Singapore has rapidly become one of the strongest countries in the world, especially when it comes to its economy. With a stable political ruling and with laws that protect and attract entrepreneurs from all over the world, this country has managed to become so powerful that it is frequently associated with countries such as Switzerland, Monaco and Luxembourg.
There are a lot of reasons for which this country is so attractive for foreigners who want to open a business here and the main one is related to the fact that the entire process is as easy, bureaucracy-less and straightforward as possible. The Singapore government has made it easy for people to like the idea of settling their business in their country and that is precisely why this little dot on the map has managed to get so far.
Offshore Companies and How to incorporate them in Singapore
If you decide that the tax benefits, as well as the other advantages offered by the Singaporean government are attractive for you and your business, then you should know that there are multiple ways in which you can do it. The first main way in which you can get through the incorporation company registration process is by obtaining an EntrePass (a working visa for Singapore) and then by opening a business with its center in Singapore.
The second way in which you can incorporate a business in Singapore may be even more straightforward and fast.Offshore company incorporation can be extremely advantageous if you are not interested in actually moving to Singapore and if you are not interested in running everyday procedures related to your business. This means that you will not need any kind of visa, but that you will be able to visit Singapore when your business requires it. Here are the steps you should go through to see your offshore business settled in Singapore:
- Name registration: This is the very first step you should take in the incorporation process. The name of your future company has to be approved by the Company Registrar and this is usually quite an easy and fast process. If you do not have an EntrePass, you will have to leave this in the hands of a professional agency and they will submit all the necessary information through BizFile on your behalf.
- Minimum one director, one shareholder and one company secretary should be local Singaporeans.
- You need a minimum paid-up capital of S$1.
- You have to register your business address. Having only a P.O. box is not allowed
- The incorporation proper process will include an appointment with an incorporation agent, submitting all the necessary documents and actually incorporating the business.
- You will also have to open a bank account. Again, this is a fairly easy procedure, since many international banks can be found in Singapore as well. Make sure you analyze all the options available and all the details related to them and that you choose the one that is the most suitable for your business.
- You may have to register for the Goods and Services Tax.
- You may have to obtain business licenses or permits if you want to run operations in Singapore.
- You have to follow the Ongoing Compliance Requirements (such as filling in the annual tax papers).
As you can see, incorporating your offshore business can be quite easy and in some cases you will see everything done within a few weeks. There is an almost incredible list of benefits to doing this Singapore, including tax benefits and laws that will protect your company. Considering the fact that it is not even a very expensive process, you should definitely think about it.
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We provide the following services:
- Instant online company registration in Singapore
- International tax planning and advice
- Professional company secretary service at affordable price
*For more details on filing Company’s annual returns, click here
Paul Hype Page & Co. is an ACRA-certified business adviser. Our team of seasoned professional can help you set up a company in Singapore very quickly and easily following all legal entities, and offer you sound advice on how to make it successful too.
In addition to business registration, we’ll also guide you how to:
- Write a business plan – Learn how to write a compelling business plan by accessing our sample business plans, or other helpful market research information
- Perform market research – Understand your business market, learn how it can enhance your business growth, and how to properly conduct a market research for your business
- Corporate Secretary Services – If you are registering a company in Singapore, you will need a Corporate Secretary. Corporate compliance in Singapore is a complex legal requirement for all Singapore registered companies. Our company secretarial team helps our clients and their officers to fulfil their statutory obligations in an efficient manner.
- Manage your finances – We’ll offer you the best resources and information to help you fully understand all financial concepts and teach you how to perform basic accounting tasks like budgeting, bookkeeping, financial analysis, among others
To further aid you, we have provided here a resource area with industry specific information and other industry resources to help you successfully start and run your business.
- Singapore Business Opportunities
- Singapore Business Licences
- Singapore Tax Planning
- Singapore Company Incorporation
- Singapore Company Yearly Statutory Requirements
- Singapore Working Visa Guide
By Eric Eio
Managing Partner of Paul Hype Page & Co.
Eric was awarded an ACCA graduate in 2000 and also graduated from University of Sydney with a Bachelor degree in Computer Science & Accounting. Since graduation, he had worked in Big 4 as an auditor , including a one year overseas stint with Ernst & Young, Shanghai in 2005. He left his last appointment as an Audit Managerial position with PricewaterhouseCoopers, Singapore in 2008 before setting up his own Certified Public Accountant Practice – Paul Hype Page & Co. His firm is being selected to be one of the advisory panel for Singapore top 500 SME.