5 Reasons for Opening an Offshore Company in Singapore
Singapore has become such a business hub, with many investors considering opening offshore companies in the country. Several factors are needed to be considered before the incorporation of a foreign company, and that entails engaging the services of a nominee director in Singapore. Investors that are considering opening offshore companies in Singapore are required by commercial law to appoint a resident nominee director who is required to be a citizen of Singapore.
Here are some of the reasons why Singapore is ideal for opening an offshore company;
Reduced tax liability
One of the critical factors that should be given consideration when opening a foreign company in Singapore is the aspect of taxes. The low tax system in Singapore is considered to be the main contributing factor that makes the country attractive to investors. However, it would be best if you considered engaging a company that offers nominee director services Singapore as they are more likely to be well versed with the aspects of taxation.
Singapore follows a single six-tier tax policy, which states that once an income has been taxed at the corporate level, then dividends can be distributed tax-free to the shareholders.
Ease of Incorporation of Company
According to 2018 report by the World Bank, Singapore gets the Top 2 spot in the list of perfect places to do business. The process of registering a company is quick and entirely free from bureaucratic issues. That’s why you can efficiently operate your offshore business with the help of local director services. The entire registration procedure is fully automated, which involves the submission of corporation documents and company name approval, making the process much easier.
Singapore is also a very politically stable country in the Asian region, with the government well known to observe integrity alongside having a pro-business approach. It’s also corruption free, pragmatic, and rational, which makes the operation of an offshore company to be more manageable primarily when you work with a nominee director in Singapore. The rules and regulations that pertain to commerce and other business-related areas are quite clear.
Sophisticated banking facilities
When opening an offshore company in Singapore, the investors are presented with a broad choice of local as well as foreign banks that they can open accounts with. You can make the whole process seamless by engaging a local firm that offers nominee director services Singapore. A firm such as Onestop-ca.com is well known to provide a range of professional services, including the provision of local director services.
Liberal foreign ownership policy
Singapore has a foreign ownership policy that’s open and also liberal. Once you engage a nominee director in Singapore, you can be assured of operating in quite a transparent and clear way. Shareholders may either be qualified individual persons or corporate bodies; however, they have to work with a local nominee director in Singapore. It’s important to note that foreigners considering opening an offshore company in Singapore do not require any prior approval from the government authorities.
It’s, however, vital that they be well conversant with the laws and regulations that pertain to operating an offshore company in Singapore.