Top 3 Reasons to Form an Offshore Company in Singapore
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Written by: bryanwong
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Date: Thu, 12 Jan 2012 |
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The number of offshore companies being formed in Singapore is rising with every passing year. This year more than 5000 foreign entrepreneurs are expected to incorporate an offshore company in Singapore and as there is more awareness of the benefits of having a business presence in Singapore, the number of offshore company owners in the country would definitely rise faster. Some of the main reasons why Singapore has started to attract so many foreign entrepreneurs are as follows:
1) Ease of company setup: Foreigners that plan to setup a company in Singapore do not even have to visit the country even once for company incorporation. The entire procedure can be completed remotely by engaging the services of an incorporation services agent in Singapore. This agent can not only help completing the company registration process but they can also arrange for all mandatory structural and compliance requirements for foreign companies in Singapore. The incorporation process takes about a day or two and involves only two simple steps. The first is company name approval and the second of submitting the application forms to the company registrar. Documents required are quite minimal and the whole process is extremely straightforward.
2) Better credibility: Singapore is considered amongst the most important global business hubs of the world. Only few places can match up to Singapore’s reputation especially in Asia. Having a business presence in Singapore adds a lot of credibility to a company’s reputation and at the same time, offshore companies in Singapore do not attract the same kind of attention as many of the other offshore company hotspots do. With governments in many countries getting strict with those having offshore accounts, many entrepreneurs do not want to gain the attention of local authorities for unnecessary reasons. Hence incorporating in Singapore makes a lot of sense for legitimate business owners as the country is home to some of the biggest companies from all over the world.
3) Liberal taxation regime: Singapore has the second lowest corporate tax rate in entire Asia. However, what really attracts offshore companies to Singapore is the territorial system of taxation followed in the country whereby any foreign sourced income is completely tax free as long as that income has not been deemed remitted to Singapore. This opens up the possibility of zero tax liabilities irrespective of the amount of revenue for the offshore company. Apart from this there are a number of other tax incentives available in Singapore as well that lowers the tax liability of a company.
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore Offshore Company and Singapore Private Limited Company.
Source: Top 3 Reasons to Form an Offshore Company in Singapore
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