Our Services - Offshore Company Formation, Nominee Director, Nominee Shareholder, Mail forwarding and Bank Accounts

Offshore Formations 247 specialize in Singapore company formations ranging from simple company registrations to complex structures including offshore Trusts and in providing a very comprehensive assortment of administrative services to Singapore companies, including the provision of Nominee Director, Nominee Shareholder, Mail Forwarding and Bank Account services. We are also able to offer a 'transfer in' service whereby we can take over the management of your existing Singapore Offshore Company, often for no cost at all. Our specialist Singapore company formation and company registration team:

• Retains well-established affiliations with local company agents in the Singapore
• Maintains an experienced staff with knowledge of legal requirements for company formation in Singapore
• Guarantees that all company filing fees and documents are up-to-date and notifies clients of all Singapore compliance changes
• We are NOT tax planners or advisers and as such cannot give advice to clients regarding the advantages / disadvantages of Singapore offshore structures

Call our specialist Singapore company formation team FREE on 0808 168 3676. If you are calling from outside the UK, please call us on 0044 (0) 208 492 6388

Singapore Offshore Companies and their Tax Liability

Singapore is not completely tax free, but like Panama and Costa Rica it applies the territorial basis of taxation. Therefore even if you become a tax resident of Singapore you can avoid paying income tax on your overseas pension or investment income. Over the past year or so the city state has also benefited from the introduction of the European Savings Tax Directive. As Singapore is outside the scope of the directive it has seen a sudden rush of cash into its banks by EU residents, keen to keep their money away from the prying eyes of governments. In terms of company tax, the tax residence status of a company in Singapore depends on the usual test of where the management control of the business is exercised. If you use a Singapore resident company it will be taxed on any income accruing in Singapore or that is received in Singapore from overseas. There is a special rule for overseas dividends which mainly affects Singapore holding companies. This states that there is a tax exemption for the overseas dividends, provided they are not remitted into Singapore. The highest corporate tax rate of the country from where the income is received is at least 15%. The income has already been taxed in the overseas country. Singapore companies also enjoy some very attractive tax breaks. The current corporation tax rate is 17%.

Double Taxation Agreements

Singapore has an extensive investment protection agreement and double tax treaty network. This includes most countries in the Asia-Pacific Region and countries in Europe, Africa and the Middle East. These countries include China, Indonesia, Thailand, Malaysia, Philippines, Vietnam, India, Japan, Korea, Australia, New Zealand, South Africa, United Kingdom, Netherlands, Germany, Switzerland, Sweden, France, Belgium, Finland and the United Arab Emirates. Singapore is also one of the very few countries to have a tax treaty with Taiwan. This explains the popularity of Singapore holding companies for Taiwanese investments into China and the region.

Singapore Offshore Company Formation / Registration

Offshore Formations 247 are able to incorporate a Singapore offshore company. Company formation normally takes up to 5 days to register a new company.

Singapore Offshore Company Shares

The concept of authorised share capital was abolished in Jan 2006 and the minimum number of issued shares is 1. Ordinary shares, preference shares and redeemable preference shares are all permitted.

GENERAL

Type of entity	Resident/Non Resident
Type of law	Common
Our time to establish a new company	5 days
Minimum government fees (excluding taxation)	S$365
Corporate Taxation	Varies
Double taxation treaty access	Yes

SHARE CAPITAL OR EQUIVALENT

Standard currency	SGD$
Permitted currencies	Any
Minimum paid up	S$1

DIRECTORS OR MANAGERS

Minimum number	1
Local required	Yes - one
Publicly accessible records	Yes
Location of meetings	Anywhere

MEMBERS

Minimum number	1 (corporation or individual)
Publicly accessible records	Yes
Location of meetings	Anywhere

COMPANY SECRETARY

Required	Yes
Local or qualified	Yes

ACCOUNTS

Requirement to prepare	Yes
Audit requirements	Yes but there are exemptions
Requirement to file accounts	Yes but there are exemptions
Publicly accessible accounts	Yes but there are exemptions

OTHER

Requirement to file annual return	Yes
Change in domicile permitted	No

• Companies can be incorporated under the Singapore Companies Act as private or public, limited by shares, by guarantee or unlimited. A Singapore company may be deemed resident or non-resident depending on its place of central management and control.
• All foreign source income received by individuals in Singapore is tax exempt.
• Taxation of income in Singapore is assessed on a territorial and remittance basis; only income accrued in or derived from Singapore, or income derived overseas but received in Singapore, is subject to tax.
• Singapore resident companies are generally entitled to income tax exemptions on foreign sourced dividends, foreign branch profits, and foreign-sourced service income subject to meeting certain criteria.
• Corporate tax rate is a flat 17% with a lower effective tax rate due to available applicable tax exemptions and incentives.