BridgeWest offers full company formation packages in Singapore, in order to cover any of your various business needs: opening representative offices, establishing branches or subsidiaries, starting an NGO, providing accounting services or legal consultancy, tax planning and tax minimization strategy.
Investors from all over the world look for setting up companies in Singapore, due to many advantages:
- rated No. 1 country in Asia for quality of life
- corporate and personal tax rates start at 0% and do not exceed 20%, for income above $320,000 (approx. 231.920 EUR)
- corporate tax rates are about 8.5% up to $300K profits and a flat 17% above that
- no dividend or capital gains taxes in Singapore
- no estate/death/inheritance tax in Singapore
- Singapore ranks No. 1 in the world by World Bank for ease of doing business
- Singapore is known as the third wealthiest nation in the world (Forbes magazine)
This offhosre jurisdiction is famous for its pro-business atmosphere, proficient in attracting wide-ranging overseas funds and big business entrepreneurs.
STEPS FOR COMPANY FORMATION IN SINGAPORE
The steps we present here apply to incorporating a Company (a limited liability company) in Singapore. This is the most common business type found in this country and is the equivalent of a private limited liability company. This is the There are some more duties to abide by compared to other business structures such as Sole Proprietorship. However, they are undemanding and and hasslefree.
The registration procedure is very easy and the process is made online so the bureaucracy is almost inexistent.
The first step Shareholders or directors’ details are also needed. The submitted name will be checked via Bizfile by the Singapore Authorities and availability thereof will be confirmed in the shortest of time. Names are reserved for 60 days upon registration.
Entrepreneurs should be informed that opening a Singapore company
1. The client provides a series of identification documents for the Companies Registrar, among which we mention: the passport copies of the shareholders and the managers and their residential addresses, details regarding the parent company.
2. The company is registered at the Company Registrar from Singapore and will receive a certificate of registration based on the above documents.
3. Once this step is taken, a bank account must be opened.
4. The next step is registering for the Goods and Service Tax (Value Added Tax) at the Inland Revenue Authorities of Singapore.
The foreign ownership of the company is allowed 100% in all the sectors and no authorization is requested at registration from the Singapore’s authorities.
The offshore registration of a company in Singapore days takes
REQUIREMENTS FOR OFFSHORE COMPANY FORMATION IN SINGAPORE
- At least one shareholder and maximum 50.
- The shareholders may be a corporate body or a natural person.
- A local resident must own the manager position along with other appointed local or foreign managers.
- The managers can only be natural persons, above 18 years old.
- A natural person, local resident must be the Secretary of the company. He may not be in the same time shareholder of the company or manager.
- A share capital of at least 1 dollar must be deposited when incorporating an offshore company in Singapore.
- The Singapore legislation is not allowing a foreign entity to self register as an offshore; the process of incorporation must be carried by a local professional agency (service provided by
SERVICES PROVIDED FOR SINGAPORE COMPANY INCORPORATION
- drafting the Articles of Association (necessary for the company incorporation in Singapore); The Articles of Association of the Singapore company can be signed through Power of Attorney.
- drafting all other documents required for the incorporation of the Singapore company; these documents include: Specimen Signatures, Special Forms provided by the Company Registration Office in Singapore, passport copies etc.
- offering a Registered Office in Singapore for your company, which is mandatory to have for starting a business in this offshore jurisdition. (The registered office may be any address where the Singapore Company declares to have its headquarters)
- setting up a bank account for your Singapore company.
SINGAPORE KEY FACTS
- Singapore has a very convenient location, being situated in the heart of Southeast Asia, making it possible for your business to access a market of 2.8 billion people.
- A nucleus in the Asia-Pacific region, Singapore’s Changi Airport provides businesses with trouble-free contact to all key Asian markets.
- The workforce is well trained and educated, considered to be number one in the world.
- Singapore is considered the most politically stable country in the world and also is ranked on the 1st place in Asia at the quality of life.
- The government tax policy is a major factor in the decision of opening a business here.
- Singapore is considered by many specialists to be the most suitable destination for doing business in the world.
- Despite the small taxes and fees, Singapore is though not considered a tax heaven and that is the reason why an offshore company opened here is taken more seriously than in other locations.
Bridgewest provides company formation services in Singapore. Please contact us for more information and prices.