Singapore Offshore Companies
from Maritime International Ltd.
Incorporation of Singapore offshore companies, corporate banking and related offshore company management services.
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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.
However, taxes are quite low with thre maximum at 17%. There are exemptions for the first three (3) years of operations, plus lower taxes after three years depending upon the company's taxable income. This can bring the tax rate down to 8.5%. However, if management and control is exercised outside of Singapore, these exemptions do not apply.
If you wish your Singapore company to be non-taxable then you should have a bank account outside of Singapore, and do not remit funds into Singapore. Of course, you can do both; remit funds into Singapore which will be taxable and keep funds outside of Singapore which will not be taxable.
Contact Maritime International Ltd. for further details.
Note that the trans-shipment of goods through Singapore ports by a Singapore company, does NOT make the company taxable in Singapore.
Singapore companies are relatively expensive, 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 a nominee Shareholder be used. The nominee Shareholder will be provided by Maritime International Ltd. and a Declaration of Trust will be issued to the owners, declaring that they are the owners of the company and the nominee Shareholder operates under their direction. The nominee Shareholder is in the public record.
You will already have a resident Director, which is required under Singapore law. The resident Director will then issue you a Power of Attorney (POA) to run the company. The resident Director does not sign on the bank account. The POA is not in the public record.
Singapore has a GST tax of 7%, which is included in our fees. Check other offers carefully.
Accounts must be kept by the company and submitted annually to the relevant government authorities. Audited accounts are not required if:
Accounting services are available in Singapore at our office there, or any other certified accountant may be used. Contact Maritime International Ltd. for details.
QUICK REVIEW OF SINGAPORE OFFSHORE COMPANIES
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.
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 resident Director(s) and nominee Shareholder(s). Only the resident and 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.
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.
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Offshore companies, asset protection trusts & offshore banking since 1990.
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