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Offshore Company Registration in Singapore in 2023: Detailed Guidance and Expert Advice

An offshore company in Singapore is an effective tool for international business. Successful registration will help you solve almost any issues related to trading operations, legal tax optimization, promotion of a startup, or provision of services.

Offshore company in Singapore

An offshore company in Singapore can be much more efficient that the structures registered in offshore jurisdictions. It should be admitted that its incorporation requires some effort, but you can entrust the business setup to professionals. A good start will mean that you are unlikely to have problems with your company and its management.

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Interested in opening a foreign/offshore personal account? Take advantage of our free individual consultation. An expert will help you choose a suitable jurisdiction and financial institution for any specific requirements. 

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Offshore Company in Singapore: Main Advantages

Tax-free territories are believed to be better than midshores (that is, jurisdictions with low taxes). However, you could rely on this opinion some years ago when offshore companies did not experience significant pressure from controlling organizations. However, the current geopolitical situation makes midshores a very attractive option for company registration.

Here are the arguments that support this choice:

  • Tax incentives for your offshore company in Singapore. The fiscal policy of the jurisdiction is aimed at business stimulation and support. It will definitely help your company make a quick start and bring profit in no time. Singapore provides and actively promotes numerous tax incentives and preferences for startups, which may be a nice treat at the beginning of your business journey.
  • High reputation of an offshore company in Singapore. The structures registered in tax-free jurisdictions may sometimes be perceived with mistrust. Offshores are often associated with notorious tax evasion scandals and aggressive tax optimization schemes, and this is a shadow that may be cast on your company, too. And though the majority of offshore companies are just as reliable business partners as those incorporated in any other jurisdiction, the fact of being registered in Singapore will add a positive note to your reputation. 
  • Easy registration of an offshore company in Singapore. Business incorporation in typical midshores and onshores may require several stages of preparation. You will need to collect a large package of documents and wait for weeks and even months, and the risk of failure will still be quite large no matter how carefully you’ve made your preparations. Singapore is different in this respect: you will need to meet minimum requirements and provide basic documents. You will be able to focus on real business in a matter of 2-3 days, which is the reason why we highly recommend this option.
  • Singapore gives broad rights to non-residents. Singapore is friendly to foreign businessmen, so non-residents will not face any significant restrictions. A foreigner who wishes to register an offshore company in Singapore will have the same rights and privileges as local residents.
  • Stability of the jurisdiction. Real business feels very uncomfortable in states with an increased risk of political, financial, social or economic disasters. Moreover, there is no talking of asset protection or diversification as the risks are too high. An offshore company in Singapore is a project that operates in a pro-business environment: changes do take place, but they are usually positive.
  • High-quality banking services in Singapore. There are very few jurisdictions where the financial services sector and the business environment are equally well developed. Singapore is a rare exception! You can not only register an offshore company here but also open an account for it in a reputable and respected bank. No challenges or delays, just clear steps required to set up your business.
  • Singapore: a country of opportunities. We can see cases where a company is registered in a situation of limited choice: there are just a few organizational and legal forms available, one or two reliable banks to choose from, and a meager set of additional options and features. In contrast, Singapore provides a wide choice of options, and our experts can present a variety of business organization opportunities to you and help you make a reasonable choice tailored to your specific needs.

This is not a complete list of the benefits, of course. You will really get much more if you decide to register an offshore company in Singapore! Interested in the details? Find out more by contacting our experts – and embark on your business journey without delay.

Offshore Company in Singapore: Basics

What is the procedure of company registration in Singapore? In short, you will have to prepare a package of documents, and then delegate the rest to our experts. 

You can venture on your own, of course. But our specialists can provide guaranteed results within a particular term, which may be a great advantage if you value your time and efforts. 

See below a list of points to consider before you get a fully operational company in Singapore.

Offshore Company in Singapore: Name

  • The name must be approved by the registrar.
  • Please take into account the requirements for copyright and intellectual rights.
  • We usually recommend preparing 2-3 alternatives in case the main one is unavailable.
  • Pre-reservation of the name is mandatory (this is included in our registration package).
  • Make sure to include certain words and abbreviations in the name (to refer to the legal form of your business).
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There is an article on Private Limited Companies in Singapore on our portal that may be of use to you.

Offshore Company in Singapore: Director

  • You will need to appoint at least 1 director who is required to be a resident of Singapore/permanent resident of Singapore/holder of a work permit in Singapore.
  • You can appoint any number of directors for your offshore company in Singapore.
  • The director’s position can be occupied by an individual aged at least 18.
  • You can additionally order the option of a nominee director to manage your business on site.

