How to open an offshore company in Singapore?

The financial and political stability of the state, intensive economic development and preferential taxation policy attract those companies to Singapore, for which it is important to optimize taxes without losing business reputation. The lack of currency control also attracts businessmen. Officially, Singapore is not included in the list of offshore states, the principle of territorial taxation is used here. The corporate tax rate in Singapore is the same, it is 17% for both residents and non-residents. Residents and non-residents of the state pay taxes in the following cases:

• income was received on the territory of Singapore;
• income was received outside of Singapore, but it was transferred to the account of any of the local banks.

That is, in order to facilitate the tax burden you need to conduct business outside the country, the place of business can be Kyiv, Krakow, Berlin, etc., and do not transfer money to the banks of Singapore. Singapore is not an offshore zone for Ukraine and Poland. The total number of states with which Singapore has concluded double taxation treaties is more than 50. Ukraine is on the list of these countries.

Offshore in Singapore - the basic requirements:

• One of the directors of the company must necessarily be a resident of the country. The number of directors is not limited. The company secretary must be a resident of Singapore;
• Mandatory presence of shareholders (at least one shareholder). Issue of bearer shares is prohibited. All shares must be registered;
• Availability of registered legal address. The offshore company will not be registered without it. Mailing address for registration is not suitable;
• Mandatory accounting. An annual report is mandatory;
• When choosing a name, words must be included in it, indicating the organizational and legal form of the company (“Private Limited” or “Pte. Ltd”, etc.).

5 reasons to open an offshore company in Singapore

1. No restriction on the choice of type of activity. The main thing is that it must not be prohibited by law. A number of activities implies mandatory licensing (insurance, banking, trust activities).
2. Positive image of the company. Offshore zones are often considered as a way to evade taxes, so offshore companies do not always manage to maintain a good image in the eyes of partners and investors. Since Singapore does not belong to the offshore zone, the companies registered on its territory are considered as reliable, and are respected by international partners.
3. Lack of bureaucratic obstacles. There is no corruption in Singapore, the registration procedure is computerized. Personal presence of its founder in the country is not required for opening a company. The time required for registration is up to 2 weeks.
4. Confidentiality. Information about the beneficial owners of the company is closed. You can get it only by court order.
5. Convenient geographical location and developed infrastructure. The country is ideal for companies that do business in the Asian market. Singapore has a large international airport, and the country belongs to the largest ports in the world.

Are you interested in offshore in a politically stable country with a high market economy? The best solution will be Singapore - a state with favorable investment climate and clear, understandable legislation!