{"id":66319,"date":"2024-05-15T10:55:39","date_gmt":"2024-05-15T02:55:39","guid":{"rendered":"https:\/\/linksinternational.com\/?p=66319"},"modified":"2024-06-18T11:24:18","modified_gmt":"2024-06-18T03:24:18","slug":"how-to-set-up-an-offshore-company-in-singapore","status":"publish","type":"post","link":"https:\/\/linksinternational.com\/en-sg\/blog\/how-to-set-up-an-offshore-company-in-singapore\/","title":{"rendered":"How to Set Up and Register an Offshore Company in Singapore"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Singapore is one of the most popular destinations in the world for investor to set up and register an offshore company. This is due, in part, to the country\u2019s&nbsp;pro-business environment, strong talent pool, and the many advantages it offers to businesses operating or looking to&nbsp;operate in Asia. In this article, we will outline some of the key steps involved in setting up an offshore company and an alternative way to legally bypass setting up an entity when forming a base of operation in Singapore. Read on to find out how to set up an offshore company in Singapore.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is an Offshore Company?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">An offshore company is often referred to as a company that is legally registered in a foreign jurisdiction. A Singapore offshore company is a business set up and registered in Singapore, often by non-residents, to engage in business outside the country. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why Set Up an Offshore Company in Singapore?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are several advantages that come with setting up an offshore company in the &#8220;Garden City&#8221;. Singapore\u2019s business-friendly environment, multilingual workforce and attractive system are just some of the reasons. A business that is registered in Singapore as an offshore company, however, is controlled overseas and has no local operations, does not hold tax residency in Singapore. That means, it may be subjected to zero corporate tax<sup>1<\/sup>. Singapore is also well-known for being a financial, and recently, a startup hub in the region <sup>2<\/sup>. These companies benefit from Singapore\u2019s robust legal system and famous international trade networks. As a result, Singapore has become a beloved destination for foreign business to set up their offshore entities. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Read more<\/em><br><a href=\"https:\/\/linksinternational.com\/blog\/starting-a-business-in-singapore-heres-why-its-a-smart-move\/\"> Starting a Business in Singapore? Here\u2019s Why It\u2019s a Smart Move<br><\/a><a href=\"https:\/\/linksinternational.com\/blog\/expanding-your-business-into-south-east-asia-a-quick-comparison\/\"> Expanding Your Business into South East Asia? A Quick Comparison<br><\/a><a href=\"https:\/\/linksinternational.com\/en-sg\/blog\/use-peo-to-set-up-a-presence-in-singapore\/\"> How to Set up a Presence in Singapore With PEO?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Quick Guide to Setting up an Offshore Company in Singapore<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Choose a Unique Name for Your Offshore Company<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The company\u2019s name must be unique, meaning it cannot be a replicate of an already existing company. It must also be in compliance with Singapore\u2019s Companies Act. Furthermore, it is a requirement that The Company Registrar approves the company name before you go ahead with registration.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Choosing Your Offshore Company Structure<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s always tricky to decide which company structure works best for you. We\u2019ve compiled some questions to make the process all the easier for you:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> How many owners will the company have?<\/li><li>What is the initial capital going into the company?<\/li><li>How quickly does the company plan to grow?<\/li><li>What are some of the company long-term goals?<\/li><li>What about short-term goals?<\/li><li>What are the main needs of the company? <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Company Structure in Singapore<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Singapore has a plethora of business entities that you can choose from when registering your business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The following are the ones that are most commonly used:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sole Proprietorship or Partnership<\/li><li>Limited Partnership (LP)<\/li><li>Limited Liability Partnership (LLP)<\/li><li>Company<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Registering Your Business in Singapore<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The registration process for an offshore company in Singapore is relatively straightforward. You need to register both the company name and your business with ACRA (Accounting and Corporate Regulatory Authority). There are a few documents that must be filed with the ACRA, including the articles of incorporation, the memorandum of association, and the shareholders\u2019 agreement. There is also a registration fee that must be paid.