Company Formation in Singapore
Singapore's offshore zone has some differences from other jurisdictions sought-after. The law permits not to pay income tax until the profit starts arriving at the territory of the country. Proceeding from that, it is advantageous to carry out commercial activity outside Singapore and to open accounts in third-party financial and credit institutions.
Company Formation in Singapore
Singapore’s offshore zone has some differences from other jurisdictions sought-after. The law permits not to pay income tax until the profit starts arriving at the territory of the country. Proceeding from that, it is advantageous to carry out commercial activity outside Singapore and to open accounts in third-party financial and credit institutions.
Specialists of Private Financial Services have an opportunity to quickly arrange all organizational stages. As their work is completed, they are ready to provide the customer with a complete package of documentation required. The client is not required to be present; all the completed and executed documents will be transferred to the client via DHL Postal Service.
Distinctive Features of the Jurisdiction
Company registration in Singapore allows disclosure of personal information about founders who are not residents of the country. The personal data in such case should be entered with the public register database. The law does not limit the size of the authorized capital stock, neither the lowest, nor the highest index. A natural person who may be a resident or not may purchase an offshore company in Singapore. Such minimum requirements are there to form a company in IC-form.
Supported by specialists of Private Financial Services, offshore companies in Singapore are registered quickly and at low cost. At that, the company offers real advantageous terms of transaction – the advance payment in the amount of 50% of the total amount. Under normal conditions, the client may choose between a company registered from scratch and a company that runs ready, but in the case of Singapore, it is better to prefer the first option. The cost and terms for both procedures are almost equal, but when the direction of the new management is different from the previous one, the account may be closed.
The Cost of Company Registration in Singapore Does Not include:
- initial deposits for account opening ($500 at the OCBC Bank, $1000 dollars at UOB, DBS, Maybank);
- the сosts of documentation legalization (in Singapore, paper apostille is not supported);
- courier delivery costs (approx. $150).
- payment of accounting services (about $1000 USD per 1 year).
Today, Singapore is considered to be the very prestigious jurisdiction for offshore, despite even an open registry database of personal data and some strict conditions for non-resident firms.
Positive Aspects of Singapore
There are enough reasons why the registration of a company in Singapore in the present time is highly demanded. We can highlight basic ones:
- A representation in one of the largest and most developed financial centers in the world – this is what is achieved by many companies. This opens up excellent opportunities to form the profitable business on the multinational scale.
- Short registration process. Specialists of the Private Financial Services will help to create a company in Singapore within 10 days, and will do it with the account opened with the best bank of the country for 15-20 days.
- Zero taxation. There is no capital gains tax and dividends in the country. Zero rate refers to all types of profits obtained outside Singapore from non-residents. If the profit amount exceeds $100 000 USD or three years lapsed since the date of registration, the tax rate will be 8.5%. When the profit amount exceeds $300 000 USD, the rate will increase to 17%.
- No currency verification of the offshore company, if its annual turnover is not over 5 000 000 Singaporean dollars.
- The purchase of real estate is allowed.
- Investment security. Stable political policy of authorities, developed economics and efficient banking system assure profitability of long-term deposits and safety of capital.
Business developed in countries of high level of economics and loyal jurisdiction is advantageous and convenient for clients. Our company offers the assistance in opening offshore companies and registration of resident companies and enterprises in SEZ. Related services to open accounts and get visas are delivered.