Foreign and local entrepreneurs have various options when deciding to open a company in Singapore. Among these are registering a new company, buying a ready-made company or setting up an offshore company in the city-state. Even if all these structures offer various advantages, a Singapore offshore company includes other benefits than the tax ones. Among these are simplified accounting reporting requirements and easier administration requisites. Another advantage of choosing Singapore as a jurisdiction for one’s offshore company is the banking facilities offered by the city-state.
Our attorneys in Singapore can offer information on the laws governing offshore companies established here.
The video below shows the main steps and requirements to open an offshore company in Singapore:
Even if a Singapore offshore company operates outside the city-state, it is subject to the Commercial Code and must comply with the same registration requirements all other types of companies do. In order to set up an offshore company in Singapore, one will need:
Apart from the resident director, the Singapore offshore company may name other foreign directors. Even the shareholder or shareholders may act as directors in an offshore company in Singapore.
Once the documents mentioned above are drafted and in the case of foreign owners a local company or a law firm in Singapore is appointed, the registration process of the offshore company may begin. The incorporation documents (memorandum and articles of association) together with the identification papers of the shareholders, directors and secretary will be filed with the Accounting and Corporate Regulatory Authority. The Singapore offshore company must also register for taxation, obtain a GST number and open the corporate bank account.
Offshore companies in Singapore do not need any special licenses considering they operate outside the city-state. However, they can also offer services in the country and in this case licenses for certain industries are needed.
For full information on how to open an offshore company in Singapore, please contact us. You can also rely on our Singapore lawyers for assistance with the registration procedure.
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