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Depending on which company structure your business is following, the specific prerequisites may vary. However, in general, to register your company, you must appoint a local representative who should be a Singapore citizen, a permanent resident, or an individual holding an (Singapore Entrepreneur Pass) EntrePass work visa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You will also need to appoint one local resident as a company director. The documents you need for incorporating your business include<sup>3<\/sup>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Passport copies of directors and shareholders<\/li><li>Address proof of directors and shareholders<\/li><li>In the case of a corporate entity, particulars of the parent company <\/li><li>Registered office address<\/li><li>Proof of commencement date<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Obtaining Business Licenses<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Before starting business operations, you may need to apply for and obtain business licenses based on your business activities and domain. For example, trading, recruitment, and various other professions will require specific permits for you to legally operate in Singapore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Opening a Corporate Bank Account<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Once the business has been registered in Singapore, you will need to open a corporate bank account. This can be done at any bank in Singapore. The company will need to provide its registered address and contact information, as well as the name of the company director(s).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company will also need to provide a copy of its Certificate of Incorporation. The bank may require the company to provide additional documentation. These include a copy of its business registration certificate or articles of association, Singapore ID card of directors<s>,<\/s> and contact details.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>*This is intended as a general guide, for more information, study our&nbsp;<\/em><a href=\"https:\/\/linksinternational.com\/en-sg\/research\/company-formation-guide\/singapore-legislation\/\"><em>Singapore Company Formation Guide<\/em><\/a><em>&nbsp;or&nbsp;<\/em><a href=\"https:\/\/linksinternational.com\/en-sg\/about-us\/contact-us\/\"><em>contact our Singapore Specialists now<\/em><\/a><em>!<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to Legally Set Up Company Operations in Singapore Without a Business Entity<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To sum up, Singapore is a great place to&nbsp;<a href=\"https:\/\/linksinternational.com\/blog\/starting-a-business-in-singapore-heres-why-its-a-smart-move\/\">expand your business operations.<\/a>&nbsp;However, if you\u2019re looking to test the market, setting up a business entity may not be your best solution. Instead, you should consider using a PEO or EoR service which can help you save time and money when expanding your operations. The best part about PEO employment is that it allows you to quickly scale up or down before taking the plunge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Set up a Company in Singapore with PEO<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Want to learn how your business can benefit from using PEO? Contact our specialists to learn more our <a href=\"https:\/\/linksinternational.com\/en-sg\/hr-outsourcing\/secondment-peo\/\">PEO service in Singapore<\/a> and across Asia or visit our <a href=\"https:\/\/linksinternational.com\/en-sg\/hr-outsourcing\/secondment-peo\/\">service page<\/a> for more information!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Related Articles:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li> <a href=\"https:\/\/linksinternational.com\/en-sg\/blog\/top-10-most-profitable-businesses-in-singapore-in-2022\/\">Top 10 Most Profitable Businesses in Singapore in 2022<\/a><\/li><li><a href=\"https:\/\/linksinternational.com\/en-sg\/blog\/how-to-calculate-employer-cpf-contribution-rate-in-singapore\/\">How to Calculate Employer CPF Contribution Rate in Singapore<\/a><\/li><li><a href=\"https:\/\/linksinternational.com\/en-sg\/blog\/singapore-business-guide-what-is-skills-development-levy\/\">Singapore Business Guide: What is Skills Development Levy?