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Singapore Company Formation Frequently asked questions (FAQs)

1. Singapore Offshore Company Formation - How it works?

All business and bank account outside Singapore is tax-free (Offshore Status), Singapore Formation requires a minimum of one Local Director who is Singaporean citizen.

How to Setup your Singapore Offshore Company?

Step 1 Singapore Private Limited Company Formation (Pte. Ltd), initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 3 working days or 2 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in Singapore Corporate Regulatory Authority (ACRA) system. Our services included Local Secretary who is local Singapore citizen.

Step 2 You settle the payment for Our Service fee and official Singapore Government Fee required. We accept payment by Credit/Debit Card Visa Visa Discover American , Paypal Paypal or Wire Transfer to our HSBC bank account HSBC bank account (Payment Guidelines).

Step 3 After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full Singapore Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).

You can open bank account for your company in Singapore, European, Hong Kong or other other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.

Your Singapore Pte. Ltd formation completed, ready to do international business!

2. What is the required documents for incorporation of a company Singapore?

Director/Shareholder's Passport(s)

Director/Shareholder's Residential Address Proof(s) (for example: Electricity/Water/Phone bill...not older than 03 months)

3. How long will it take for incorporation process?

We can have your company approved by and registered with the Accounting Corporate Regulatory Authority (ACRA) within 1 day once receiving signed documents from you.

4. Do I need a registered address in Singapore for my company?

Yes, all Singapore companies must have a Singapore registered address

5. What is the minimum amount of paid-up capital?

A Singapore company can be registered with a minimum paid up capital of S$1 (or its equivalent in any currency). Standard amount we prefer is S$ 10,000

6. Do I need to be present for the incorporation process?

We can support the whole process online.

7. What are the key requirements for setting up a Singapore company?
  • A company needs to have at least one shareholder who can be a local or foreign individual or company.
  • At least one of the directors must be a natural person, above the age of eighteen years old, and a resident of Singapore.
  • A shareholder who is a natural person can also be a director of the company.
  • A qualified company secretary has to be appointed. The secretary must be a resident of Singapore.
  • Company must have a physical, local address in Singapore.
  • The company must have a paid up capital of at least $1.

 

8. What banks can I open the corporate account with in Singapore?

Yes, once company get done, we will go on supporting to open bank account in some the following banks:

OCBC, DBS, MayBank, UOB 

9. Can I open a multi-currency bank account in Singapore?

Yes, in some banks you can open a multi-currency intergrated in the only account. And some banks require you need to deposit respectively for each type of currency . It depends on your choice of bank the specific account chosen.

10. Do I need to be present in Singapore to open a corporate bank account?

All banks in Singapore require clients’ personal visit, so your presence is required

11. How much for initial deposit of corporate account in Singapore?

Each bank has its own different regulations, It depends on which bank you choose and which package you are interested in

12. Do you have to pay income tax in Singapore ?

With Singaporean company and bank account there you need to pay tax no matter where you run business or all income is derived from Singapore you are subject to tax also.

13. Is having a local director necessary for a Singapore company?

Yes, it is necessary for a Singapore company to have at least one director who is a local resident. In order to qualify as a local resident of Singapore, the individual has to be a Singapore citizen, a Singapore permanent resident or an Employment Pass holder (the employment pass must be from the same company where the individual wants to be a director). Furthermore, the local director must be a natural person above the age of 18 years and not a corporate entity. Foreign companies or entrepreneurs who wish to incorporate and operate a Singapore company can either A) have a foreign executive relocate to Singapore to act as the resident director (subject to the approval of their work pass); or B) use the nominee director service of a corporate services firm to meet the resident director requirement.

14. What is a dormant company?

A company is considered dormant during a period in which no accounting transaction occurs.

15. My company was dormant in the last financial year. What is my obligation with respect to filing audited accounts?

A dormant company does not need to have its accounts audited and can file unaudited accounts.

16. My company was dormant in the last financial year. Do I still need to hold an AGM (Annual General Meeting) ?

Even if a company was dormant, it is mandatory to hold AGM and file Annual Return.

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