Singapore offshore company formation

2 mins video Singapore is one of the world's leading international financial centres, third most globalized economy among 60 of the world’s largest economies, a major capitalist service economy characterized by low taxation and free trade. Singapore is the best ease of doing business over the world as World Bank. Singapore private limited company is most popular and easier for foreigner.

All business and bank account outside Singapore is tax-free (Offshore Status), Singapore company formation requires a minimum of one Local Director who is Singaporean citizen.

How to incorporate a company in Singapore?

Singapore Private Limited Company Formation (Pte. Ltd), initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in Singapore Corporate Regulatory Authority (ACRA) system. Our services included Local Secretary who is local Singapore citizen.

You settle the payment for Our Service fee and official Singapore Government Fee required. We accept payment by Credit/Debit Card     , Paypal  or Wire Transfer to our HSBC bank account  

See more : Payment Guidelines

After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full Singapore Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).

You can open bank account for your company in Singapore, European, Hong Kong or other other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.

Your Singapore Pte. Ltd formation completed, ready to do international business!

Read more:

• Singapore company formation
• Singapore offshore bank account

Singapore is a developed country in Southeast Asia. Remarkably, Singapore has a very business-friendly climate and political stability. The Government has published many favorable policies with a view to attract foreign investment in Singapore.

These factors have contributed to the nation’s classification as the most open economy in the globe. In 2021, Singapore ranked 1st in the Index of Economic Freedom, with an index score of 89.7/100.

Consequently, this island nation has been a famous destination for massive foreign investments from investors all around the world. According to One IBC, the following industries are some of the best investments in Singapore:

• Manufacturing
• Finance service
• E-commerce
• Wholesale and retail trade
• Transportation

Singapore is often referred to as an offshore financial centre (OFC). That means Singapore provides corporate and financial services to foreign investors on a scale that is out of proportion with the size of its domestic economy. The country is in the category of offshore financial centre because it offers attractive tax incentives. Along with low tax rates, there are also tax exemptions offered for businesses in certain industries, especially in offshore and global trading.

Banking secrecy is also another reason that put Singapore in the list of offshore financial centres. The country is in the top 5 of the 2020 Financial Secrecy Index. Its secrecy score is 65 and contributes over 5% share of the global market for offshore financial services.

Banking in Singapore is under the contractual duty of confidentiality imposed by section 47 of the Banking Act, which states that customer details shall not, by any means, be disclosed by a bank or its officers in Singapore, to any other entity except as mentioned in the Act.

By that definition, Singapore can also be classified as a tax haven. It has low "effective" tax rates and offers financial secrecy. It is also in the tax haven lists conducted by reputable international organizations.

Being listed as a tax haven does not mean Singapore is a bad choice for investment. In fact, despite the tax haven status, Singapore has proven itself as an international business center and a global commerce hub, continuing to be the ideal destination for business owners and investors around the world.

Companies in Singapore are required to have at least one director. A director is a person who is appointed by the shareholders to be in charge of managing the company’s daily affairs. The person must make the strategic and operational decisions of the company and is responsible for ensuring that the company meets its statutory obligations.

Every company in Singapore must have at least 1 director. Here are the basic requirements for a company director in Singapore:

• At least 18 years old;
• Of full legal capacity;
• Can be of any nationality;
• Ordinarily resident in Singapore: A Singapore Citizen, Singapore Permanent Resident or EntrePass/ Employment Pass (EP) holder.
• An EP holder wishing to become the director of a local company must first get a Letter of Consent (LOC) from the Ministry of Manpower (MOM).
• People with Foreign Identification Number (FIN) are advised to check with the relevant authorities (e.g. MOM/ ICA) on their eligibility before registering or designating (e.g. Director, Secretary).

Are there any restrictions on company name in Singapore?

While you can easily register for a new business in Singapore, you should be careful when choosing your company name. It is advisable to perform a name check to make sure that your company name can be approved for registration by the Singapore Accounting and Corporate Regulatory Authority (ACRA) in the first place. Here are the applicable restrictions for a new company name in Singapore.

• Undesirable. Your company name will be rejected if it contains offensive or vulgar words;
• Identical to an already available company name in Singapore
• Identical to an already reserved company name. There are companies in Singapore that have not been incorporated but have already registered their business name as a reservation to ACRA. Business names are reserved for at least 60 days, and up to 120 days. This is why anyone who plans to set up a new business in Singapore must perform a proper company name check.
• Prohibited by order of the Minister for Finance. The word "Temasek" is prohibited to be used as a company name. Currently, this is the only word which the Minister has directed the Registrar not to accept for registration..
• Certain words such as “bank”, “insurance”, “university”, and “education” are not in the criteria for Singapore company name restrictions, but are strictly used under Government authorities and will require permission before you can set up a new business.

Recently, incorporating a Singapore company is one of the most popular business options for sea changers. In addition, the Singaporean Government brings attractive tax incentives for startups and preferential policies which help them during their initial days.

However, the process of incorporating a Singapore company could be a burden for foreign business, as there are a few required documents that need to be filled and submitted to the Government. To shorten the process, foreign investors usually hire a corporate service provider to help incorporate a Singapore company for them. Registering for a company in Singapore is simpler than ever with the support of One IBC^®. We have a local office in Singapore and a team of experts, these professionals can guide you through the procedure for the Singapore company registration, saving valuable time & money.

Here are required documents for incorporating a Singapore company:

• Director/Shareholder's Passport(s)
• Director/Shareholder's Residential Address Proof(s) (for example: Electricity/Water/Phone bill...not older than 03 months)

Work Permit holders cannot register a company in Singapore. It means that they are not permitted to serve as sole proprietors, partners, or directors of any Singapore-registered companies.

They will have violated the terms of the work pass if doing so, and their work passes will be revoked. They will also have to serve an employment ban.

For work permit holders to register a company in Singapore, they can apply for a Singapore Employment Pass (EP) or Entrepreneur Pass (EntrePass) from the Ministry of Manpower (MOM).

The EP is a type of work visa issued to non-Singaporean professional employees, managers and owners/directors of Singapore companies. EP holders are permitted to own shares in Singapore companies, but cannot be the director in such companies if they are working for another employer.

The EntrePass is also a type of work visa for foreigners who wish to register a company in Singapore. EntrePass holders must present a minimum of $50,000 in paid-up capital. It is helpful for foreign business owners who lack formal credentials but have a proven successful track record.

The duration of the Work Permit (WP) in Singapore is typically 2 years, depending on the worker's working time, security bond, and passport validity, whichever is shorter.

As long as the Work Permit is valid, the holders can stay in Singapore to work in the occupation and for the employer specified in their Work Permit card.