Global Business Service Agency: legal services for business
Global Business Service Agency provides services in the field of tax optimization. Our experienced professionals help clients with the opening and maintenance of offshore companies and opening bank accounts. GBS Agency organizes and supports the work of companies on all continents.
Singapore belongs to the 4th "East Tigers", which already demonstrates the high pace of business development in the region. In 2017, the growth of the country's economy was 3.5%, which is an impressive figure for the Republic of this scale, given the forecasts of the Minister of Finance only 1.7%. What else attracts investors to jurisdiction besides the impressive prospects of the financial center?
Company registration in Singapore: advantages of offshore for the entrepreneur
- The region is the leader in the number of investments in the sphere of IT, robotic, industry and electronics. The companies-residents of the region are the first to receive preferential terms for the conclusion of prospective contracts, purchase of new equipment, acquisition of copyrights and patents.
- Singapore is Asia's largest banking region. The central offices of many international banks and the first Asian Stock exchange operate in the territory of the country. Residents of Singapore are free to open accounts even in Switzerland, given the negative attitude of Swiss banks to offshore schemes.
- The founders of the companies in Singapore are given the opportunity to obtain a residence permit.
- Increased level of confidentiality of data about beneficiary, founders and executives of the company, as well as comprehensive protection of corporate information about assets, transactions and all accounts due to bank secrecy.
- Lack of control over currency transactions. In the region, any type of transaction in a freely convertible currency, including the withdrawal of assets beyond the boundaries of jurisdiction, is possible.
- A number of tax benefits. Singapore has concluded a double tax treaty with multiple jurisdictions, which allows you to pay fees in a country with more lucrative business rates. In addition, due to the territorial scheme of taxation, regardless of the form of residence, the companies of the republic, which conduct business outside the country, are completely exempt from taxes and fees.
Other tax rates:
- Corporate tax – 17%;
- Capital Gains tax – 0%;
- Dividend tax – 0%;
- Real estate tax and real estate transactions – 0%;
- Tax on royalties and interest – 15%;
- VAT – 7%;
- For newly created companies in the first 3 years of work income tax up to 100 thousand SGD is 0%, for the next 200 thousand SGD – The rate is accepted for half of the standard tax, all that from above is the base rate.
Singapore offshore registration: features of the procedure
It is possible to open an offshore company in Singapore with the authorized capital of any size, but not less than 1 dollar. The standard recommended size is $50 thousand, divided into equal number of shares. Shares may be issued to the bearer, ordinary, privileged, without or with the right to vote in the company's decisions. The nominating currency can be assigned to any.
Founders and executives of the company
To open a company in Singapore, you need at least one entity or two physical persons-shareholders, a minimum of two directors (at least one must have a resident of the Republic), and one secretary from the residence country. Shareholders ' meetings must be held at least once a year without the specified requirements to the venue and the registration protocol.
Minimum package of documents:
- A package of documents to identify the beneficiary and confirm the source of income.
- Charter and memorandum of the shareholders council.
- Resolution on the appointment of executive persons.
- Certificate of shares.
- Minutes of the first meeting.
Financial statements of the current company
Every year, 18 months after the establishment of the firm, all companies in Singapore are required to file a tax return. In addition, the company is obliged to appoint a tax auditor with the accounting Certificate of the republic, which will conduct an annual audit of the company financial statements. Each year, the director of the company is obliged to submit financial statements vised and certified by the auditor to the fiscal authorities of the jurisdiction. However, in case the annual financial turnover of the company is less than 5 mln Singapore dollars, filing of tax reporting is not required.
The cost of opening a company in Singapore is from $4 994 (apostilled documentation package is not required). Services of nominal service – from $295. The extension of the offshore for each year – from $3 195 (including reporting).
Expand your business opportunities in the best financial center of East Asia with the help of GBS Agency service specialists now! Ask for a personal consultation with our experts who will competently choose the form of doing business in Singapore just for you!