Why and How to Set Up an Offshore Company in Singapore? | Bestar

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore

• Setting up your business in Singapore, the
  worlds hottest hub is one of the wisest
  decisions an individual or company can make in
  todays era. Singapore has yielded lucrative
  returns and maximum ROI for entities and
  companies for decades, and it will proliferate in
  the upcoming years.
• Singapore has one of the most competent,
  talented, and skilled workforces in the Asia
  Pacific, and its business environment makes it
  the perfect regional hub for MNCs and
  well-established firms to expand their business
  operations and take advantage of incentives,
  initiatives, schemes, policies, and taxation
  systems.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore

• If you wish to start your Offshore Company in
  Singapore and need clarification, we will explain
  why and how you should set up an Offshore Company
  in Singapore.

What is an Offshore Company?

• Let us first quickly walk you through what an
  Offshore Company is. It is incorporated in a
  jurisdiction other than its base (headquarters),
  where the parent company, directors, and
  shareholders are located.

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Why and How to Set Up an Offshore Company in
Singapore?
Why Should You Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore
Let us answer the most asked question by
Individuals and Companies across the globe by
walking you through the reasons and benefits of
setting up an Offshore Company in Singapore.
Tax System

• They can also enjoy numerous tax benefits if the
  control and management have been exercised for
  the prior Assessment year in Singapore (the year
  when income is assessed). It helps safeguard from
  double taxation tax exemptions on specific
  income types.
• You can read our other blog, Tips to Manage
  Company Tax in Singapore.

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Why and How to Set Up an Offshore Company in
Singapore?

• Singapore has the most efficient, favourable, and
  intriguing tax regimes in the Asia Pacific, as
  companies and entities can enjoy a flat 17
  corporate tax only those revenues gains
  attained in Singapore or remitted into the
  country are considered taxable for Tax
  calculations.

Tax Planning While Being In Singapore
Hottest Financial Global Hub

• Singapore has undoubtedly been one of the
  trending fintech hubs globally and ranks 3 on
  the Global Financial Centres Index list. It ranks
  7 in business environment and human capital, 3
  in Infrastructure, 5 in Financial Sector, and 3
  in Reputation General.

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Why and How to Set Up an Offshore Company in
Singapore?

• These facts and figures are enough to lure any
  MNC and firm based abroad to consider Singapore
  for setting up an Offshore Company. With 200
  foreign banks and 1400 foreign financial
  institutions, it is a no-brainer that companies
  will have unparalleled financial services support
  to boost their operations.

Tax Planning While Being In Singapore

• With Singapore Governments new policies and
  initiatives, Offshore Businesses will have access
  to several advanced fintech products to foster
  their organisation development and meet their
  financial needs to gain a competitive world in a
  dynamic and fast-paced world.

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Why and How to Set Up an Offshore Company in
Singapore?
Business-Friendly Regulatory Environment
Tax Planning While Being In Singapore

• Singapore has been rated highly by World Bank for
  business commencement for MNCs and firms
  worldwide. There are numerous reasons behind
  this, such as transparent, fair, and efficient
  corporate financial regulatory institutions for
  borrowing/lending funds and capital for business
  setup and growth and political stability, which
  has kept lucrative schemes and initiatives to aid
  startups and new businesses.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore

• Also, you will have ease of public and private
  transportation and services for commute and
  administrative support. Company Incorporation in
  Singapore is straightforward and quick as
  Singapore Government grants foreign companies
  100 ownership of their Offshore operations in
  several sectors.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore
How to Set Up an Offshore Company in Singapore?

• You can incorporate your Offshore Company in
  Singapore via ACRAs BizFile portal. You will be
  required a SingPass ID to log into Bizfile, and
  you can contact us, and our Business Advisory
  Consultant will guide you through the entire
  process of Company Incorporation.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore

• The following is the list of information required
  for Offshore Company Incorporation in Singapore
• Proposed Company Name
• Companys Registered Address
• Brief Description of Engaged Business Activities
• Companys Constitution
• Particulars of Directors, Company Secretary, and
  Shareholders

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore

• Note Apart from the above documents, Filing
  Agent may ask you to provide additional
  information for Companys Incorporation.
• The following requirements must be kept in mind
• Must have a registered physical office in
  Singapore for communication via mail and sending
  notices.
• Must appoint a Singapore Resident as Company
  Secretary within six months of the Companys
  Incorporation.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore

• Must have at least one Director who is a
  Singapore resident, with a minimum of 18 years of
  age and not have been involved in any charges of
  dishonesty and fraud.
• You can complete the entire process within
  24-48 hours.

Things to do after Setting Up an Offshore Company
in Singapore

• After company incorporation, you will receive an
  official confirmation via email from ACRA
  containing your companys registration number
  (Certificate of Incorporation in Singapore). The
  following are pivotal things to do after the
  Offshore Company is set up in Singapore.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore
GST Registration

• After Incorporation, your Offshore Company is
  naturally qualified for Corporate Income Tax with
  the IRAS. If your expected annual turnover and
  turnover exceeds S1 million in 12 months of
  business, you must register for GST in Singapore.
  At Bestar Services, we provide GST Registration
  Services in Singapore and contact us for any
  questions and assistance for the same.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore
Corporate Bank Account Set Up

• You must set up a Corporate Bank Account in
  Singapore to facilitate the administration of
  Financial Accounts. Some banks will ask for the
  physical presence of company directors and other
  authorised signatures for the Offshore Corporate
  Bank Account opening. In contrast, some allow the
  option of opening an account online.
• At Bestar Services, we provide Business Advisory
  and Consulting Services to guide you with
  Corporate Bank Account Opening, Financial Tax
  Diligence Services, and Compliance Regulation.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore
Conclusion

• After reading the blog, you will have sturdy
  comprehension and clarification about Why and How
  to set up an Offshore Company in Singapore and
  things to do after company incorporation.
  However, if you have questions, feel free to
  contact us.
• At Bestar Services, we provide comprehensive
  Company Incorporation Services, including Foreign
  Business Set Up in Singapore. We recommend hiring
  Business Advisory Consultant from us to simplify
  the process, and we will formulate a bespoke
  Company Incorporation that fits within your
  budget.

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Why and How to Set Up an Offshore Company in
Singapore?
Tax Planning While Being In Singapore
Conclusion

• We have helped 100s clients successfully set up
  their business operations in Singapore. We handle
  every aspect, including obtaining Licensing, GST
  Registration, Opening a Corporate Bank Account,
  and more.
• Contact us for a consultation by calling at 65
  62994730 or emailing at admin_at_bestar.asia.

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