Offshore Company in Singapore: Shareholder

  • At least 1 shareholder, and up to 50 shareholders. There are no requirements for resident status.
  • One individual/legal entity can combine the status of director and shareholder.

Offshore Company in Singapore: Secretary

  • Only a local resident with a sufficient and proven level of qualifications can hold this position.
  • If there is a sole director in your offshore company in Singapore and he is a shareholder at the same time, he cannot simultaneously hold a secretary’s position.
  • You can additionally order the option of a nominee secretary.

Offshore Company in Singapore: Paid-up capital

  • The corporate legislation formally requires you to have a minimum paid-up capital of SGD 1.
  • Authorized capital is not required.

Offshore Company in Singapore: Registered Address

  • Your company must have a legal address.
  • You cannot use a mailbox instead of a physical registered address of your offshore company in Singapore.
  • We can provide a registered address to you for an additional fee.

Offshore Company in Singapore: Registered Agent

  • You cannot set up a company in Singapore without a registered agent.
  • A foreign individual or a legal entity will have to hire a registered agent and register a company with his help.

Offshore Company in Singapore: Minimum Package of Documents for Registration

  • Copies of personal documents (for shareholders and directors).
  • Confirmation of the actual residence address (for shareholders and directors).
  • Information about the parent company (if the Singapore company shareholder is a legal entity).

This is the minimum package of documents required to set up an offshore company in Singapore. Your particular situation may require some additional data to be provided, but you can share all details with our experts and get competent advice on how to handle your case in the best way.

Stages of Company Incorporation in Singapore

If you are new to the world of business, offshore company registration may seem quite a simple process with no hidden catch. However, it takes a seasoned expert to present all available options to you, provide a reliable (and scalable!) solution, and ask the right questions to consider all of your business needs. 

International Wealth consultants are focused on finding an option that will work well for you in the long term. We keep in touch with our customers to see whether our solutions satisfy their needs.

Basic stages of business incorporation:

  • We discuss all details of the prospective company with the customer.
  • We start preparing a package documents. This is the most important step in your offshore company registration process as most failures and time delays occur due to errors at this stage.
  • We prepare a package of registration documents, a seal and a stamp.
  • We open a bank account for your company. Fortunately, the choice of available financial institutions for a company in Singapore is exceptionally large! In fact, you can open an account in a bank of any jurisdiction. Singapore companies have a high reputation in the business world, so all the best European, American, and Asian banks are available to choose from.
  • We help you obtain a VAT number for your company.
  • We assist in receiving licenses and permits. This stage is not mandatory as the number of businesses that require a license is restricted. However, if your company is going to engage in different activities and actively expand in the near future, you’d better take into account all of these aspects to see whether you need a permit.
  • We can take care of accounting and tax reporting. Of course, you can do it yourself, especially if you are well-versed in this sphere. However, it takes time, and most of our clients prefer focusing on business development. With that in mind, we offer entrepreneurs to delegate this part of work to a third party, and we (as a third party) can handle your accounting and reporting at an additional fee.
  • We can help with relocation to Singapore. Of course, the company can be registered and managed online without a single visit to the country on your part. However, it is a rule of thumb that business works more efficiently if the decision-maker is based in the country of business. If you decide to relocate, we will provide visa support and any other required administrative steps. You will first have a guest visa, and then you can obtain Employment Pass/Entrepreneur Pass to have more rights and manage your company on-site.

Cooperation with International Wealth

Registration of an offshore company in Singapore is one of our most popular services. We will offer a working solution specifically tailored to your needs. Our standard package includes the minimum scope of services required to make a quick start in Singapore, but you can also order a custom turnkey package for your company developed for specific requirements.

Offshore company registration is more than just a service for us. We actually give you a key to the structure that will connect you to the world of international business, and we try to make it as reliable and efficient as possible. 

If we register a company and do nothing else, we actually build a house for you with no communications, repairs, or furniture. With that in mind, our experts usually offer the following additional services to help you get a really functional solution:

  • Real substance in Singapore.
  • Notary service.
  • Comprehensive 2 in 1 service: registration of an offshore company in Singapore and simultaneous opening of a corporate account.
  • Comprehensive 2 in 1 service: opening a corporate and personal account.
  • Ready-made company in Singapore: a unique opportunity to become a business owner in a matter of several hours.
  • External accounting services.
  • Real physical office in Singapore.
  • Applying for the Employment Pass/Entrepreneur Pass.
  • Business licensing support.
  • Accounts in a bank with external management.

Here are more detailed articles on some aspects of business inSingapore:

Contact us by email ([email protected]) or through alternative communication channels to get more detailed information on any aspect of business in Singapore and beyond.

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