Is a Singapore Offshore Business a Better Solution?

 

Setting up a company in Singapore could prove to be the right decision for you. It is one of the main Entrepot that lies between the East and the West. It is a perfect location for starting an offshore business.

Benefits of Opening an Offshore Business in Singapore

Singapore authorities, on their part, does a great job in attracting foreign business and foreign direct investment. Read on the reasons why registering a Singapore offshore business is a better solution.

Easy Company Incorporation

The procedure to set up a company in Singapore is simple. Normally, you can incorporate a company in 1-3 days. You are allowed 100% shareholding in your company.

There only three steps to complete: Company name approval, submission of incorporation documents, and registering your company with the Company Registrar, ACRA. A registered filing agent can help you with these steps.

Lower Tax Rates

You can save on taxes by registering a company in Singapore. The corporate and personal income tax rates are entrepreneur-friendly. There is no tax on capital gains tax and inheritance.

A new company gets 75% of tax exemption on its first S$100,000 taxable income. Next, S$200,000 is taxed at 50%. 17% of tax is levied on taxable income above S$300,000. The dividends are tax-free.

Strong Banking Network

Singapore is a leading financial hub in Asia and offers numerous options in banking facilities. You can open multi-currency accounts for your business and transfer funds in and out of Singapore whenever you need. 

You will need to visit a bank to open a corporate bank account. The process may take 2-15 days.

Pro-Entrepreneur Political Environment

Singapore is politically stable and can play an important role in your business' success. You benefit from pro-business environment, transparent, and red-tape free transactions.

Singapore offers a strong legal system, Intellectual Property protection, multi-lingual workforce, and a healthy respect for creative business ideas.

Currently, Singapore is occupying the 2^nd spot in the 'Ease of Doing Business' indicator in the World Bank report. It also offers world-class infrastructure, communication networks, a competitive market place, sea and air connectivity with the major destinations in the world. It is a place to set up your offshore business.