How Do I Register An Offshore Company In Singapore? What Are The Requirements?

Published March 5th, 2024.

Singapore is a global business hub known for its political stability, favorable tax policies, and highly skilled workforce.

The region is a popular destination for offshore company incorporation due to its business-friendly environment and robust legal framework.

Let's explore the requirements and benefits of offshore company formation in Singapore.

Company Incorporation Requirements:
To incorporate an offshore company in Singapore, the company must appoint at least one local director who is a Singaporean resident.

The company must also have a registered office address in Singapore. In addition, the company must appoint a company secretary who must be a resident of Singapore.

Marina Bay of Singapore

Shareholding Requirements:
The company must have at least one shareholder, who can be an individual or a corporation. The shareholder can be a resident or non-resident of Singapore. The company may have up to 50 shareholders.

Capital Requirements:
There is no minimum capital requirement for offshore company incorporation in Singapore. The company can have any amount of capital from as little as $1, and there is also no requirement to deposit the capital in a Singaporean bank.
Offshore companies incorporated in Singapore are subject to a favorable tax regime. Companies are taxed at a maximum rate of 17%, and there is no tax on dividends or capital gains.

Compliance Requirements:
Offshore companies incorporated in Singapore are subject to compliance requirements, including annual reporting and record-keeping. The company must also file an annual tax return with the Inland Revenue Authority of Singapore (IRAS).

Bank Account:
The company must open a bank account in Singapore. This account can be used to conduct business transactions and receive payment from clients and customers.

Benefits Of Registering An Offshore Company In Singapore
Registering an offshore business in Singapore offers several advantages, making it an attractive choice for entrepreneurs.

Here are some factual benefits of setting up an offshore company in Singapore:

Reduced Tax Liability: Singapore’s tax system provides benefits such as low personal income and corporate tax rates, tax incentives, absence of dividend and capital gains tax, and a comprehensive tax treaty network.

Ease of Incorporation: Singapore ranks as one of the world’s easiest places to do business, with a fully computerized registration process that allows applicants to incorporate their company within two working days from anywhere in the world.

Liberal Foreign Ownership Policy: Singapore permits 100% foreign shareholding across all sectors without restrictions on areas of business activity for offshore companies.

These factors contribute to Singapore’s reputation as a credible and strategic location for offshore company registration, offering access to a growing market and sophisticated banking facilities.