Singapore offshore company formation

2 mins video Singapore is one of the world's leading international financial centres, third most globalized economy among 60 of the world’s largest economies, a major capitalist service economy characterized by low taxation and free trade. Singapore is the best ease of doing business over the world as World Bank. Singapore private limited company is most popular and easier for foreigner.

All business and bank account outside Singapore is tax-free (Offshore Status), Singapore company formation requires a minimum of one Local Director who is Singaporean citizen.

How to incorporate a company in Singapore?

Singapore Private Limited Company Formation (Pte. Ltd), initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in Singapore Corporate Regulatory Authority (ACRA) system. Our services included Local Secretary who is local Singapore citizen.

You settle the payment for Our Service fee and official Singapore Government Fee required. We accept payment by Credit/Debit Card     , Paypal  or Wire Transfer to our HSBC bank account  

See more : Payment Guidelines

After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full Singapore Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).

You can open bank account for your company in Singapore, European, Hong Kong or other other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.

Your Singapore Pte. Ltd formation completed, ready to do international business!

Read more:

• Singapore company formation
• Singapore offshore bank account

Singapore is a developed country in Southeast Asia. Remarkably, Singapore has a very business-friendly climate and political stability. The Government has published many favorable policies with a view to attract foreign investment in Singapore.

These factors have contributed to the nation’s classification as the most open economy in the globe. In 2021, Singapore ranked 1st in the Index of Economic Freedom, with an index score of 89.7/100.

Consequently, this island nation has been a famous destination for massive foreign investments from investors all around the world. According to One IBC, the following industries are some of the best investments in Singapore:

• Manufacturing
• Finance service
• E-commerce
• Wholesale and retail trade
• Transportation

Singapore is often referred to as an offshore financial centre (OFC). That means Singapore provides corporate and financial services to foreign investors on a scale that is out of proportion with the size of its domestic economy. The country is in the category of offshore financial centre because it offers attractive tax incentives. Along with low tax rates, there are also tax exemptions offered for businesses in certain industries, especially in offshore and global trading.

Banking secrecy is also another reason that put Singapore in the list of offshore financial centres. The country is in the top 5 of the 2020 Financial Secrecy Index. Its secrecy score is 65 and contributes over 5% share of the global market for offshore financial services.

Banking in Singapore is under the contractual duty of confidentiality imposed by section 47 of the Banking Act, which states that customer details shall not, by any means, be disclosed by a bank or its officers in Singapore, to any other entity except as mentioned in the Act.

By that definition, Singapore can also be classified as a tax haven. It has low "effective" tax rates and offers financial secrecy. It is also in the tax haven lists conducted by reputable international organizations.

Being listed as a tax haven does not mean Singapore is a bad choice for investment. In fact, despite the tax haven status, Singapore has proven itself as an international business center and a global commerce hub, continuing to be the ideal destination for business owners and investors around the world.

Companies in Singapore are required to have at least one director. A director is a person who is appointed by the shareholders to be in charge of managing the company’s daily affairs. The person must make the strategic and operational decisions of the company and is responsible for ensuring that the company meets its statutory obligations.

Every company in Singapore must have at least 1 director. Here are the basic requirements for a company director in Singapore:

• At least 18 years old;
• Of full legal capacity;
• Can be of any nationality;
• Ordinarily resident in Singapore: A Singapore Citizen, Singapore Permanent Resident or EntrePass/ Employment Pass (EP) holder.
• An EP holder wishing to become the director of a local company must first get a Letter of Consent (LOC) from the Ministry of Manpower (MOM).
• People with Foreign Identification Number (FIN) are advised to check with the relevant authorities (e.g. MOM/ ICA) on their eligibility before registering or designating (e.g. Director, Secretary).

Are there any restrictions on company name in Singapore?

While you can easily register for a new business in Singapore, you should be careful when choosing your company name. It is advisable to perform a name check to make sure that your company name can be approved for registration by the Singapore Accounting and Corporate Regulatory Authority (ACRA) in the first place. Here are the applicable restrictions for a new company name in Singapore.

• Undesirable. Your company name will be rejected if it contains offensive or vulgar words;
• Identical to an already available company name in Singapore
• Identical to an already reserved company name. There are companies in Singapore that have not been incorporated but have already registered their business name as a reservation to ACRA. Business names are reserved for at least 60 days, and up to 120 days. This is why anyone who plans to set up a new business in Singapore must perform a proper company name check.
• Prohibited by order of the Minister for Finance. The word "Temasek" is prohibited to be used as a company name. Currently, this is the only word which the Minister has directed the Registrar not to accept for registration..
• Certain words such as “bank”, “insurance”, “university”, and “education” are not in the criteria for Singapore company name restrictions, but are strictly used under Government authorities and will require permission before you can set up a new business.

