Protecting or preserving the current wealth is a significant concern when it comes to safeguarding the best for our future generation. Be it a small business owner or an MNC investor, and wealth generation is a standard round that gets focused. The offshore grounds have turned out to be an exceptionally offshore investment-friendly destination that has occupied a large area in the international market. One such destination that can be relied on is Singapore, and the business investors widely choose that.
Singapore, being a favourable tax-haven jurisdiction, provides the flexibility to business owners to start their offshore asset management company in the premise. If you are looking forward to preserving wealth for your future generation, then it is recommended to read this guide to understand the complete process.
The offshore asset and wealth management industry has been rapidly increasing among the popular offshore jurisdictions. Considering the emerging regions, the Asian economy has been showing a positive inclination over the period. It has reached a count of USD 16.9 trillion by 2020, which again is expected to reach the next milestone of USD 29.6 trillion by 2025. The study shows that there is a massive influx in the Asian asset managers that has been continuously aiming to set up an offshore business in Singapore.
Located in Southeast Asia, Singapore has turned out to be one of the leading offshore investment hubs. The growing demand of the offshore company incorporation in Singapore has also strengthened the Asia-Pacific region. The graph below clearly explains the complete picture.
It can be seen that Singapore tops the list, as it provides a favourable business investment climate to the business investors. Now, let’s have a look at the process that needs to be followed for offshore business incorporation.
Incorporation of a company in a foreign land might turn out to be challenging if you are not well-known with the appropriate steps that need to be followed. Asset and wealth company incorporation in Singapore holds the following procedure:
As mentioned above, the business setup process might turn out to be troublesome if you are not well-versed with the steps that need to be followed, it might result in the delay of the proceedings. Since time is considered money, almost 99% of business owners prefer to start an offshore company under the guidance of certified business experts who holds a complete knowledge of the relevant processes.
A trade or business name stands as the face of a company. Now, while choosing a business name for your offshore business, you need to make sure that it doesn’t match with the competitors available in the market. Also, it is advised to select a trading name that doesn’t sound offensive.
So, the moment you select a business advisor, the next move is to be ready with the business documents that need to be presented. In general, the offshore company setup process requires the following essentials:
The entire set of documents is to be handed over to the business advisor, who in turn, will help you to get the required approvals from the government authorities.
An offshore bank account is a mandatory service that needs to be opted for when you incorporate an offshore business entity in any of the tax-haven countries. The flexibility that these jurisdictions provide to the owners is that they can open an offshore bank account in the same country where the offshore business entity gets incorporated, or can target another offshore location. The complete process takes a minimal duration, backed by you provide the required set of documents.
To know more about the advantages that you can avail, have a look at our latest guide on Advantages of Offshore Banking.
Since the core aim of incorporating your offshore company in Singapore is to safeguard the assets for your future generation, it is recommended to proceed with Nominee Director and Shareholder Service. In simple terms, this adds another layer of protection to the company incorporated as the identity of the real owners of the company gets covered by the nominee professionals that get appointed.
The final move is to conduct business operations accordingly. Since you also hold an offshore bank account, it will help you to enter the international Forex Trading market that will help you to invest at a global level. Also, you can deal with bitcoin and cryptocurrency on a later part.
In short, you have got a complete idea on how to start an asset and wealth management company to safeguard the assets and wealth for your future generation. Now, it is to be understood that while dealing with the legal process, you might face hindrances if not aware, which might also abort the operation.
At Business Setup Worldwide, we do understand the care and concern you hold for your upcoming generation, and thus, we are here to provide the best tailormade solutions suiting your needs. Since inception, we have been helping numerous business clients to preserve their wealth and also to set up their offshore business across various locations, which has made us as one of the top business consultants in Dubai. If you are looking to safeguard your assets, and the next steps to be followed, feel free to have a word with our business experts. Contact ustax-ha today-we’d be glad to assist!