Singapore has become a very appealing investment center for enterprises and companies all over the world. Among the factors mentioned by these, the low taxation system, as well as the ease of the company registration process in Singapore were the most often quoted. While some of the investors prefer the classic limited liability company, the number of those choosing the Singapore offshore company has also increased in the last several years. However, most of the times opening an offshore company in the city-state gives room to a lot of questions.
Our Singapore company formation specialists have answered the most frequently asked questions on offshore companies below:
The Singapore offshore company is a company registered in the city-state, but offering its services or selling its products outside the country. In Singapore, the offshore company is also known as a non-resident company.
The requirements to open a Singapore offshore company are the same as for any other type of company. Apart from you in the quality of shareholder, a director and a secretary are also required.
Yes, as a foreign investor, you will need a visa to open an offshore business in Singapore. You can choose between the employment and the entrepreneur passes. Our company formation agents in Singapore can assist with the enterpriser visa.
No, you don’t need a local partner or sponsor, however a local agent who will be in charge with the Singapore company formation process and keeping in touch with the authorities must be appointed. For this purpose, you can rely on the services offered by our Singapore consultants.
The registration of an offshore company in Singapore takes the same as for any other type of company. The average amount of time to open a Singapore company is 5 working days, however the timespan usually depends on how soon the paperwork is ready.
There are no minimum share capital requirements to establish an offshore company in Singapore.
Considering the company’s activities will be carried outside Singapore, there are no licensing requirements for an offshore entity.
Offshore companies are destined to operate outside their country of residence and this principle also applies in Singapore; therefore, a Singapore offshore company will be exempt from paying taxes in Singapore.
Even if no taxes must be paid in Singapore, as any other company registered with ACRA, an offshore entity must follow the same accounting regulations and file annual financial statements with the tax authorities in the city-state.
Singapore offshore companies have a lot of benefits, among them being the possibility of using them as holding companies or for tax advantages. When it comes to taxes, an offshore company in Singapore will pay no withholding or any capital gains taxes.
We kindly invite you to contact our company registration agents in Singapore if you have more questions about offshore companies or if you want to know what other advantages this type of entity offers.