Singapore offshore company

Private Limited Company – is registered in Singapore, the Company registering in Singapore is not called as offshore company. Tax on residing company is 24.5% and income tax on non-residing company is completely exempted.

In order to have function of non-residing company, it is necessary to have:

Board of Directors has the majority of foreigner and meets the followings requirements:

  • Monitor, control, contract signing, invoice release and other business operation should be performed out of Singapore territory.
  • Company receives profit from sources out of Singapore territory from investments (Real estate, share participation, etc).
  • Profit is not repatriated into Singapore that means the company should open its account out of Singapore territory.

Company residing in Singapore shall get favorable conditions thanks to use of double taxation agreement.

Company structure

Name of the company must be ended by (Private) Limited or (PTE) LTD

Singapore Company must have director as local person. Such director shall be responsible for operations of the company even after he or she resigns. Information about such director is presented in the open registration book (that means such information may be accessed). It is obliged to have two shareholders in the company. It is allowable to have shareholders as legal entity.

Minimum legal capital is SG $100 000 (60 964.46 USD)

Tax policy

In Singapore, tax shall be employed upon area that means profit from sources from Singapore territory or profit from foreign source but repatriated to Singapore must be taxable, if profit collected abroad is not deposited in bank in Singapore, it shall not be taxed. In order to determine the company as non-residing, the Board of Directors should have at least 2 foreigners (or foreign legal entity).

Tax Statements

All Singapore companies must perform annual auditing; copies of auditing should be at legal address of the company. All companies (excluding “exempt private companies”) must address tax balance into open registration book (Accessible information).

Document set after registration

  • Business registration
  • Company charter
  • Notarized decision on director appointment
  • Aggregate Power of Attorney and special power of attorney (for account open in the banks).
  • Aggregate power of attorney – Notarized
  • Shares Certificate for nominal shareholders
  • Share transfer note
  • Seal
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