Setting up an offshore company requires a lot of research, planning and strategising. Location is one of the most integral parts of Offshore Company Formation. If the location is perfect, then it will boost your company’s exposure to the right customers. If the location is imperfect, it will definitely have a huge negative impact on your business.
Thousands of countries are targeting Southeast Asia for setting up their businesses in order to take advantage of the various business incentives and the emerging markets. Singapore is considered one of the best countries in Asia to do business because of its pretty straightforward procedures of incorporation. Singapore has consistently maintained its economy. It is also boosting the largest foreign currency reserve per capita in the world for the amalgamation of companies.
Top Benefits of Choosing Singapore as Your Location for Offshore Company Registration
As we mentioned above that Singapore is one of the best countries in Asia to do business. Following are some of the key benefits of setting up an offshore company in Singapore.
As we all know that it takes several months or even more than a year for a company to be fully incorporated but in Singapore, it takes barely one or two days. This makes Singapore a top-notch location for setting up your business.
Moreover, there are only two simple steps in the registration process – Approval of the company name and submission of the documents of incorporation. It’s a fully computerised process, and everything is done online itself. If you are unable to go through the required steps or you are unsure about how to proceed, a corporate service provider will take care of all the steps and procedures for you.
Lower tax Regime
As you are going to set up an offshore company, You must be knowing that tax is one of the major concerns of all business owners. Tax might be one of your main concerns as well, before setting up a business in another jurisdiction. But we would be glad to say that Singapore’s Tax System will be perfect for you.
The tax system of Singapore is pretty simple and business-friendly with its personal and corporate tax rates being low. The tax system also does not include dividend and capital taxes. This makes Singapore an amazing location for you to set up a business.
Liberal Foreign Ownership
Do you know that Singapore allows 100% foreign shareholding across all countries? If not, then you must know that Singapore does not require any sort of approval from local authorities, whether a company is operated by an individual or a corporate body. A foreign-owned company will be recognised as a legal entity in Singapore.
Wide Choice of Banking Facilities
Singapore offers a wide range of banking facilities to offshore companies as it is one of the leading financial hubs in Asia. You have options to open multi-currency accounts and transfer funds from international to local banks. It takes 2 to 15 days for opening an offshore bank account in Singapore. Most banks require business owners to open the account themselves. Other banks allow representatives from a Singapore corporate services company to open an account on behalf of the owner.
Strong Political Stability
Politics has a lot of impact on businesses. Singapore is one of those countries that take on a pro-business approach. This helps businesses excel through transparent transactions.
Singapore also gives high regard to the protection of intellectual properties, workforces and businesses. This is absolutely perfect for you as these measures lower the risk of setting up your company in Singapore.
Huge Market for the Investors
There are many industries that have a huge market in Singapore like the chemical industries, electronics industries, mineral and fuels industries, transporting industries, etc. There is a huge scale of import and export for all businesses in Singapore.
Big Opportunity for the Start-ups
Singapore is one of those countries that provide immense opportunities for start-ups as well as internet entrepreneurs. That is why we recommend Singapore to be a preferred location for you to start your business as well. The government is also a supporter of the free market.
Singapore is one of the leading destinations in Asia for foreign businesses because of its business-friendly climate. Entrepreneurs from all over the world can very easily incorporate foreign-owned companies in Singapore. Offshore companies set up in Singapore can get a lot of benefits from their strong political stability and quick incorporation processes, lower tax rates, liberal ownership, etc. as we mentioned above.
Are you ready to open an offshore company in Singapore? We at Business setup worldwide provide business setup solutions for starting an offshore company in Singapore. If you need any assistance regarding offshore company formation, feel free to contact us! We’d be happy to assist you.