There are various foreign lands where offshore businesses can find tremendous growth. Singapore is one of the best destinations where offshore occupation is flourishing fast and in a well-organized manner. The land follows common British law. English is one of the prime language in business administration. Today, various international businesses have been opened in Singapore. Due to strong economic growth and stable political situation in Singapore, it is considered as a prime destination for offshore business corporation.
Company Formation Rules
The Singapore legislation for company formation is very simple and attractive. It offers to setup an international business at minimum time. The initial step for company setup is registration of your company by the Company Registrar. Make sure you have a unique name for the organization. If the name of the company is matched with a Singapore corporation, the registration is cancelled. Minimum one local director is required to appoint who is either citizen of Singapore or has Singapore pass holder. Foreign companies have freedom to appoint any number of directors. It is must to have a minimum one local shareholder. The land allows to be formed maximum 50 shareholders. A local resident and qualified company secretary is required to appoint. Make sure that the company secretary is not a corporate body. A sole director or shareholder cannot act as a company secretary. The capital investment for foreign business formation in Singapore is minimum S$1. In other words, there is no authorized capital required. An offshore organization is required to have a local company address. Bank account can be local. The offshore organization needs to register for Good and Service tax.
Benefits
Singapore offshore incorporation has several benefits.
Tax Heaven
The land is a tax heaven for foreign businesses. It has simple and low tax system. Its corporate tax is known as low corporate and personal income tax. There are different types of tax lavished on different incorporation. It depends on profit ratio. If the profit of a business is up to S$300,000, 8.5% tax is imposed and if it is above than it, 17% tax is lavished.
Easy Company Setup
The destination allows to setup a business in a short period of time. There are no complications faced during company registration process. The registration process is full computerized and involved 2 distinct steps—company name approval and submitting the necessary documents.
Work Freedom
The simple legislation of Singapore allows to pay attention to the work freedom.
