Singapore Offshore Companies

from Maritime International Ltd.

Incorporation of Singapore offshore companies, corporate banking and related offshore company management services.
Singapore offshore company
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SINGAPORE OFFSHORE COMPANIES

The Republic of Singapore is well known as one of the four Asian Tigers. It is a city state located at the southern tip of the Malaysian Peninsula with a population of approximately 4.8 million.

Singapore is a business friendly, International Financial Center, with major banks, hundreds of foreign companies and thousands of expats. It is the 4th largest foreign exchange trading centre in the world and the world's busiest port. The official languages are English, Mandarin, Malay and Tamili. English is the administrative language and is widely spoken.

OVERVIEW OF KEY FEATURES

Like Hong Kong, Singapore has no offshore legislation. Corporate taxes are based on a "territorial" feature. That is, income is only taxed if it is earned in Singapore and/or remitted into Singapore. Therfore, the company should always have its bank account outside of Singapore and conduct all its financial affairs outside of Singapore.

Note that the trans-shipment of goods through Singapore ports by a Singapore company, does NOT make the company taxable.

There are several disadvantages to a Singapore Company, but overall it is an excellent jurisdiction. You will require a resident Singapore Director and a resident Singapore Secretary, so these add to the cost of the jurisdiction. The resident Secretary is included in our fees, the same as in Hong Kong, since the Secretary must perform a number of legal functions and is not just a "passive" Secretary. The "resident" Director can be provided by Maritime International Ltd. at an additional fee, or the client can provide a local Singapore resident, known to them, to be the "resident" Director.

Please be aware that the names of Directors and Shareholders are in the public record. It is important therefore, if privacy is desired, that nominee Directors and nominee Shareholders be used. These are available from Maritime International Ltd., with appropriate Indemnity and Declaration of Trust, protecting the client. The nominees do not sign on the bank account.

Singapore has a GST tax of 7%, which is included in our fees. Check other offers carefully.

Accounts must be kept by the company. Audited accounts are not required if:

  • The company turn over is less than S$ 5 million.
  • The company has less than 20 shareholders.
  • There are no corporate shareholders.

Note: If a client wishes to do business in Singapore and earn income in Singapore, it should be structured as a Resident Singapore company, in order to take advantage of the available tax exemptions. Contact Maritime International Ltd. for further details.

Inexpensive accounting services can be provided by Maritime International Ltd. We recommend our "offshore" accounting services rather than keeping accounts in your country of citizenship or residence.

QUICK REVIEW OF SINGAPORE OFFSHORE COMPANIES

GENERAL  
Location of Jurisdiction Singapore - South East Asia
Official Language English, Chinese, Malay and Tamili. English is widely spoken.
Political Stability Excellent
Residency Available Yes, if desired.
Corporate Taxes None, if no income is derived from Singapore sources.
Tax Information Exchange Agreements Read More
Disclosure of Beneficial Owner(s) Yes, but Nominees may be used. Read More
Time to Incorporate 24 to 48 hours.

CORPORATE  
Type of Offshore Company Private Limited Company
Type of Law English Common Law
Allowed Business Activities Very few restrictions. Read Details
Registered Office Required by Law - Read More
Virtual Office Services Available
Change of Domicile Not Allowed
Language of Documents English
Corporate Seal A metal corporate seal is mandatory (included in our fees).

DIRECTORS  
Eligibility Any person or company of any nationality, plus one Singapore resident.
Minimum Number of Directors One Director must be a Singapore resident.
Disclosure to Authorities & Public Yes, but Nominees can be used. Read More
Residence Required May Reside Anywhere. One Director must be resident in Singapore.
Nominee Director Available (Recommended - Advantages) Yes. Provided by Maritime International Ltd. - Read More
Location of Meetings Anywhere

COMPANY SECRETARY  
Local Secretary Required Yes, must be a Singapore resident.
Local Secretary Available Yes. Provided by Maritime International Ltd. - Read More

SHAREHOLDERS  
Minimum Number of Shareholders One
Maximum Number of Shareholders 20. Audited accounts are required for companies with over 20 shareholders.
Eligibility Any person or company of any nationality.
Disclosure to Authorities & Public Yes, but Nominees can be used. Read More
Nominee Shareholders Available Yes. Provided by Maritime International Ltd. - Read More
Annual General Meetings Required - Read More
Location of Meetings Anywhere

SHARES  
Minimum Number of Shares One
Maximum Number of Shares Unlimited
Bearer Shares Permitted No
Classes of Shares Permitted Ordinary shares, preference shares, redeemable shares and shares with or without voting rights. (No par value shares are not permitted).

SHARE CAPITAL  
Permitted Currencies Any
Minimum Paid Up Share Capital S$1.00 or US$ 1.00
Maximum Share Capital Unlimited
Recommended Share Capital S$ 50,000 or US$ 50,000 (other currencies are permitted)
Requirement to be Paid Up No

ACCOUNTS  
Keep Accounts/Company Books Yes. We recommend accounts be kept by Maritime International Ltd. as this is inexpensive and confidential. Read More
File Accounts with Government No, under certain circumstances. Read More
Bank Account Location Anywhere - Read More
Brokerage Account Read More
Exchange Controls None

SINGAPORE OFFSHORE COMPANY FEES

OFFSHORE COMPANY MANAGEMENT SERVICES AVAILABLE

Nominee Directors & Shareholders, Virtual Office Services, Mailing Address, Basic Account Maintenance, Invoicing and Accounting Services, Employee Contracts, Document Safekeeping and general Corporate services. More details are available on our Management Services page.

PRIVACY

The names of the Directors and Shareholders are required to be filed with the Government and they are also available in the public record.

Privacy can be provided through the use of a nominee Director(s) and nominee Shareholder(s). Only the nominee names are filed with the Government and appear in the public record. The Beneficial Owner of the company and the Power of Attorney issued to him/her to run the company, are not required to be filed with the Government or placed in the public record.

NAME RESTRICTIONS

The following names require licensing to be used: Bank, Insurance, Assurance, Re-Insurance, Fund Management, Investment Fund, Chamber of Commerce. Names denoting any connection to local, state or national Governments are generally prohibited, as well as politically sensitive names.

SUFFIXES TO DENOTE LIMITED LIABLITY

The following can be used: Private Limited or Pte Ltd. only.

General Information

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