Singapore is a lucrative destination for investors and entrepreneurs from around the world wanting to set up offshore businesses. As a commercial hub, Singapore takes pride in offering a business-friendly environment, encouraging taxation policies, and helpful government schemes for setting up companies.
If you are thinking of starting an offshore business, Singapore offers a number of benefits in this regard. Check out the key advantages of setting up an offshore business in Singapore.
Simple company incorporation rules
The rules for company incorporation in Singapore are really simple. You just need a couple of days to incorporate your company in Singapore. There are two easy steps for registration of companies:
- Choose a company name and get approval
- Submit the documents for incorporation
This quick and efficient online process facilitates setting up of companies easily in Singapore.
Low tax liability
Tax is a primary concern area for any business owner planning to set up an offshore company. This is where Singapore edges ahead of most other business hubs across the world. Singapore corporate tax rates are not just low but also business-friendly in nature. Moreover, capital and dividend taxes are not included in the taxation system.
This policy is extremely helpful for offshore companies to carry out business in Singapore without having to worry about the tax burden. You can even take the help of a corporate service provider in Singapore to help you out with the taxation process, saving you all the efforts. Check out https://www.e-sandhurst.com/singapore-corporate-taxation/ to know more about Singapore corporate taxation.
Liberal policy of foreign ownership
As far as foreign ownership is concerned, Singapore has a liberal policy. The country permits 100% foreign shareholding covering all sectors. You may operate your offshore company in Singapore as an individual or set up a corporate body for the same. You are not required to get any approval or permission from the local authorities for this purpose.
Also, your offshore company will get recognition as a legal entity in Singapore. This means banks and other organizations will consider your business as fully credible.
Excellent banking facilities
Singapore is recognized as a leading commercial hub in Asia. Offshore companies operating in Singapore have the choice of doing business with a large number of foreign and local banks operating in the country.
As a business owner, you can avail a wide variety of facilities from the banks, including the opening of multi-currency accounts, transferring funds from banks situated in other countries, availing credit cards, etc. You can expect to open an account for your offshore company in Singapore within a time period of 2 to 15 days.
Stable political environment
A stable political environment is an essential requirement for conducting business in a smooth manner. Singapore excels in this aspect. The political environment of the country is quite stable.
Additionally, the Singapore government follows a pro-business attitude. The legal system of the country is also highly efficient. This is another plus point for foreign business owners interested in setting up business in Singapore.