Singapore is stated to be the second economy freest worldwide. The fantastic place has enormous platform to promote start up trade centres as it believes in providing more benefits for entrepreneurs. An offshore company refers to a corporation operating outside the jurisdiction where it was originally filed. In simple terms a company or a business centre formed and functioning in other country.
This concept of incorporating a company in Singapore helps in many ways. Thus numerous entrepreneurs prefer to set their company in the beautiful place.
The beneficial key features are:
- Reduced taxes
The low tax system has favoured many people to do their business in the city. You don’t have to pay capital gain tax or dividend tax. Even a business owner doesn’t need to pay territorial tax payable in other countries.
- The documentation process
A business man doesn’t have to follow a complicated process of filling documents for starting up business.
- No political issues
Singapore is one of the politically stable countries. The integrity and simple legal system aids greatly in business sector.
- Bank system is favourable for funds transaction
They offer all kind of facilities for making banking easier and beneficial.
However there are certain aspects which need to be considered thoughtfully before setting an incorporating a company in Singapore.
The aspects are:
- Know the proper way adapted to register your company. The name of your company needs to be approved by the State Government.
- Before starting up know whether the market will be beneficial to gain monetary satisfaction.
- You need to appoint at least one local director having Singapore citizenship. Even Company Secretary will be a Singapore citizen. You can have only fifty shareholders maximum.
- Understand the tax system applicable in the place.
- You have choice from multiple well acclaimed bank facilities in Singapore. Make sure that you are applying the best among them to assist you in smooth functioning of your business.