Set up your business in Singapore
- A Singapore offshore company formation called a Private Limited Company is one of the most sought after corporate structures in the world due to the jurisdiction’s supportive corporate laws, tax incentives, and strong financial center.
- Singapore is often referred to as an offshore jurisdiction because of its low tax-rates even though Singapore corporate law makes no distinction between on-shore and off-shore company structures. All companies are incorporated through the Singapore Companies Act Chapter 50 and are regulated by the Singapore Accounting and Regulatory Authority (ACRA).
Singapore has an outstanding reputation thanks for its ease of doing business, economic freedom and rule of law, making it a highly sought-after jurisdiction making it one of the leading Asian cities.
- Singapore boasts as having one of the strongest banking systems in the world and as a result is home to many international branches and multinational companies thanks in-part to the jurisdictions numerous incentives that among them give tax-breaks to foreign branch and company headquarter offices.
Advantages Of A Singapore Offshore Company
- No paid in-capital
- Quick and easy registration process
- Offers extensive tax incentives
- Access to Double Taxation Treaties
- Shelf companies and nominee services permitted
- Key financial hub in Asia Considered the Switzerland of Asia
- Strong banking and financial sectors
- International banks have branches or headquarters
- Strict legal and corporate laws
- Highly regarded jurisdiction
- Separate legal entity Great environment for entrepreneurs and SME’s No taxation of any kind of foreign-sourced income
- Rated one of the easiest place to do business in the world
- Best business environment in Asia Pacific
- Global innovation #5 in the world according to Economist Intelligence Unit
- Rule of law is respected
- Economic freedom index rated #1 in Asia #1 in achieving human capital Global Innovation Index 2018
- Has been rated as one of the worlds most competitive economies
- #3 in the world for best Intellectual Property (IP) protection: Global Competitiveness Report 2018
- One of the least corrupt governments and economies in the world
Things To Consider
- Directors and Shareholders are public information (using our nominees can resolve this)
- Annual accounts must be audited and filed (but information is not publicly available)
- Local resident secretary must be appointed (nominee provided)
Tariffs
Singapore’s tax system is territorial based. Only income derived from within Singapore is subject to tax. The country has a very supportive and attractive tax system to capture foreign investors with many tax breaks for certain industries. Companies requesting tax exemption on income from foreign sources must comply with Singapore’s tax reporting laws and requirements and submit supporting documentation. Corporate tax rates vary depending upon sector and size of company from 0%-17% and personal tax rates vary from 0%-20%.
There are many uses for a Singapore Company. One can be set up and used for any legal purpose and for any legal activity, including but not limited to:
- International trading
- Asset protection
- Yacht registration
- Tax avoidance
- Protection and ownership of intellectual property
- Estate planning
- Confidentiality
- Share ownership in other companies
- Financial management
- Investment holding
- Leasing of other assets
- Ownership of intellectual property
- Internet business
Corporate Features
| SingaporeCompany | Corporate Details |
| General | |
| Type of Entity | Private Limited Company |
| Type of Law | Common Law |
| Governed by | Singapore Companies Act, Chapter 50 |
| Registered Office in Cook Islands | Yes |
| Shelf company availability | Yes |
| Our time to establish a new company | 1 week |
| Minimum government fees (excluding taxation) | SGD 300 |
| Corporate Taxation | 0% foreign income exemption |
| Access to Double Taxation Treaties | Yes |
| Share capital or equivalent | |
| Standard currency | SGD |
| Permitted currencies | Any |
| Minimum paid up | SGD 1 |
| Usual authorized | SGD 1,000 |
| Bearer shares allowed | No |
| No par value shares allowed | No |
| Directors | |
| Minimum number | One |
| Local required | Yes |
| Publicly accessible records | Yes |
| Location of meetings | Anywhere |
| Corporate directorship allowed | No |
| Shareholders | |
| Minimum number | One |
| Publicly accessible records | Yes |
| Corporate shareholder allowed | Yes |
| Location of meetings | Anywhere |
| Company Secretary | |
| Required | Yes |
| Local or qualified | Yes |
| Accounts | |
| Requirements to prepare | Yes |
| Audit requirements | No (see below*) |
| Requirements to file accounts | Yes |
| Publicly accessible accounts | Yes |
| Recurring Government Costs | |
| Minimum Annual Tax | SGD 300 |
| Annual Return Filing Fee | SGD 60 |
| Other | |
| Requirement to file annual return | Yes |
| Migration of domicile permitted | Yes |
Registration Packages
Includes:
- Government Registration Fee (First year)
- Registered Office Address (First year)
- Registered Agent Services (First year)
- Company Secretarial Maintenance
- Certificate of Organisation
- Articles of Organisation
- Minutes of First Organisers Meeting
- Ownership Certificates
- Register of Members
- FREE Phone and/or email consultations
Requirements for Incorporation
To start a company in Singapore, you need to meet the following requirements:
- Approved Company Name
Get your company name approved by ACRA through their electronic portal, BizFile+. - Appointing Directors
You must have at least one resident director who is a Singaporean, permanent resident or someone with a valid employment pass. If a foreign company has no local person to appoint, they can find a nominee through professional agencies or appoint a Singapore-hired employee as the director. - Appointing a Qualified Company Secretary
Within six months of incorporation, you must appoint a qualified company secretary. If the company has only one director or shareholder, you need to appoint a separate person as the secretary. - Shareholders
Your company must have at least one shareholder but no more than fifty. Shareholders can be individuals or other legal entities. - Registered Office Address
The company must have a local Singapore address, which cannot be a P.O. Box. - Paid-up Capital
You need a minimum paid-up capital of SGD 1, which means minimal initial investment. You can increase the capital at any time after registration.
Singapore Company Incorporation Process
The formation of a company in Singapore is a structured and systematic process, consisting of selecting a suitable business entity, registering the company with the Accounting and Corporate Regulatory Authority (ACRA), and attending to post-incorporation procedures to ensure compliance and good standing.
1. Choosing A Business Entity Type
When forming a company in Singapore, it is crucial to determine the appropriate type of business entity as this decision impacts taxation, liability, and compliance requirements. The options include private limited companies, sole proprietorships, and partnerships, with the private limited company being the most common due to limited liability and credibility
2. Registration With ACRA
The incorporation process involves registering with ACRA, which is the national regulator of business entities and public accountants in Singapore. Registration steps generally include:
Ensuring that the company name is unique and approved by ACRA prior to registration.
Preparing necessary incorporation documents, such as the company constitution.
Making payment of the registration fee to ACRA following the submission of the required documents.
A successful registration results in the issuance of a certificate of incorporation and a business profile from ACRA.
3. Open a business bank account
Additional services we provide
How to Register?
From company order, name check and reservation, documentary requirements guidelines, feedback and timing. Step by step guide how a new offshore company registration normally happens in Singapore.