Why  you  should  set  up  a  company  in  Singapore  Singapore  is  one  of  the  biggest  financial  hubs  in  the  world.  It  is  a  huge  player  in  world  trade  and  has  the  world's  fifth  busiest  seaport.  As  a  leading  financial  centre  it  provides  a  very  attractive  location  for  the  establishment  of  a  corporate  presence.  What  makes  it  even  more  appealing  is  that  Singapore  offshore  company  set  up  is  usually  a  relatively  easy  procedure.  Having  said  that,  anyone  considering  establishing  a  company  in  Singapore  should  obtain  expert  guidance  in  advance.  That  expertise  can  be  beneficial  for  legal  matters  as  well  as  for  financial  matters.  

Why  would  someone  wish  to  establish  a  company  in  the  Republic  of  Singapore  in  the  first  place?  Well  one  reason  might  be  that  the  person  intends  to  live  there.  According  to  experts,  it  has  the  best  quality  of  life  of  any  city  in  Asia.  Recently,  and  possibly  as  a  result  of  this,  Singapore  is  becoming  an  increasingly  more  expensive  place  in  which  to  live.  

But  apart  from  increased  cost  of  living,  a  very  favorable  taxation  regime  for  Singapore  offshore  companies  exists.  That  attractive  regime  applies  to  the  individuals  as  well  as  to  companies.  For  example,  there  is  no  local  tax  liability  on  profits  gained  from  non-­‐Singaporean  sources,  subject  to  certain  conditions.  This  includes  dividends  and  income  sourced  from  abroad.  A  company  incorporated  in  Singapore  and,  correctly  structured,  is  effectively  exempt  from  taxation  of  profits  earned  outside  the  republic.  

Setting  up  a  company  in  Singapore  is  relatively  straightforward,  although  the  authorities  still  implement  stringent  guidelines  to  ensure  legitimacy  of  business  operations  and  maintain  the  reputation  Singapore  holds.  The  amount  of  capital  required  by  law  is  low.  Indeed  the  Republic  is  regarded  as  one  of  the  easiest  places  in  which  to  operate  a  company  from  the  point  of  view  of  regulatory  obligations.  One  prerequisite  that  must  be  adhered  to  is,  that  at  least  one  director  has  to  be  ordinarily  resident  in  Singapore.    To  support  a  start  up  company  in  Singapore,  the  procedure  for  setting  up  a  corporate  bank  account  is  also  relatively  easy  and  a  good  professional  services  firm  can  manage  this  process  for  you.  

Singapore  is  not  regarded  as  a  ‘tax  haven’.    This  term  has  been  used  in  reference  to  low  tax  jurisdictions  and  is  viewed  with  suspicion  by  revenue  authorities  fighting  tax  evasion.  Singapore  also  has  the  benefit  of  being  a  very  stable  country,  politically  and  economically.  

The  Singapore  government  is  very  business  friendly.  Many  local  consultants  offer  virtual  office  services.  There  are  little  or  no  restrictions  on  fund  transfers  and  general  international  financial  transactions.  In  2010  it  was  voted  the  world's  "easiest  places  to  do  business"  by  the  World  Bank.  

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 English  is  an  official  language  and  all  official  documentation  is  accepted  in  English.  While  an  annual  financial  statement  must  be  submitted  to  the  Inland  Revenue  Service,  an  annual  financial  audit  is  only  required  for  companies  with  sales  /  turnover  of  five  million  Singapore  dollars  or  above.  Singapore  has  double  taxation  agreements  with  over  sixty  countries  worldwide.  

Other  benefits  of  Singapore  company  formation  for  business  people  include  a  very  strong  legal  framework  and  strict  protection  of  intellectual  property  of  companies.  From  the  information  technology  viewpoint,  Singapore  is  in  the  top  three  countries  worldwide.  Singapore  is  now  the  third  largest  Southeast  Asian  country  in  terms  of  the  value  of  foreign  direct  investment.  A  Singapore  offshore  company  set  up  is  a  very  attractive  vehicle  for  entrepreneurs  throughout  the  world.  

Healy  Consultants  is  a  leading  corporate  services  firm  providing  international  entrepreneurs  with  all  Singapore  company  incorporation  requirements.    The  firm  provides  a  range  of  services  for  Asia  business  set  up,  tax  planning  and  offshore  investing.    More  information  can  be  found  on  the  Singapore  company  incorporation  section  of  our  business  website,  www.healyconsultants.com.  

 

 

 

 

 

 

 

 

 

 

www.healyconsultants.com