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Tagged as one of the feasible and affordable tax-haven jurisdictions, the country of Singapore is one of the positively opted offshore business destinations. Located in the Asia-Pacific region, the nation has been continually improving economic development and sustainability.
As the demand for offshore destinations increases, the government of Singapore has been continuously focusing on improving the overall business culture and environment. Today, starting an offshore company in Singapore can be completed within a short span, and the respective business processes can be carried out accordingly. The following section highlights the essential aspects of offshore company registration in Singapore.
Offshore Company Environment in Singapore
As it is a well-known fact that an offshore destination allows an individual to operate the business activities outside the region of residence, Singapore has significantly become a good player in the same. The high-skilled workforce, the pro-business environment, and the tax-exemption strategies that have been successfully adopted by the government of Singapore have made the destination as one of the favourable choices.
The offshore companies in Singapore are formed to the Companies Act (1994) and are governed under the Common Law. When it comes to the registration process, it is maintained by the Accounting and Corporate Regulatory Authority (ACRA). At the same time, the established businesses experience high-end security and confidentiality that turns out to be feasible, flexible and eases the business flow.
Offshore company in Singapore can be utilized for:
International Trading
Holding company
Imports and exports
E-commerce
Consultancy business
Another move after opening an offshore business in Singapore is that the business owners have the flexibility to open an offshore bank account to carry out the business transactions at ease.
How to Start an Offshore Company in Singapore?
Offshore company incorporation in Singapore requires essentials that need to be followed by an investor. To start with, you need to focus on the following:
1. Figure out the Business Activities
The first thing is that you should have clarity regarding the business activities that you will be carrying out. At the same time, you need to have a focus and in-depth knowledge regarding the target audience that you have in your list.
2. Register the Company Name
The next move is to be clear regarding the company name that needs to be finalized. It is always advised to have a unique name from the competitors available in the market. Also, make sure to have two-three trade name alternatives while you proceed for registration.
3. Submit the Essential Documents
The incorporation of the offshore company in Singapore involves the submission of the business documents that need to be submitted to the relevant authorities for inspection. The list includes the following:
A duly filled offshore company incorporation form
Passport size photographs of the shareholders and directors
Identity proof of the shareholders and directors
Address proof of the shareholders and directors
Details of the parent company
Bank reference letter
Well-drafted business plan
4. Verification and Approval of the Documents
Now, the submitted documents will undergo the respective inspection and approvals that must be obtained from the respective authorities. At this point, it becomes highly essential for the investors to have a business guide by their side, as they are well-versed with the company incorporation and offshore bank proceedings.
5. Open an Offshore Bank Account
Once you are done with the company proceedings, the final call is to open an offshore bank account. An offshore bank account allows a business investor to grab numerous benefits to carry out the business transactions at the international level. To understand more about the benefits that you can derive, here’s a guide on the Advantages of Offshore Banking that will help you to understand the benefits that you can avail.
What are the Benefits of Starting an Offshore Company in Singapore?
By opening an offshore business entity in Singapore, you grab the following benefits:
High-end confidentiality
Complete tax-exemption benefits
Company incorporation requires low capital investment
Flexibility to deal with the offshore bank account
No mandatory to maintain accounting and audit books
Business Setup Worldwide | Your Offshore Guide
In short, we have got an overall gist regarding the steps and procedures that are to be followed by any foreign investor who is looking forward to setting up an offshore company in Singapore. Business Setup Worldwide has been one of the top business consultants in Dubai, which has been effectively helping the business investors and owners to establish their business entities at ease successfully. Our business advisors hold extreme knowledge when it comes to starting an offshore business, and can guide you right away.
So, if you are looking forward to investing in Singapore offshore business, then this is the right time to have a word with our business advisors. Let G2B be your trusted partner, guiding you through every stage of the Incorporation process in Singapore with reliability and dedication. Contact G2B today to achieve your goal of expanding your business to Singapore!
