Singapore, the city-state of Asia, attracts increasingly more top business managers, investors and private fortunes seeking to optimize their taxation. Even if Singapore has not yet usurped Switzerland, this alter ego from Asia has definitely made its mark as one of the first and foremost world class Offshore destinations. In 2012, the Monetary Authority of Singapore announced that Singapore had handled 1,290 billion dollars of deposits, an increase of 22% compared to the previous year. For the same period, the Association of Swiss banks recorded 2,900 billion dollars of deposits.
An alliance between power, stability and reputation
A prominent economic and financial center, Singapore is one of the most socially and economically developed countries in the world. One of the four dragons of Asia, the country boasts a prosperous and modern economy in an open environment, with stable prices and one of the highest GDPS in the world.
The political stability of Singapore is just as remarkable. The country succeeds perfectly in combining economic liberalism with an authoritarian democracy.
It is no wonder that Singapore, affectionately known as the “Switzerland of Asia”, has naturally become an inescapable commercial and financial hub between the Pacific area and Europe. Its excellent image invests an offshore company with a guarantee of trustworthiness in financial circles and provides a prestigious showcase for its banking and trading partners.
There are so many advantageous factors to convince you to incorporate your Offshore company in Singapore.
Singapore multiplies the benefits for an Offshore company
Singapore has much to offer for the implantation of an Offshore company: the tax system is simple and the tax rate is low, there is a very high level of confidentiality and assistance is provided for the registration process.
A singular aspect of the tax system in Singapore is the absence of taxes on income obtained from abroad. Non-resident Offshore companies are not subject to tax on the profits. Only the income generated in the city-state is taxed at 8.5% up to 300,000 SGD and at 17% beyond this figure.
Moreover, the only state in Asia to have obtained a triple A rating by all three agencies also proposes taxation at 0% for the incorporation of a new company. The VAT at 5 % does not apply to export items.
Incorporation does not require a minimum outlay of capital and the shareholders may be natural and/or legal persons. Incorporation enables them to benefit from multi-currency bank accounts and all the associated services.
With such a variety of propositions, it is, therefore, not surprising that the number of Offshore companies in Singapore is increasing. Contact our services to set up your Offshore company in Singapore in 3 days.