How to open a company and account in Singapore in 2020

How to open a company and account in Singapore in 2020

Singapore is currently considered as one of the financial centers. The main features of this country are the stability and development of the banking sector. This can play a big role if you need to open an account with a financial institution for further business.

The advantages of working with Singapore banks are that they work with almost all currencies in the world. In total, many banking organizations are registered in the country. On average, opening an account takes 2 weeks, when opening, you need to consider that the sphere of banks is struggling with money laundering.

Features of company incorporating in Singapore

Registration of an organization in this jurisdiction has several advantages - the founder receives benefits by increasing the reputation and expansion of the company. You can access the Asian market.

The country is financially stable, the legislation is optimal for doing business - non-residents get the opportunity to open their own business. To open a company, contact our specialists at IT-OFFSHORE. Our experts will answer your questions.

In total, three types of organizations can be distinguished:
• With liability limited to shares;
• With unlimited liability;
• With liability limited to warranties.

Most often, non-residents choose a limited liability company. It is difficult to register an offshore company in the country. If a company in a jurisdiction works with local partners, transfers profit to an account with a bank in the country, it pays income tax, and in some cases, value added tax.

Singapore-based organizations that make profits abroad and have tax exemptions have signs of offshore. However, each organization in the country is required to keep records and submit reports to the appropriate authorities. An audit is mandatory.

Organization Requirements

In most cases, a strict amount of the authorized capital is not provided, but it should be at least 1 dollar. Usually it is set in the order of $ 1,000 to open a bank account without any problems.

When planning work in some areas, an additional license is required. To familiarize yourself with the permitted areas of activity, contact our specialists. You can use registered shares.

A company from this country must have one shareholder - an individual or legal entity of any citizenship, one executive director must be a resident of Singapore. The organization should have its own legal address, a unique name that does not have similarities with existing company names.

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