Singapore is one of the few countries in Asia that is known for its efficiency and higher prospective environments that is more suitable for starting an offshore company. Perhaps, it is regarded as the great entrepreneur friendly country that has huge potential for startups.
Some of the few reasons why it is regarded as the best starting hub is due to its excellent connectivity, strategic location, business friendly eco system and attractive tax regimes.
Let us see a few outstanding reasons why you should form an offshore company in Singapore?
Reasons to establish an offshore company
- Biggest Financial hub – The historical dominance of leading financial centers are London, New York and Hong Kong. However in the recent times, according to a marketing survey in London, Singapore has edged Hong Kong to become the world’s third financial center. The country has a highly developed economy in both marketing and trading so business startups are really flourishing in the country especially after the leading startup service providers like A1 Business assist them to become successful.
- Lucrative place for foreign Investors – Singapore has diversified economy and attracts foreign investments in a major level over the years. Although some industries in the country like the manufacturing field has slowest growth, yet it has the second largest FDI. Because of these aspects, foreign investors are more interested in making investments in Singapore.
There are other few reasons like the huge tax benefits, open immigration, plenty of market opportunities, pro-business environments and most importantly the cultural protocols are quite significant that makes it suitable to establish a company.
However when you want to start an offshore business, you need to comply with certain requirements.
Forming an offshore company in Singapore guide
Have you decided to start an offshore company in Singapore, then this checklist will help you to understand the process much better
- Company Name Approval – The process to open offshore companies in Singapore basically has two major procedures
- Register company name
- Register company name with ACRA
According to Singapore company law, foreign individuals are required to register their companies with a registered address. However startup leading service provider A1 Singapore business registration offers virtual office address which can be used as registered address for the startup companies.
- Types of Business entities – If you are an individual entrepreneur you can register for private limited company, sole proprietorship or limited liability partnership. On the contrary, if you are corporate looking for sidelines in Singapore then you can register as outlet companies, division offices and representative office.
- The other key requirements
- Directors – A local resident above 18 years of age
- Shareholders – Minimum of one local residents and few shareholders are mandatory. A company can have a maximum of 50 share holders
- Company Secretary- A qualified local resident who is not part of a corporate body.
Time is essential for business. When you are time constraint, startup service providers like A1 business https://www.a1corp.com.sg/singapore-virtual-office-address/ offers startup solutions for B2B and B2C companies. New startups can take advantage of the experience and expertise of these service providers and help their business grow.
If you are thinking of setting an offshore company, get a free quote to get started with your new business and also be sure to check out offshorecompany.com.