Singapore offshore company
Healy Consultants Group PLC
20 May, 2014
An offshore company in Singapore can also be referred to as a non-resident company or a paper company which can conduct international trading through a legally tax-exempt structure while look good to global investors, suppliers, banks and governments.
A Singapore non-resident company is legally tax exempt if certain conditions are met including i) no business conducted in the country ii) no banking within the country and iii) the company's legal control is outside the country. This type of entity can be incorporated in Singapore within one week with required share capital of only US$1, a minimum of one director and one shareholder. Corporate clients can use Singapore offshore solutions to conduct global business while being domiciled in a reputable country of strong laws and stable government. Singapore supports international arbitration, boasts strong contract law, houses laws that protect business investments and is a signatory to the World Intellectual Property Organisation (WIPO). Consequently, Singapore offshore companies are used for a wide range of purposes including international trading, holding companies, shipping companies, owning real estate, international consulting services, and owning copyright and patents.
While Singapore offshore companies are legally tax exempt, there are annual administrative obligations they have to comply to, including:
1. Singapore tax law mandates that all annual audited financial statements be submitted to IRAS, together with the tax return. Out firm assists out clients efficiently and effectively complete this statutory Singapore accounting obligation.
2. An offshore business setup in Singapore must lodge an annual return confirming relevant details of the company for the public register including names and addresses of all directors, address of principal place of business and details of all share-holdings.
3. The company must appoint a resident company secretary and a resident director and maintain a legal registered Singapore offshore business address. The majority of our clients appoint our firm to fill these legal positions.
4. The process of deregistering a Singapore based offshore formation is dictated by the Government and will take at least 6 months. During this 6 month-period, it is mandatory to maintain the resident company secretary and the legally registered office.
Global investors who want to form offshore companies in Singapore should note that company information in Singapore like capital structure and shareholder & director details are publically accessible through the ACRA website. Although this does affect individual privacy, it also increases the transparency and reputation of Singapore's offshore solutions.
« Go Back to Blogs