Company formation in Singapore
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Company formation in Singapore
Singapore is officially known as the Republic of Singapore, an independent island city-state located in maritime Southeast Asia. The territory of the country consists of 63 satellite islets and islands, along with one main island. Since the independence of the country, the combined area of Singapore has been enhanced by 25%. This is because of projects regarding extensive land reclamation.
Even more, Singapore has the second largest density of population in the world. Most importantly, the people here are multi-cultural. Therefore, for recognizing the necessity to respect its various cultural identities, the country has four different official languages. The official languages of Singapore include Tamil, Mandarin Chinese, English, and Malay. Additionally, English is also a trade language here which can bridge the communication gap easily.
In Addition, Multiculturism has been treasured in the constitution. Therefore, it is shaping the national policies of Singapore continuously in terms of housing, politics, and education.
More importantly, modern Singapore was founded by Sir Stamford Raffles in 1819 as a British Empire’s trading post. However, in 1867, the south-Asian colonies reorganized. As a result, Singapore went under direct British control as Straits Settlements parts. While, in the second world war, Japan occupied Singapore in 1942. But later, in 1945, Japan returned it to British control following Japan’s surrender as a distinct crown colony.
Despite all that, Singapore became self-governed in 1959. However, it became an independent country after being expelled due to different ideologies from the federation. Even though the country faced years of turbulence in earlier years of independence. However, the nation developed amazingly to become one of the four major Asian powers, despite lacking natural resources.
Singapore is also a member of the UN, WTO, NAM, EAS, and Commonwealth. Due to its success in external trade, Singapore is also becoming an amazingly developed country. It has ranked 2nd in GDP per capita. The tremendous growth of Singapore is making more people interested in setting up an offshore company in Singapore.
Thallium Consulting can help you set up your company in Singapore. We have all the native information and resources to help you out.
Benefits of an offshore company set up Singapore
Do you want to know how to set up an offshore company in Singapore? Or like to learn more about how an offshore company set up in Singapore can benefit your business effectively? In any case, you must know the key benefits of offshore company formation in Singapore mentioned below.
So, here we go:
- Most importantly, you can have an offshore company set up in Singapore with 100% foreign ownership. Even more, this country also offers complete repatriation of profits and capital as well without any control.
- Singapore has secured a high rank in major social indicators, including quality of life, healthcare, education, housing, personal safety, and business.
Even more, Singapore has the fastest internet connections worldwide. Therefore, it can let you establish advanced and secure infrastructure for your offshore company set up Singapore with ease.
- In addition to this, Singapore has a business regulatory framework that is bureaucracy-free all around the world. Also, it has the most straightforward business regulatory system that makes it easier to understand how to set up an offshore company in Singapore.
- Singapore also has a stable political and economic situation. It offers a systematic financial system as well. As a result, you can find various offshore companies here with ease.
In short, incorporating a business or company in Singapore is a lot easier and straightforward. You can even complete offshore company formation in the Singapore process within one day also.
You can get all these benefits if you hire Thallium Consulting for your needs.
Corporate Banking solution for offshore company set up Singapore.
Overall, Singapore is a reputable jurisdiction with a reputable, secure, and robust banking sector. Therefore, any multi-national client can benefit from a long-term and excellent corporate banking solution here with ease. Even more, the sovereign credit rating of Singapore is also stable. That is why investors feel Singapore is a comfortable, flexible and stable, global financial centre to secure their funds.
Most importantly, corporate and saving accounts of banks in Singapore are insured by the government. This is to provide enhanced comfort to the investors. However, in some cases, other currencies’ deposit isn’t covered by banks here.
Therefore, it is always essential for you to do due diligence before choosing a corporate banking solution in Singapore. So, you can easily manage and transfer your corporate funds here without any restrictions.
The renewal process for an offshore company set up in Singapore
Maintaining an offshore company set up in Singapore is simple. Fortunately, the procedure of the annual renewal of your company in Singapore is also more effortless.
An annual renewal process of your offshore company formation in Singapore is legal to continue its operations here. However, the date to apply for the renewal process of offshore company formation in Singapore depends upon the end date of the financial year here.
You have to submit your renewal application and the required fees before the end of the financial year in Singapore.
Timely renewal of your offshore company set up Singapore is the best way to enjoy all the advantages of credible and reputable images of Singapore. This is also important to ensure essential Intellectual Property Protection.
To make the process easier, you can also get help from a consultant company in this regard. That will help you complete the offshore company’s renewal process set up in Singapore on time.
Thallium Consulting can help you with the company renewal process in Singapore.
Perks for an offshore company set up Singapore as a tax haven
Despite offering a high quality of life, and advanced infrastructure for businesses, Singapore is also famous as a tax haven. Most importantly, both corporate and personal tax rates in Singapore are lower. That’s why you can easily consider offshore company formation in Singapore as a go-to option to expand your business.
Even more, Singapore offers 17% corporate tax for the companies set up here. While a new offshore company is set up, Singapore can have a considerable tax break for the first three years. This tax break can be as low as 0% income tax. However, the personal tax rate in Singapore varies from 0 to 20 per cent.
Most importantly, there is no tax on the capital gains in Singapore from the sales your business has made. Similarly, there is absolutely no tax on surpluses paid to shareholders as well.
Singapore has Double Taxation Agreement avoidance with above 50 countries. This will, even more, help your offshore companies to save on taxes in the best possible way.
All of these things are making Singapore one of the most accessible places to do business.
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