Tax-free company with good reputation: business incorporation in Singapore
Starting a business abroad in a quick and easy way is possible. All you have to do is register a company in Singapore. The country is one of the top three world leaders in the accessability of doing business. The only requirement for the founder is to be 18 or older.
Advantages of jurisdiction
- Singapore is not on the FATF blacklist and has a good international reputation;
- Strong government support for small and medium-sized businesses;
- No ban on introducing nominal service in foreign companies;
- Income of companies received outside of Singapore is not subject to taxes on its territory;
- The minimum amount of authorized capital for foreign companies is only 1 Singapore dollar;
- Access to major Asian markets;
- Transparent procedure for registering a business in 2-3 days and, if necessary, obtaining a business license;
- Decent infrastructure;
- Stable economic and political situation in the country;
- Existing double taxation agreements with 20 largest countries;
- Lack of currency control.
Most international regulatory organizations have no claim to jurisdiction, and among businesspeople it is considered prestigious and often times superior to classic offshore zones. It is possible to open a company in Singapore 2020 with the support of IT-OFFSHORE specialists in less than a week and remotely. It is enough to just collect a package of necessary documents and discuss with consultants the direction of activities and organizational and legal forum of the future firm.
Stages of company incorporation in Singapore
- Selecting a company name. It should reflect the company's mission, be unique and have the prefix Private Limited or Pte. Ltd;
- The choice of no more than two basic directions of activity, and their fixation in constituent documents;
- Thorough study of current tax policy and current programs of state support of business, necessary for the most effective use of benefits and grants. This function can be performed by the lawyers of the company IT-OFFSHORE;
- Selection and registration of legal address, local (may be nominal) director and secretary;
- Filing an application for company registration with the Singapore regulatory authorities;
- Opening a corporate bank account. Will require the personal presence of the owner of the firm and will take 1-3 weeks.
Entrepreneurs planning to do business in Singapore should know that only profits of companies made outside the country are not subject to taxes. The state will have to pay 17% of the amount earned inside the jurisdiction. The package of documents required for registration includes: identity documents and proof of permanent residence of affiliated persons and top managers, the company's founding documents and several special questionnaires for owners.
Mandatory financial manipulations include audit as well as annual submission of financial, accounting and tax reporting to specialized bodies.