Every investor looking forward to enter Asia and expand globally should open an offshore company in a stable jurisdiction with favorable tax regime. Singapore stands tall because of the government’s pro business policy that seeks to nurture and facilitate faster growth. To register a limited liability company (the most preferred business entity), here are the main requirements.Â
A resident company secretary
This is a very crucial requirement because he serves as the main link between the company and the administration. The company secretary must be a Singapore resident to ensure that he is in touch with all the legal requirements and can facilitate all operations with ease.
Besides, the secretary is also required to have the required academic qualifications and experience.
A resident director
While there is no limit on the number of directors a company can have, one of them is required to be a Singapore resident, the same for an offshore company formation in Singapore.
With a local director, the company is expected to be in touch with the market, respond to policy changes, and grow rapidly. Note that some people such as those with criminal records or are bankrupt are not allowed to hold the position of directors.
Selection of company auditors
Immediately after the company has been registered, it is required to pick the auditors within three months.
However, you can be exempted from the annual audit if the total assets are less than $10 million, has less than 50 employees, and total revenue for the financial year are less than $10 million. Make sure to consult a financial expert to ensure that your exemption is well founded.
The business license
Depending on nature of the business and niche of operation, the business might be required to get additional licensing before operations.
For example, if you are in telecoms, hospitality, or finances, additional authorization will be required from relevant Singapore authorities.
Note that the company is expected to start maintaining its records immediately after registration for proper tax filing at the end of the financial year.