It would be criminal not to mention Singapore in the list of best countries in the world currently. Post-independence after 1965, the country has been on one track road of development. Apart from being one of the world's major ports, Singapore is a booming business hub for some of the biggest companies worldwide.
For the tenth consecutive year, in 2016, Singapore was ranked as the best country in the world for Doing business among the 189 countries surveyed by the World Bank. According to various other surveys, Singapore is also considered Asia's best city.
There is no doubt that doing business in Singapore can be the best move from an investor's perspective. On top of that, offshore company formation in Singapore can be an excellent choice because offshore company benefits exceed a typical company's benefits.
Singapore Offshore Business Model
The move and growth of the offshore business industry have left its footprints in global investors' eyes.
One of the most advanced and the fastest growing economies of the world, the jurisdiction offers numerous tax advantages to the business investors who initiate setting an offshore company in Singapore.
Apart from the company incorporation, opening an offshore bank account in Singapore provides numerous benefits to international investors.
Who Should Start an Offshore Company in Singapore?
Business investors or professionals dealing in the following fields are expected to incorporate an offshore business unit in Singapore. A few of the main spheres include:
- Investment holding
- Asset Holding
- Professional services or consultancy
- Intellectual Property holding
- Ship management and yacht owning
Benefits of Incorporating in Singapore
Few of the specific grounds that are beneficial for any investor to invest in Singapore offshore are:
Tax rates are significant nightmares for business investors while incorporating a business entity in any foreign jurisdiction.
Singapore provides a tax-friendly environment to business investors that stand as one of the critical considerations.
Right from capital gain to withholding and VAT tax, one can enjoy ample benefits.
However, Singapore's tax system is territorially based, and it is chargeable only for business entities who carry out the business operations within the national boundaries.
This tax relaxation can be enjoyed in the country because Singapore offshore is a tax haven.
2.Reliable Image in the Market
The Singaporean government has been providing numerous flexibilities to the business investors at a global level to come forward and invest in the region.
Be it a tech-based industry or a manufacturing hub, the region holds open space for every market. The offshore business units established in the jurisdiction portray its credibility and stature as a proper legal entity.
3.Ease of Company Incorporation in Singapore
The offshore incorporation process in Singapore is highly straightforward when continued under the guidance of professional experts.
One has to make sure to submit the correct set of documents that are demanded by the government authority. In general, the following docs are presented to grab the required approvals:
- A duly filled offshore application form
- Identity and address proof of the business investors and shareholders
- Passport size photos of the business investors and shareholders
- A well-drafted business plan
- Memorandum of association (MOA)
- Articles of association (AOA)
A quick and efficient company registration process free of bureaucratic red tape makes it one of the top choices for offshore business activities.
The business owners also hold the flexibility to opt for a shelf company, which is an easy move to choose a business entity from a list of offshore companies in Singapore.
Singapore receives 100% foreign ownership, as per its liberal ownership policy. The Singaporean government permits a company to have full foreign ownership without restriction in all types of businesses.
Additionally, foreigners looking to register an offshore company in Singapore do not require prior approval from Singapore authorities.
5.Politically Stable Environment
Singapore has the most politically stable environment for the business world. Singapore is Asia's least bureaucratic country.
Governmental integrity and a professional approach make it attractive for MNCs. According to the Political and Economic Risk Consultancy.
Singapore has been rated as the most politically stable country in Asia. It is often described as rational, pragmatic, transparent, and corrupt-free.
6.Wide Choice of Banking Facilities
As Singapore is one of the leading business hubs globally, it offers a vast choice of banking facilities for offshore banking.
The entrepreneurs and investors choose to open multi-currency accounts and transfer funds from international banks to local banks and vice versa.
Offshore company formation with bank account packages is readily available in the markets of Singapore. There are multiple advantages of offshore banking for a person looking to invest in the offshore market.
7. Big Market for the Investors
The Singapore offshore business is a massive market for the growing business investors who want to start an offshore company in the region.
Right from high-net-worth individuals who wish to secure their assets and wealth generated for professionals who wish to invest in Forex trading finds the location favorable.
Thus, you can see that the ground has got enormous business opportunities for the emerging and existing business industries.
Singapore is located centrally in Southeast Asia, making it a fantastic gateway of access to the continent's 3 billion people. Some of the world's most important economies like- India, China, Australia, Malaysia are also located nearby. Singapore's port is one of the largest and busiest ports globally and is also referred to as the International Maritime Center. The countries Changi Airport is a great airport that caters to nearly 20 million passengers every year.
How Can We Help?
Now you know why Singapore is an excellent location for offshore company formation apart from being one of the world's best places.
If you plan to set up a company in Singapore, it is highly recommended that you seek an expert's services. We here at Business Setup Worldwide provide customized business solutions in a jurisdiction of your choice.
Contact us today and get yourself a free consultancy with our qualified advisors.