An offshore business in Singapore is an excellent idea. The destination is famous has one of the four Asian Tigers, boasting population of 4.8 million. It is a business friendly destination that welcomes international business companies. It has thousands of expats and hundreds of foreign companies. The busiest place is economically powerful. It is the 4th largest foreign exchange trading centre in the world, the busiest port. The diverse culture, diverse languages and diverse facilities, all encourage foreign investors to invest in Singapore.
The government of the country has setup easy business setup rules for all types of foreign investors. The place has no offshore legislation. Offshore investors can start tax free businesses if they are doing business outside Singapore. It means the office work is operated from Singapore but the business is not relevant to Singapore.
If the business is relevant to Singapore, around 17% tax is lavished for 3 years and after that the tax rate can go down to 8.5%.
Foreign businessmen have two types of business opportunities. They can do a business in the land of Singapore or can choose Singapore just as an office centre but the actually work is doing from outside. Non-taxable businesses have lots of profits.
For shipping the Singapore government has given a special exemption to offshore ventures. They can transport goods through Singapore ports by a Singapore company. The facility is non-taxable.
Auditing free business is offered to run:
- If the business turns over is less than S $ 5 million
- The business has less than 20 shareholders
- No corporate shareholders
The destination offers to form a business in a short span of time. A few simple rules are required to follow to smoothly start an international business company. Singapore offers to set up a private limited company. Registration of the company is must with the Singapore foreign regulatory board. It is responsible to monitor the work progress of foreign businesses. The Singapore government gives the business opportunity to those foreign investors whose company work performance is doing well. In case, an offshore venture is failed to perform well, it is tough for the company to continuously run the venture in Singapore. Offshore incorporation setup agencies appointed because they are expert in resolving various types of company formation issues by offering various types of company formation services including office registration, company registration, outsourcing of accountancy and office work, attorney assistance, company secretary etc…