How to Open an Offshore Software Company in Singapore?

The software segment has been continuously spiking up and gets implemented for all possible business segments. Business entities right from a startup to an MNC, can’t underestimate or ignore information technology in any case. Since the inception of the software industry, there has been a continuous upward shift in the implementation of technology. The demand in the market changes a fast pace, and the technology industry has been holding an upper-hand when it comes to meeting the needs at ease.

The need is not only acknowledged in the onshore business grounds but also has penetrated the offshore business grounds, often regarded as business tax-havens. Singapore is one such location that has been upscaling in growing the onshore and offshore base and has been attracting the business investors to come forward and invest. Investors who plan to move or open a software business in an offshore ground, Singapore is an ideal location for the same.

Software Industry in Singapore

The software business is one of the major players in Singapore, which successfully contributes to the growth and development of the nation. Now, starting a software business in Singapore might require the business investor to grab specific license to carry out the activities.

At the same time, it is to be taken care that the offshore software business is preferred by the investors who wish to carry out the business operations outside the country of their residence. Few services that are provided by the offshore software business in Singapore include:

  • Software design
  • Programming
  • Marketing activities
  • Website development
  • Business consulting
  • Software testing

How to Open an Offshore Software Business in Singapore?

To start an offshore software company in Singapore, one has to go through the following process:

1.Appoint a Business Advisor

The very first task is to open a business advisor who holds a complete knowledge of the company incorporation process and can assist you in completing the process in a hassle-free manner. This is highly recommended because being a foreigner; you may not be aware of the process that needs to be followed to meet the legal requirements.

2.Select the Business Structure

In an offshore jurisdiction, a business owner or investor can proceed with different business structures like LLC, Partnership company etc. However, one of the most common forms is the International Business Company, also known as IBC.

3.Keep the Documents Ready

Your next move should deal with arranging the complete set of documents that are required for an offshore company setup process in Singapore. The list of essentials includes:

  • A duly filled offshore company incorporation form
  • Well-drafted business plan
  • Identity proof of the business shareholders and directors
  • Address proof of the business shareholders and directors
  • Memorandum of Association (MOA)
  • Articles of Association (AOA)

4.Submit the Essentials and Obtain Approvals

The complete set of documents needs to be submitted to the respective authorities to get the approvals. During the inspection process, if the submitted documents suffice, licenses can be obtained accordingly. In case if it doesn’t, you need to cross-check with your business advisor.

5.Open an Offshore Bank Account

The final move is to open an offshore bank account to carry out the business transactions, allowing you to invest in the international Forex Trading market. Every jurisdiction holds few banks that can assist you with offshore banking. However, it is recommended to finalize one after discussing with your business advisor. To know more about the benefits that you can grab, here’s a guide on the Advantages of Offshore Banking that outlines the same.

In a nutshell, we can see that the setup process of an offshore company process can be carried out easily under expert’s guidance. Time is money, and thus, needs to be utilized in the best possible way to carry out the business functions smoothly. At Business Setup Worldwide, we take care of the business establishment process and help the business investors to carry out their business process at ease.

Our business experts are well-versed with the company incorporation process and can assist you by providing tailored solutions. If you wish to take your software company offshore in Singapore, please have a word with our advisors. Contact us today-we’d be glad to assist!