With the growing awareness of the number of benefits offered to business owners in Singapore, as well as the changing economic conditions around the world, the number of offshore companies in Singapore is expected to increase significantly in the coming years. Many business owners around the world will consider setting up a business in Singapore and operating it from abroad. In connection with the growing interest in Singapore, more and more questions are being raised about forming a company in Singapore. Some of these questions are:
Q – Do I need to be in Singapore to establish an offshore company?
A – The answer is simple: no! A foreign company owner does not need to visit Singapore at least once during the company registration process. They can take care of everything from abroad. Since, according to the laws of the country, the use of the services of a registration agency in Singapore is mandatory, this agency will take care of the entire process of registering a company; inform you what documents are required and also what will help organize the mandatory structural requirement for an offshore company in Singapore.
Q – Do foreigners need a special permit to start a business?
A – Here again the answer is no. No special permission is required to establish a business in Singapore. All shareholders can be foreigners and the shares can be owned by both natural and legal persons. There are also no additional requirements for a business license and you can start a business as soon as your offshore company is registered.
Q – What do I need to establish an offshore company in Singapore?
A – First, you will need to provide various documents such as the Memorandum and Articles of Association (MAA), details of the shareholders and directors of the company, and copies of the shareholders’ utility bills to confirm the residential address. You will also need a Singapore registered business address and possibly a nominee director service, as every company in the country must have at least one local resident director. However, your registration agency can easily meet these requirements for a nominal fee.
Q – Do I have to carry out any post-registration procedure?
A – The only post-registration formality you need to complete is to open a corporate bank account in Singapore. Today, many banks in the country allow foreigners to open accounts after a telephone interview. This bank account can be used to transfer funds in and out of Singapore to your overseas bank account.
If you have such experienced professionals to take care of your company formation service, you don’t have to worry about the hassle of starting your new company!