Offshore Company Incorporation Overview
Company incorporation in Singapore is certainly a highly sought after option. However, there is something else that investors also take into consideration – offshore company incorporation. Companies with large interests worldwide and huge amounts of money often find themselves in the situation whereby they want to make expansion plans yet are unsure on the best way to go about it. They might look into operating a subsidiary from another country or even opening a branch office in foreign shores.
However, one viable alternative for such companies would be to opt for incorporation of an offshore company. In past years, offshore company incorporation might be seen as something businesses do to evade or avoid taxation from their home country. The truth is actually that offshore company incorporation can work out to be an option for businesses which wish to expand their operations overseas. Thus, an offshore company literally means opening or incorporating a foreign arm in another country.
Off course, offshore companies do not work with every type of business. You would need to be able to belong to a certain type of business before being able to incorporate an offshore company and enjoy the benefits that comes along with it. Offshore companies generally bring advantages to those in the service and consultancy industry or those who are involved in tax planning, offering financial services, trading, investment and intellectual property. As is evident from this list, those who would be able to successfully pull off having an offshore company would be those heavily involved in services. Industries such as retail, construction and manufacturing would not normally opt for incorporation of offshore companies.
Once you have decided that your company would do well to incorporate an offshore entity based on the factors already discussed, the next step would be to determine the location of the offshore company. There are actually different countries around the world where you can set up an offshore company with minimal hassle and requirements. You can generally get approval within a few days and thus, there would be business continuity in terms of operations. Such countries are normally called tax havens because of the benefits they can accord offshore companies incorporated in their respective countries. They generally have the reputation of being able to “shield” such offshore companies. However, do bear in mind that there are also different rules and requirements one would need to adhere to while setting up such a company.
One main factor you would need to consider would be the different benefits you can get from each tax haven country. A general rule of thumb is the fact that the tax haven would be able to offer incorporated offshore companies little or no tax liability at all. The difference in tax liability would differ between different countries. You would also want to find out what type of jurisdiction the country would have on your taxation responsibilities and also how this would affect your international operations. Always remember that the world of tax havens and offshore companies is not as clear cut as it often made out to be. Hence, it is important that you find out as much as possible about the requirements and benefits in each country.
Paul Hype Page Can Help
Not only are we well versed in Singapore company registration and incorporation procedures, we are also able to assist you with offshore company incorporation. Paul Hype Page has had several years of sound business expertise, and we offer professional services which help you incorporate a company. Among the services we provide include Company Incorporation services, Corporate Secretarial Services, Nominee Director Services and corporate tax advice. We can help you select the right corporate entity for your business structure, assist with your business profile and more. Whether you choose to do business in Singapore or offshore, we are ready to help.
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Categories: Business Opportunities in Singapore