Important Questions Regarding Singapore Offshore Company Formation

With growing awareness of the number of benefits provided to business owners in Singapore and with also changing economic conditions worldwide, offshore company formation in Singapore is expected to rise considerably over the next few years. Many business owners from all corners of the globe would consider setting up a company in Singapore and manage it from overseas. With growing interest in Singapore, there are also a growing number of questions on Singapore company formation. Some of these questions are as follows:

Q – Do I need to be present in Singapore to form an offshore company?

A – The answer is quite simply No! There is no need for the foreign business owner to visit Singapore even once during the company incorporation process. They can take care of everything from overseas. Since it is mandatory as per the laws in the country to engage the services of an incorporation agency in Singapore, this agency would take care of the entire business registration process, guide you on what documents are required and also help in arranging for the mandatory structural requirements of a Singapore offshore company.

Q – Are there any special permission required for foreigners to form a company?
A – Here again the answer is a no. You do not need any special permission to form a company in Singapore. All shareholders can be foreigners and shares can be held by individuals or corporate entities as well. There are no additional business license requirements as well and you can commence business operations as soon as your offshore company has been incorporated.

Q – What do I need to form an offshore company in Singapore?
A – Firstly you will need to submit a few documents such as a Memorandum and Articles of Association (MAA), particulars of the company shareholders and directors and also copies of utility bills of the shareholders for residential address proof. You will also need a registered business address in Singapore and perhaps a nominee director service as all companies in the country need to have at least one local resident director. However, such requirements can easily be met by your incorporation services agency for a nominal fee.

Q – Are there any post-registration formalities I need to complete?
A – The only post-registration formality you need to complete is opening of a corporate bank account in Singapore. Nowadays a lot of banks in the country allow foreigners to open accounts after a telephonic interview. This bank account can be used to transfer funds to Singapore and from the country to your overseas bank account as well.

About the Author

Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore Offshore Company and Singapore Private Limited Company.

Author (bryanwong). Submitted on Thu, 5 Jan 2012 Time: 5:39 AM

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