How to Setup a Singapore Company
Offshore company formation is possible for foreign companies wanting to locate in the Singapore area. There is a two-step offshore company formation process that includes a company registration and the appointment of officers for the new company. (See http://www.bizcorp.com.sg).
FORM A SINGAPORE COMPANY
The new company will need to be registered with the local agencies. The company name is placed in application, and this new company name may be applied for online. If the name has not been previously used, then the new company name is registered.
The company officers need to be selected. There needs to be a secretary and a nominee director for each company. The secretary is responsible for maintaining proper registers and books. The secretary will file the company annual returns. The company director is the officer who files for the company charter. The director determines the amount of capital that the company may wish to register.
SERVICES THAT AN OFFSHORE COMPANY PROVIDES
Confidentiality is one service that an offshore company may provide. Offshore jurisdictions are more confidential, and offshore accounts may have a benefit of privacy. Statutory privacy is a part of the financial structure of Singapore.
Less regulation is another benefit of a Singapore company registration. A high proportion of private funds are registered offshore. Bonds may be structured through a special purpose account in an offshore financial center. This may lower the amount of regulatory red-tape associated with this type of issue. The offshore companies are registered with the government agencies, and the owners may serve in a fiduciary capacity.
Taxation is not a prominent reason today for opening an offshore account or company. These offshore jurisdictions tend to be tax neutral. The tax burdens that the funds may have in its original market is not a part of a taxation for an offshore company or account.
CONSULTANCY AND ADVISORY
Opening a Singapore company may need additional services. Consultancy and advisory services are available for any new Singapore offshore company. Accounting and bookkeeping may be provided and other types of income tax services. There is a negotiation and dispute resolution service. A risk advisory is available, and a financial due diligence assessment may be provided. A corporate internal control assessment may be a part of each company.
Each new offshore company is an incorporation. A virtual office is available initially until the onsite locations are determined.
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Singapore’s Trade and Industry Minister Lim Hng Kiang has said the pipeline of investments coming into Singapore continues to remain strong.