculable associate population of over four (4) and a half million people. The most languages spoken on the island are English, Chinese, Malay and Tamil. Singapore has established itself by joining the globe leaders in monetary services.
Introduction
A Singapore international business company (IBC) has been ruled by the laws of the Singapore firms Act that was first passed in 1965. Over the years, this piece of legislation has been adjusted over and over. Below the Singapore Companies Act, the subsequent business entities are often incorporated: Public Companies restricted by guarantee, Public companies which are limited by shares and Private companies limited by shares. The Singapore Companies Act jointly makes provisions for the registration of foreign companies in the territory.
Singapore a Tax Haven Country
IBCs in Singapore can conduct business operations every in and outside of the jurisdiction. The financial gains gained on business or trade conducted within the country is subjected to taxes such as corporate taxes and individual income taxes. As a low tax haven, Singapore companies who do operations within the territory are subjected to income tax at a rate of 18%. Singapore corporations that meet sure demand will receive tax exemptions which may considerably scale back the fees to be paid. Companies incorporated in Singapore that receive interest or profits from abroad and have this transferred to the jurisdiction are also subjected to pay taxes on these remittances. An IBC in Singapore whose capitals are gained outside of the courts will pay no form of taxation at all. Singapore Companies are required to pay a license tax to the government and an annual renewal fee, which will keep the Singapore Corporation in smart Standing.
Incorporating a Singapore Offshore IBC
The time frame for incorporating associate offshore IBC in Singapore is between one (1) and five (5) days. The strategy is formed easier if all the right documents are submitted along with the prescribed fee. To include a Singapore offshore IBC a note of Association and Articles of Association should be filed with the Registrar of Companies within the country. The following information must include:
- The name of the company
- The objectives of the company
- The names and address of the shareholders and administrators of the company
- The approved share capital
- The range of shares to be issued
- The nominal value of a share
- The categories of shares to be issued
- The rights, privileges and powers of every share
- The registered address of the workplace of the company ( must be a local address)
- The name and address of the company secretary
- The by-laws of the corporate
Rules of a Singapore Private Limited Company
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The name of a Private Limited Company in Singapore must be followed by the phrase Limited Liability or its abbreviation.
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Company names which suggest an association with the British head of state will not be accepted.
- Companies' names must not include words such as Bank, Cooperation, Imperial, Insurance, Fund management or University unless the proper license is in place for such.
- Companies with names which are deemed as inappropriate or obscene by the Registrar of Companies will not be incorporated.
More about Offshore Companies
Singapore Offshore international business companies need a minimum of one (1) director who must be a resident of the jurisdiction. A minimum of one (1) shareholder is also necessary. The shareholder and director of a Singapore IBC can be the same individual. The shareholders of Singapore offshore IBCs can also be trust companies or other forms of business entities. Every offshore company registered in the jurisdiction of Singapore must have a Company Secretary who is resident in the country. This person must be appointed within the first six (6) months of the company’s operations.
Information regarding the shareholders and directors of a Singapore company is filed at the Public Registry of Singapore and this, therefore means that this information is public. The Companies Act of Singapore allows for Nominee Shareholders and directors to be used,and many offshore IBCS in Singapore opt for Nominee services, ensuring that the privacy of shareholders and directors is maintained.
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