How to set up an offshore company in Singapore?

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Singapore is a lucrative destination for entrepreneurs to set up an offshore company in Singapore. The reason being its political stability, tax efficiency and much more. There are several steps involved in setting up an offshore company in Singapore. Let’s learn about all these steps through this article.

Eligibility and Requirements to set up an offshore company in Singapore

Offshore company in Singapore means a business registered in Singapore but having its operations outside of Singapore. You can set up an offshore company in singapore if you meet the following requirements:

  • At least one shareholder, who can be a foreign or local individual or company.
  • A resident director living in Singapore.
  • A company secretary who is a permanent resident or citizen of Singapore, appointed within six months of incorporation.
  • $1 as initial paid-up share capital during incorporation.
  • A registered commercial or residential address in Singapore, not a P.O. Box.

Document Requirement to set up an offshore company in Singapore

For individual shareholders:

  • Passport copy
  • Singapore ID (if residing in Singapore)
  • Proof of residential address (e.g., driver’s license, utility bill, rental agreement)
  • Professional background description (e.g., resume)

For corporate shareholders:

  • Certificate of incorporation of the parent company
  • Business profile of the parent company detailing its activities, share capital, shareholders, and officers
  • Ownership structure chart identifying Ultimate Beneficial Owners (UBO)
  • Board resolution from the parent company authorizing the registration of a subsidiary in Singapore

Stepwise Process to have Singapore Offshore Company Registration

Step 1: Choose and Reserve Your Company Name

The first step for having a Singapore offshore company is by picking a name that really speaks to your offshore company’s vibe and also meets ACRA’s rules. You can easily check if the name is available and reserve it online through ACRA’s website.

Step 2: Appoint Directors and Shareholders

For directors, you’ll need at least one who’s a local resident (like a Singapore citizen, permanent resident, or work pass holder). You can add more directors who could be from anywhere. And if you don’t have a local resident director, there are services that can help.The director and shareholder can even be the same person.

Step 3: Draft Your Company Constitution

This is where you outline how things will run internally:

  • Share capital: Decide on the shares you’re authorizing.
  • Shareholder rights: Spell out who gets to vote and how profits are shared.
  • Director duties: Make it clear what each director’s responsibilities are.

Getting legal advice here ensures you’re in line with Singapore’s regulations.

Step 4: Register with ACRA

With the help of a corporate secretary, you’ll need to submit everything online for offshore company registration in Singapore:

  • Your chosen and reserved company name
  • IDs and proof of address for directors and shareholders
  • Your company constitution
  • A quick overview of your business plan

Step 5: Open Your Corporate Bank Account

Once registered, take your:

  • Certificate of Incorporation
  • Board resolution to open the account
  • IDs and address proof for directors and shareholders

Annual Compliance Requirements for Singapore Offshore Companies

Maintaining an offshore company in Singapore requires annual upkeep. Here’s a concise overview:

  • Financial Reporting: Submit unaudited annual financial statements to the Inland Revenue Authority of Singapore (IRAS) along with your tax filing.
  • Company Information Update: Update your company details with the Accounting and Corporate Regulatory Authority (ACRA) annually. This includes director and shareholder information, principal business address, and shareholding details.
  • Resident Director and Secretary: Appoint and maintain a resident director (Singapore citizen, PR, or work pass holder) and a resident company secretary. These services can be obtained from professional agencies.
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In conclusion, Singapore’s offshore scene beckons with stability, tax breaks, and global reach. Setting up your company might seem complex, but this article explains it in simple steps and if you need more guidance, you can consult our experts for free. . From picking a catchy name to registering online, we’ll walk you through the entire process

Advantages of Incorporating Singapore Company 

Moreover, If you want any other guidance relating to Singapore Company Registration, please feel free to talk to our business advisors at 8881-069-069.

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