Recently, incorporating a Singapore company is one of the most popular business options for sea changers. In addition, the Singaporean Government brings attractive tax incentives for startups and preferential policies which help them during their initial days.

However, the process of incorporating a Singapore company could be a burden for foreign business, as there are a few required documents that need to be filled and submitted to the Government. To shorten the process, foreign investors usually hire a corporate service provider to help incorporate a Singapore company for them. Registering for a company in Singapore is simpler than ever with the support of One IBC. We have a local office in Singapore and a team of experts, these professionals can guide you through the procedure for the Singapore company registration, saving valuable time & money.

Here are required documents for incorporating a Singapore company:

• Director/Shareholder's Passport(s)
• Director/Shareholder's Residential Address Proof(s) (for example: Electricity/Water/Phone bill...not older than 03 months)

Singapore was supposed to be a business hub, internationally renowned, attracting several corporations and entrepreneurs on its shores. Some of the key areas for which Singapore receives accolades in business include the following:

• Strategic Location: Singapore is positioned at the crossroads of key trade routes, making access to Southeast Asia and beyond easy. Strategically located, it is an ideal base for companies that want to venture into the blossoming Asian markets.
• Business climate: The economy of Singapore is always ranked highly in reports ranking countries by ease of doing business. The political environment in this country is stable, with transparent regulations, hence making it the perfect state to stimulate entrepreneurship and innovation thanks to a strong legal framework. In addition, its low corporate tax rates and plentiful tax incentives add more to the attractiveness.
• Strong Financial Sector: The financial service in the country is at a better state with many banking, insurance, and investment firms. The country is one of the great financial centers in Asia, thus providing better conditions in order to obtain capital and financial services for business.
• Diversified Economy: Starting from manufacturing and logistics to technology, finance, and healthcare, the economy is hugely diversified. Therefore, each company can be very successful in every mentioned industry because it helps to reduce dependence on one sector.
• Innovation and Technology: Innovation and technology advancement are encouraged by heavy investment in research and development. Thus, the government promotes it via various schemes and grants that are promoting startups and technology firms. In the process, to the tech entrepreneurs, it would be very fertile ground.
• Skilled labor: It has a well-trained and educated labor force; further, it gives tremendous importance to vocational training and tertiary education that is considered essential to pursue enterprise competitiveness.

Read more: Singapore offshore company formation

Conclusion, Strategically located, business-friendly environment, strong financial hub, diversified economy, emphasis on innovation, and skilled workforce are the key elements of Singapore that make it one of the most preferred destinations for international business.

While a company may purchase house property in Singapore, there are certain laws and restrictions that apply. The government of Singapore controls foreign ownership of private residences with a view to ensuring that housing remains affordable to citizens and permanent residents. Companies, particularly those which, under Singaporean law, are considered "foreign entities," have certain restrictions when trying to acquire residential properties.

1. Ownership Restrictions: According to the Residential Property Act, any company that is incorporated outside Singapore, or with foreign shareholders, is considered a foreign company. Generally speaking, it prohibits a foreign company from acquiring landed residential property like bungalows and semi-detached houses unless explicit approval is given by SLA. This is seldom granted and is usually granted to companies contributing much to the country's economy.
2. Foreign Entities' Approved Properties: Most companies are only allowed to purchase residential property units, which are normally situated within certain non-landed properties, like apartments and condominiums in designated developments. If a foreign company wants to acquire such residential properties, an Additional Buyer's Stamp Duty, or ABSD, of 30% of the value is charged, thus making the transaction quite costly.
3. Exemptions and Permissions: Resident companies with purely Singaporean or permanent resident shareholders may purchase residential property with fewer hindrances. Again, those entities falling under "housing developers" may buy residential property but again must meet some criteria such as acquiring a Qualifying Certificate or QC from the Controller of Housing.

Summary

Certain conditions also allow a company to purchase residential property in Singapore. The conditions can be approved, and the structure of taxes is based on ownership. Legal and property experts would make sure that all laws related to properties in Singapore are complied with, and suitable investment opportunities, within these guidelines, would be brought out.