Singapore Offshore Company

Singapore is a leading international financial centre with most of the international banks and financial institutions having offices in the country. The country offers a gamut of financial services ranging from the basic to the most complex. You will find that the insurance and shipping industries are well established here. Offshore investors will find that they have a number of banks and financial institutions which offer a complete range of financial services. Open a Singapore Offshore Company and enjoy the benefits which you get from the company.

The following reasons should tempt you to open a Singapore Offshore Company:

1. A Singapore Offshore Company is an excellent idea to increase your corporate profits and minimize your taxation. Singapore has abolished the two-tier tax system.
2. Singapore banking – corporate or personal, is regarded as the most secure in the world. Singapore respects client confidentiality strictly. Singapore banks are not a party to the tax harmonization initiative and so it does not exchange customer information with other countries.
3. Your accounts need not be audited if your corporate turnover is less than S$ 5 million.
4. Dividend payments made by a Singapore company is not taxable to the recipient.
5. Capital gains are not taxed in Singapore.
6. Movable properties held by persons who are not residents of Singapore are not subject to estate taxes.

Company /Memorandum & Articles of Association: There is no offshore legislation in Singapore and all private limited companies are incorporated under the same legislation. Singapore private limited companies must use the suffix Pte. Ltd. Names resembling existing companies or names which are undesirable or politically sensitive will be rejected. Copies of the Memorandum of Association and Articles of Association must be lodged with the Registrar of Companies.

Shareholders: It is mandatory to have at least one shareholder who can be an individual of any country or a corporate person. Details of the shareholders must be filed. Shares should be expressed in a fixed amount and Bearer Shares are not permitted.

Share Capital: No minimum capital requirement has been specified. The recommended authorized share capital is S$ 1,000 and the minimum issued capital is one share of par value.

Company Directors: The Company must have at least one director who is a Singapore citizen and a resident of Singapore. The director and the company secretary cannot be the same person.

Registered Office: Every offshore company registered in Singapore must maintain a registered office and address there.

Taxes: The present rate of taxation on income is 20%, but can be substantially reduced if you qualify for tax incentives.

Audit & Annual Returns: Offshore companies with an annual turnover of over S$ 5m should submit audited accounts to the Registrar, Singapore. Accounts must be audited by a qualified Singapore auditor.

Meetings: It is not necessary for the offshore company meetings to be held in Singapore. It is mandatory for a new company to hold its first Annual General Meeting within 18 months. The subsequent meetings must be held in every calendar year.

With so many attractive and tempting options up for grabs, there is no reason why you should postpone opening a Singapore Offshore Company.