The implementation of the idea of company incorporation involves numerous parameters that an investor or a business owner needs to focus on. Offshore destinations have become one of the widely chosen business grounds focused by the business investors and owners as they can enjoy numerous benefits. Singapore, one of the most vibrant cities of the world, has been excelling among the popular offshore destinations. The tax-haven jurisdiction has leveraged out numerous facilities to the business investors to set up an offshore company.
One such essential parameter that needs to be focused is to decide whether to establish a new business entity or buy an existing one. Yes, you heard it right! Ready-made or shelf companies is one of the options that are available to the business owners when it comes to setting up an offshore company in Singapore. If you are planning to start an offshore company in Singapore, then this is a must-read for you.
A shelf company is a legal business entity that is created at an early stage but stays dormant when it comes to conducting operations, which means, no business activities have been undertaken since company formation. Now, buying a shelf company turns out to be profitable because the business owner or investor doesn’t need to undergo the company incorporation process, and thus, it saves time. Also, one an investor buys a shelf company, the business operations can be performed immediately.
Singapore has been a vibrant ground and is often chosen by the business investors when it comes to offshore company incorporation. Establishment of a new offshore company in Singapore takes a feasible amount of time, but if you are looking for a more straightforward option, proceed ahead with a shelf company.
The registration process of a shelf company in Singapore demands the business investors/owners follow a set of steps that need to be followed accordingly.
When you are looking forward to buying a shelf company in an offshore jurisdiction like Singapore, you need to be careful about the business structure that you would be proceeding ahead. Ninety per cent of the tax-haven countries prefer the business owners to move ahead with International Business Company (IBC).
Since a shelf company already holds the respective documents like the certificate of incorporation, memorandum and articles of association, you must go through the papers set before you sign the contract. It is advisable to undergo the process with the guidance of a certifies business expert, who can cross-check the documents before you purchase the business entity.
Once the documents have been thoroughly scrutinized, you need to proceed ahead with the signing of the contract, which will authenticate the power of buying the shelf company.
In the next step, you need to make sure that the ownership of the business entity gets transferred to your name. A legal expert business advisor will be able to assist you in a better way to clear the proceedings. This process might require you to sign a specific set of documents.
After signing and submission of the basic set of papers, the existing company documents will undergo the update process, wherein the names of the new shareholders and directors will be included in the memorandum and articles of association. Along with this, the company books will also be cross-checked so that you can keep a fresh account.
In the final step, you need to make sure that you hold an offshore bank account, to carry out the business transactions at ease. Having an offshore business bank account helps an individual to get involved in international business operations along with Forex Trading, asset and wealth management etc.
Thus, you have seen that the shelf company set up in Singapore process requires essentials steps. Investors are keen on saving time so that they can utilize their the same in the best possible way. Having a guide by your side eases the process, and thus, at Business Setup Worldwide, we understand the need for proceeding with the same.
The business advisors at Business Setup Worldwide are well-versed with the offshore company incorporation process in Singapore, be it a new formation or buying a shelf company. With years of industry experience, they can provide tailored solutions accordingly, which makes us one of the top business consultants in Dubai.
If you are looking forward to buying a shelf company, feel free to have a word with our business experts. Contact us today- we’d be glad to assist!