Tagged as one of the feasible and affordable tax-haven jurisdictions, the country of Singapore is one of the positively opted offshore business destinations. Located in the Asia-Pacific region, the nation has been continually improving economic development and sustainability. As the demand for offshore destinations increases, the government of Singapore has been continuously focusing on improving the overall business culture and environment. Today, starting an offshore company in Singapore can be completed within a short span, and the respective business processes can be carried out accordingly.
The following section highlights the essential aspects of offshore company registration in Singapore.
As it is a well-known fact that an offshore destination allows an individual to operate the business activities outside the region of residence, Singapore has significantly become a good player in the same. The high-skilled workforce, the pro-business environment, and the tax-exemption strategies that have been successfully adopted by the government of Singapore have made the destination as one of the favourable choices.
The offshore companies in Singapore are formed to the Companies Act (1994) and are governed under the Common Law. When it comes to the registration process, it is maintained by the Accounting and Corporate Regulatory Authority (ACRA). At the same time, the established businesses experience high-end security and confidentiality that turns out to be feasible, flexible and eases the business flow.
Offshore company in Singapore can be utilized for:
Offshore company incorporation in Singapore requires essentials that need to be followed by an investor. To start with, you need to focus on the following:
The first thing is that you should have clarity regarding the business activities that you will be carrying out. At the same time, you need to have a focus and in-depth knowledge regarding the target audience that you have in your list.
The next move is to be clear regarding the company name that needs to be finalized. It is always advised to have a unique name from the competitors available in the market. Also, make sure to have two-three trade name alternatives while you proceed for registration.
The incorporation of the offshore company in Singapore involves the submission of the business documents that need to be submitted to the relevant authorities for inspection. The list includes the following:
Now, the submitted documents will undergo the respective inspection and approvals that must be obtained from the respective authorities. At this point, it becomes highly essential for the investors to have a business guide by their side, as they are well-versed with the company incorporation and offshore bank proceedings.
Once you are done with the company proceedings, the final call is to open an offshore bank account. An offshore bank account allows a business investor to grab numerous benefits to carry out the business transactions at the international level. To understand more about the benefits that you can derive, here’s a guide on the Advantages of Offshore Banking that will help you to understand the benefits that you can avail.
By opening an offshore business entity in Singapore, you grab the following benefits:
In short, we have got an overall gist regarding the steps and procedures that are to be followed by any foreign investor who is looking forward to setting up an offshore company in Singapore. Business Setup Worldwide has been one of the top business consultants in Dubai, which has been effectively helping the business investors and owners to establish their business entities at ease successfully. Our business advisors hold extreme knowledge when it comes to starting an offshore business, and can guide you right away.
So, if you are looking forward to investing in Singapore offshore business, then this is the right time to have a word with our business advisors. Contact us today- we’d be glad to assist!