Minimum Requirements For Registering An Offshore Company In Singapore
An offshore company in Singapore can theoretically be setup within a matter of a day. If everything you require to register an offshore company is in place, the concerned authorities in the country will not take more than a day or two to expedite the business registration application. However, in reality since most foreign business owners incorporate an offshore company in Singapore from overseas, a few more days are taken to ensure you have all required documents and also for couriering for the application forms, documents, signing where necessary etc. To ensure that there are no delays when incorporating your company, you need to learn about the minimum requirements for setting up the offshore company in Singapore.
1) The most important requirement you need to keep in mind is that of a local resident director. A lot of foreign business owners feel that since they are allowed to own 100 per cent of a Singapore Company, they can act as the sole director as well from overseas. While Singapore companies need only one director minimum, there is a requirement to have a local resident director. Therefore, offshore company owners must contact a professional firm in the country that provides a nominee director service. This service is usually provided at a reasonable cost and it takes care of the local resident director requirement for as long as you like.
2) Singapore offshore companies require a minimum of one shareholder in the company. This is usually not a problem as the foreign business owner can act as the sole shareholder as they would want to own 100 per cent of the offshore company anyways.
3) The offshore company in Singapore will also have to appoint a local resident company secretary. This needs to be a person with the required qualifications in Singapore and cannot be the sole director or the sole shareholder of the company.
4) All offshore companies need to provide a local registered business address as well. It does not matter if the primary place of doing business will be outside of Singapore. For the sake of company registration in the country, you need to provide the authorities with a genuine Singapore based business address and it cannot be a PO Box.
5) The minimum paid up capital requirement is only SGD $1 in Singapore. Hence you need to list SGD $1 as the paid up capital during offshore company incorporation.
Other than what is listed above, you would also need to get your proposed company name approved from the authorities prior to Singapore offshore company setup.
1) The most important requirement you need to keep in mind is that of a local resident director. A lot of foreign business owners feel that since they are allowed to own 100 per cent of a Singapore Company, they can act as the sole director as well from overseas. While Singapore companies need only one director minimum, there is a requirement to have a local resident director. Therefore, offshore company owners must contact a professional firm in the country that provides a nominee director service. This service is usually provided at a reasonable cost and it takes care of the local resident director requirement for as long as you like.
2) Singapore offshore companies require a minimum of one shareholder in the company. This is usually not a problem as the foreign business owner can act as the sole shareholder as they would want to own 100 per cent of the offshore company anyways.
3) The offshore company in Singapore will also have to appoint a local resident company secretary. This needs to be a person with the required qualifications in Singapore and cannot be the sole director or the sole shareholder of the company.
4) All offshore companies need to provide a local registered business address as well. It does not matter if the primary place of doing business will be outside of Singapore. For the sake of company registration in the country, you need to provide the authorities with a genuine Singapore based business address and it cannot be a PO Box.
5) The minimum paid up capital requirement is only SGD $1 in Singapore. Hence you need to list SGD $1 as the paid up capital during offshore company incorporation.
Other than what is listed above, you would also need to get your proposed company name approved from the authorities prior to Singapore offshore company setup.