How to open an offshore company in Singapore: what are the benefits?
The advantages of opening a company in Singapore are that you do not have to go through lengthy interviews to create an organization. Laws are carefully observed in Singapore, investments in the economy from abroad are welcomed, everything is being done to open foreign companies. One of the advantages is attractive tax payment conditions.
Benefits of opening a company
One of the signs of midshore jurisdiction is low tax rates. When registering a company in a clean offshore, the activities of a person are most closely monitored by regulatory authorities. Therefore, according to many experts, midshores will become the most common form of business.
What are the advantages of opening a company in Singapore:
• Low tax rates;
• Access to the services of the largest well-known banks;
• Respectable jurisdiction;
• Strongly developed infrastructure;
• The country has entered into double tax treaties with certain jurisdictions;
• Stability of the economy.
When planning to open a business in this jurisdiction, many businessmen want to create a fictitious organization that is formally located in the country. This option is not recommended to be used, as there is a risk of problems with servicing at the bank, and few partners will agree to work with such an organization.
If you need to create a stable company, you will need to create an organization that is actually present in the country. If you have questions regarding the creation of a company, contact our IT-OFFSHORE specialists, we will advise and help you open a company.
Stages of establishing a company in jurisdiction
A person can create an organization that has limited or unlimited liability. Most often, such OPFs as PTE LTD open in the country. Other forms, unlike this, are not universal.
After choosing the legal form, you should determine the activities of the company, as some require a license - these include trade, restaurant business and some other activities.
An important step is the choice of the name of the organization. There should be no resemblance to existing trademarks, otherwise there is a risk of receiving a claim from the owners of the rights to these names.
The largest number of directors is not specified in the law, but at least one director who has resident jurisdiction status is required. A minimum of one shareholder is also required when establishing a PLC company. The secretary must be a resident of Singapore.
It is necessary to take into account the need to submit accounting documents - the first document must be submitted to the tax service in 1.5 years, the declaration must be sent once a year no later than the end of November. All firms that have declared authorized capital must periodically report on the structure. The company must be audited. Basic information about the organization is in the public domain.