Some countries and regions (such as British Virgin Islands, Samoa and Cayman Islands) maintain liberal tax regimes to encourage global investors or business owners to set up their investment flagships or businesses. These offshore companies are generally not subject to any profit tax or tax returns, and shareholder information, shareholdings and income status enjoy the highest level of confidentiality.
Singapore is one of the best destinations in the world to set up an offshore company. Its strategic location along the Straits of Malacca, highly qualified workforce and pro-business environment make it an ideal regional hub for multinational companies looking to expand.
As of 2019, Singapore is ranked as the fourth largest international financial center in the world, after New York, London and Hong Kong. With over 200 foreign banks and 1,400 foreign financial institutions choosing to open branches here, offshore companies in Singapore enjoy strong financial and banking services support.
Singapore is a rational, pragmatic and transparent country. The Political and Economic Risk Consultancy (PERC) has rated Singapore as the most politically stable and least bureaucratic country in Asia.
In Singapore, there are no restrictions on the business activities and areas that offshore companies are allowed to conduct. 100% foreign ownership is allowed in all industries, and shareholders can be individuals or corporate entities.
You will need to submit the following information to ACRA: