Offshore company in Singapore: news for Russians
An offshore company in Singapore will help to save on taxes, to save money, and to successfully conduct international business when the country is under the sanctions. The jurisdiction boasts a developed and rapidly growing economy, a reliable reputation, and a stable political environment. Another advantage of an offshore company in Singapore for the Russians can be highlighted by the absence of taxes for business, which is conducted outside of it. The registration of the company is fast, the bank account is also opened without problems.
The main requirements for business registration in Singapore
- The name must be unique and approved by ACRA (Registrar of Companies in Singapore);
- Director and secretary must be residents or permanent residents of Singapore who have work permits;
- When a local director is determined, an unlimited number of foreign directors can be appointed. They must be over the age of 18, have a clean, untainted reputation;
- The shares of the company can be fully owned by foreigners;
- A real legal address is needed.
Documents for offshore registration
When ACRA approves the name, it is necessary to prepare documents:
- Charter - you can use a standard template or develop it yourself;
- Documents of shareholders, their addresses of residence;
- Consent of each director to serve in this capacity, professional experience (resume);
- Application of the secretary for employment in this capacity.
For registration of an offshore company in Singapore other documents may be required. Our specialists will tell you more precisely after getting acquainted with your case. The forms must be filled out in English and notarized if necessary.
Business registration in ACRA
After you have prepared the documents, you must register with ACRA. You can do it online within an hour. Sometimes the regulator refers the case to other inspection bodies. In this case, the process can take several weeks.
Once the company is registered, you will receive an email:
- Business profile - contains information about the name, registration number, principal activity, address, amount of capital paid. It also has information about directors, shareholders, secretary, etc;
- Certificate of Registration. Contains the company name, unique UEN number, date of registration.
After getting these documents it is possible to open a bank account, sign an office rental agreement, execute an agreement for telephone and Internet services. If necessary, you have to apply for a business license. It is also necessary to register for tax purposes, even if you work offshore.
Can one manage an offshore company from abroad
A foreigner can set up a firm without having to reside in Singapore. S/he is quite capable of running the company from abroad. He/she has a local secretary and director to handle matters in Singapore.
If the owner decides to move here, it is necessary to get an entrepreneur pass through our company. It is valid for 1 to 2 years, if the company proves to be viable, the permit is extended. Subsequently, the pass holders can apply for permanent residency.
How Russians open a company in Singapore
To start a business in Singapore, contact IT-OFFSHORE experts and we will help you.