Offshore Company Setup in Singapore
An offshore company is one that is incorporated outside the jurisdiction where its principals (such as the parent company, shareholders, and directors) are located. These companies are often established to leverage advantages like access to foreign business opportunities and favorable tax laws.
If you’re considering setting up an offshore company in Singapore, you’re in good company. Numerous SMEs and multinational corporations have successfully established offshore entities here, using Singapore’s strategic location and favorable business environment to achieve their goals.
Why Singapore for Offshore Company Formation?
Singapore is recognized globally as a leading business hub. It offers attractive tax incentives, legal frameworks, and financial benefits, making it a magnet for foreign investments. The ease of setting up companies in Singapore further adds to its appeal for entrepreneurs and corporations alike.
Business Entities Available for Entrepreneurs:
- Limited Liability Partnership (LLP)
- Sole Proprietorship
- Private Limited Company (Pte Ltd)
Options for Corporate Structures:
- Representative Office
- Subsidiary Company
- Branch Office
Singapore’s offshore company formation is ideal for sectors like:
- Intellectual Property (IP) Holding
- Asset Holding
- Ship Management
- Trading
- Investment Holding
- Consultancy or Professional Services
Steps to Set Up an Offshore Company in Singapore
- Approval of Company Name (ACRA)
The first step is selecting a name for your company, which must be approved by the Accounting and Corporate Regulatory Authority (ACRA). You are typically required to provide 6-7 potential names for review. Once approved, the name is reserved for 60 days. It is essential that the name:
- Is unique, meaningful, and decent
- Does not contain vulgar language or appear on the blacklist
- Does not infringe on any trademarks or copyrights
- After Company Incorporation
Once your offshore company is incorporated, ACRA will issue a company registration number via email, which serves as the official certificate of incorporation. - Compliance & Regulation
After incorporation, your offshore company becomes a separate legal entity. It must comply with Singapore’s regulations, including maintaining accurate financial accounts and keeping a record of all transactions. - Opening a Bank Account
To properly manage your financial transactions, opening a company bank account is crucial. In Singapore, some banks require directors to be physically present during account setup, while others offer the option to open an account online.
Why Choose Singapore for Offshore Company Formation?
- Global Financial Hub: Singapore is a leading financial center in Asia.
- Favorable Tax Systems: Enjoy tax advantages designed to attract foreign businesses.
- Pro-Business Regulatory Environment: Singapore’s government policies are designed to support business growth.
- Reliable Market Reputation: The country is known for its transparency and strong market image.
- Liberalized Ownership: Foreigners can own 100% of their Singapore company.
- Political Stability: Singapore offers a safe and politically stable environment for business operations.
- Access to Banking Facilities: Singapore is home to a range of reputable banks.
- Large Market for Investors: The country provides vast opportunities for investment.
- Ideal for Start-ups: Singapore’s infrastructure and policies create a favorable environment for new businesses.
Fast, Simple, and Transparent Offshore Company Setup with Global Business 360
At Global Business 360, we provide straightforward, transparent, and timely services to make your offshore company setup process easy and efficient. With competitive pricing and ongoing support, we ensure that setting up a company in Singapore is both smooth and flexible.
In conclusion, Singapore stands as a premier destination for multinational corporations and foreign investors alike. With its favorable tax and financial systems, an offshore company is an excellent choice for business expansion. Contact Global Business 360 today to begin the process of setting up your offshore company in Singapore, and we’ll be there to guide you every step of the way.