Singapore is located in the Southern part of the Malaysian Peninsula. Singapore is a very important financial center is Asia and the majority of international banks and other institutions have offices in this country. The most important components of the Singapore financial structure are banking, insurance and shipping services.
Offshore investors are welcomed and well serviced by banks and other financial institutions. The Singapore offshore company can be either a public company or a private company with unlimited liabilities. The complete process of registration is done under the Singapore Companies Act.
The minimum requirement for a Singapore offshore company is the presence of at least one director who must be a resident citizen of Singapore. Corporations can not act as directors or secretaries in the cases of Singapore offshore companies. An offshore company in Singapore need to have only one shareholder.
Generally, Singapore has income taxes on the net income of the resident companies. Non resident, offshore companies are taxed based on the income they make from sources within Singapore.
The accounts of the offshore company must be kept by the company itself. Audited accounts are not needed if the company turn is less than 5 million US dollar, less than 20 shareholders in the company or there are no corporate shareholders in the Singapore offshore company.
Singapore has a number of disadvantages but generally is a good jurisdiction for an offshore company. Just like Hong Kong, Singapore also has no offshore legislation and the corporate taxes are territory dependent.