<\/a><\/li><li><a href=\"https:\/\/linksinternational.com\/en-sg\/blog\/a-nifty-guide-on-how-to-manage-your-singapore-payroll\/\">A Nifty Guide on How to Manage Your Singapore Payroll<\/a><\/li><li><a href=\"https:\/\/linksinternational.com\/en-sg\/blog\/how-much-should-you-earn-2022-singapore-salary-guide\/\">How Much Should You Earn? \u2013 2022 Singapore Salary Guide<\/a> <\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Links International is an industry leader in innovative&nbsp;<a href=\"https:\/\/linksinternational.com\/en-sg\/hr-outsourcing\/\">HR outsourcing<\/a>&nbsp;with services such as&nbsp;<a href=\"https:\/\/linksinternational.com\/en-sg\/hr-outsourcing\/payroll-outsourcing\/\">payroll outsourcing<\/a>,&nbsp;<a href=\"https:\/\/www.linksinternational.com\/visa-applications\">visa application<\/a>,&nbsp;<\/em><a href=\"https:\/\/linksinternational.com\/en-sg\/hr-outsourcing\/secondment-peo\/\"><em>PEO\/EOR Secondment<\/em><\/a><em>,&nbsp;<a href=\"https:\/\/linksinternational.com\/en-sg\/hr-outsourcing\/outplacement\/\">outplacement<\/a>,&nbsp;<a href=\"https:\/\/www.linksinternational.com\/recruitment\">recruitment<\/a>&nbsp;and more!&nbsp;<a href=\"https:\/\/www.linksinternational.com\/contact-us\">Contact us<\/a>&nbsp;for more information on how we can help leverage your HR function.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/linksinternational.com\/en-sg\/products\/links-one\/\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/linksinternational.com\/wp-content\/uploads\/2021\/10\/2021-Blog-Banner-_-Links-One.png\" alt=\"Manage multi country payroll with Links One\" class=\"wp-image-60564 lazyload\"\/><noscript><img decoding=\"async\" width=\"1400\" height=\"425\" src=\"https:\/\/linksinternational.com\/wp-content\/uploads\/2021\/10\/2021-Blog-Banner-_-Links-One.png\" alt=\"Manage multi country payroll with Links One\" class=\"wp-image-60564 lazyload\" srcset=\"https:\/\/linksinternational.com\/wp-content\/uploads\/2021\/10\/2021-Blog-Banner-_-Links-One.png 1400w, https:\/\/linksinternational.com\/wp-content\/uploads\/2021\/10\/2021-Blog-Banner-_-Links-One-300x91.png 300w, https:\/\/linksinternational.com\/wp-content\/uploads\/2021\/10\/2021-Blog-Banner-_-Links-One-1024x311.png 1024w, https:\/\/linksinternational.com\/wp-content\/uploads\/2021\/10\/2021-Blog-Banner-_-Links-One-768x233.png 768w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><\/noscript><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"> <sup>1<\/sup>&nbsp;Source: <a href=\"https:\/\/www.iras.gov.sg\/taxes\/corporate-income-tax\/basics-of-corporate-income-tax\/tax-residency-of-a-company-certificate-of-residence\" target=\"_blank\" rel=\"noopener\">Inland Revenue Authority of Singapore &#8211; \u201cTax Residency of a Company\/ Certificate of Residence<\/a> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>2<\/sup>&nbsp;Source: <a href=\"https:\/\/time.com\/6321258\/singapore-hong-kong-asia-finance-hub\/\" target=\"_blank\" rel=\"noopener\">Time.com &#8211; \u201cFinancial Firms Are Flocking to Singapore But Hong Kong Keeps Its Edge\u201d <\/a> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>3<\/sup>&nbsp;Source: <a href=\"https:\/\/www.gobusiness.gov.sg\/start-a-business\/register-your-business\/\" target=\"_blank\" rel=\"noopener\">GoBusiness.gov &#8211; Go Business Singapore &#8211; Step 4: Register your business <\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify\">Singapore is one of the most popular destinations in the world for investor to set up and register an offshore company. This is due, in part, to the country\u2019s&nbsp;pro-business environment, strong talent pool, and the many advantages it offers to businesses operating or looking to&nbsp;operate in Asia. In this article, we will outline some of [&#8230;]<\/p>\n<p class=\"text-justify\"><a class=\"btn btn-secondary links-read-more-link\" href=\"https:\/\/linksinternational.com\/en-sg\/blog\/how-to-set-up-an-offshore-company-in-singapore\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[313],"tags":[184,203,617],"class_list":["post-66319","post","type-post","status-publish","format-standard","hentry","category-hro","tag-business-set-up","tag-singapore","tag-peo"],"acf":[],"_links":{"self":[{"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/posts\/66319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/comments?post=66319"}],"version-history":[{"count":5,"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/posts\/66319\/revisions"}],"predecessor-version":[{"id":100583,"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/posts\/66319\/revisions\/100583"}],"wp:attachment":[{"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/media?parent=66319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/categories?post=66319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/linksinternational.com\/en-sg\/wp-json\/wp\/v2\/tags?post=66319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}