Buy or register a Singapore Company

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Today, many successful businesses and start-ups choose doing business in Singapore. Singapore is a state that occupies one large island and several small islets. The island is washed by the waters of the Indian Ocean and borders with Malaysia and Indonesia by the sea. The capital and the Island republic itself have the same name – Singapore. The population is only 5 million people of different nationalities and religion.

Today, this country is one of the most highly developed countries in the world and is a major financial, trade and transport center. Singapore ranks third in the world for oil refining, fourth – in the production of semiconductors. The port of Singapore is the world leader in cargo turnover. Singapore is an industrially developed state, occupying the fourth place in the world with practically zero unemployment and 1% inflation in terms of prosperity. Singapore’s financial sector is impeccable and reliable.

Company Registration in Singapore – Prices

Basic

3600
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Company Secretary
  • Company stamp

Standard

4200
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Company Secretary
  • Company stamp
  • Legalization of documents

Premium

4850
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Company Secretary
  • Company stamp
  • Legalization of documents
  • Nominee Director/Shareholder
  • Nominee Director
  • The release of a general power of attorney

Premium+

5200
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Company Secretary
  • Company stamp
  • Legalization of documents
  • Nominee Director/Shareholder
  • Nominee Director
  • The release of a general power of attorney
  • Bank account
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Companies registered in Singapore have an excellent reputation among counterparties and tax authorities of other countries, transactions with them do not cause suspicion.

Choosing a business structure and type of legal entity are one of the key decisions to be made when starting a business in Singapore. The choice depends on the ease of opening and closing the business, the transfer of ownership or assets, taxation, the degree of personal responsibility, reporting, as well as the perception of your business partners. The Companies Act and the Income Tax Act provide a comprehensive code of company law. English is the corporate language in Singapore.

Types of legal entities in Singapore:

  • Sole Proprietorship;
  • Partnership;
  • Limited Liability Partnership;
  • Company;
  • Business Trust.

Private Limited Company is the most suitable type for international business, and for other business aimed at tax liability minimizing (reducing the tax payment to 0%).

Private Limited Company is a legal entity. The authorized capital limits the liability of the company. A shareholder can be an individual or corporate body, resident of any country. There is no authorized capital required.

Most of the limited liability companies in Singapore are PLCs.

Basic requirements for Singapore offshore companies:

  • A company name is required to end up with the words “Private Limited” (abbreviated “Pte Ltd”). The following words are not allowed (you must obtain a license or special permission to use them): Bank, Building Society, Savings, Loans, Insurance, Assurance, Reinsurance, Fund Management, Investment Fund, Trust, Trustees, Chamber of Commerce, University, Municipal
  • Shares are distributed among shareholders of no more than 50 and cannot be traded in a free sale.
  • The number of shareholders must not exceed 20 and the minimum is one.
  • You need to appoint a qualified resident company secretary
  • At least one director must be a resident in Singapore.
  • Financial reporting
  • Audit

In Singapore, the use of nominee service is allowed (even though directors have a high threshold of responsibility). Given that at least one resident director (Singapore citizen, Singapore permanent resident, or Singapore work pass holder) is required, the use of nominee directors is a common practice. This advantage, among other things, makes it possible to acquire a shelf company when there is a need for quick incorporation.

Here, a quasi-territorial principle of taxation is applied: companies which do not carry on a business in Singapore and derive no income on the Singapore territory are not liable to tax. However, the income, transferred to a bank account in Singapore is treated as taxable income. In addition, Singapore’s taxation is a system of tax discounts and benefits for newly formed enterprises. The standard rate of income tax is 17%. As a rule, income tax is levied on income if it is received from sources in Singapore or transferred to Singapore from sources abroad.

There are tax breaks for Singaporean companies in the first 3 years of their existence, and small companies could receive an exemption from the annual Audit. Singapore has signed treaties on double taxation avoidance with more than 50 countries. It has all kinds of free trade agreements and investment guarantee contracts with different countries. Also, the legislation on Intellectual Property is perfectly balanced in this country.

You can open an account in a Singapore bank, even if beneficiaries from the CIS countries own the Company. Opening an account with non-resident beneficiaries is an opportunity that sets Singapore apart from Hong Kong and classic offshore countries, where it is difficult to open bank accounts.

Best uses for a Singapore company include import transactions in international trade. They often act as intermediaries between the EU, the CIS, and Asian countries (Vietnam, China, Japan). Thus, a Singapore company buys the goods and resells them to a buyer. It allows to move financial assets and reinvoice at the level of the Singaporean company. It is also possible to regulate the price of the goods within the company. As a reseller, the Singapore company contracts at a bargain price, which will allow it to concentrate all the main profit from the deal in Singapore. As the profit was received outside Singapore, it is a tax-exempt (zero taxation or minimum taxation).

Singapore is not included in any offshore black list, which guarantees your company prestige and trust from international business partners.

AFORTIS Group helps entrepreneurs and international businesses set up in Singapore.

How to register an offshore company in Singapore?

Company name approval is the first step in company incorporation. The proposed name of your Singapore offshore company must be approved by the Company Registrar prior to incorporation. After it, a request for incorporation is submitted by filing documents and registration forms.

Steps to register a tax-exempt company in Singapore

  • Company name approval
  • Filling incorporation documents
  • Payment of fees
  • Registration in the Register of Companies
  • Legalization of company’s documents (if required)
  • Delivery of documents to the client

What is required to register a company in Singapore?

  • Passport (scan copy)
  • Proof of address (scan copy, confirming the place of residence, for example: stamp of registration, utility bill or a copy of a similar document)

What you get

  • Certificate of registration
  • Share certificates for each of the shareholders
  • Company seal
  • The Declaration of Trust *
  • Nominee agreement *

* Provided in case of using a nominee service

  • Reduced tax liability: there is no tax on dividends, no inheritance and real estate tax; income tax rates vary from 0% to 20%.
  • Perfect location for business operations in Asian region.
  • Foreign-sourced income received in Singapore is exempted from Singapore tax, while foreign-sourced income that is not remitted into Singapore is exempted from Singapore taxation. A Singapore company can be an excellent alternative to Hong Kong companies in carrying out international trade and logistical activities with Asian countries.
  • Credible image: Since Singapore is not a tax haven, a Singapore offshore company is an excellent alternative to classic offshore companies. Singapore is not included in any offshore blacklist,
  • Sophisticated banking facilities: Singapore offshore companies are offered a broad choice of reputable local and foreign banks for opening an account.

Companies registered in Singapore are perfect for:

  • holding / asset management, real estate;
  • ownership of company shares;
  • international trade;
  • service companies – for example, consulting.