opening an offshore company

The Internal Revenue Department (IRD) in Hong Kong invites businesses to claim offshore status. When you have all the documentation and proofs that validate your offshore claim, you can submit your application, telling about the nature of your work, business contract signed by a company based in Hong Kong, details of stock or warehouse in the jurisdiction, and the location of your company management. Offshore If you are an individual entrepreneur, you can register your business using one of the following legal entities in Singapore: If you are a corporate looking for a foothold in Singapore, your options are as follows: The process to open an offshore company in Singapore has only two procedures in it; Many of the aspiring entrepreneurs hire one of the reputed registered filing agents in Singapore. What makes Hong Kong a premier business destination is it’s easy access to the Asian market. Setting and running an offshore company in Seychelles can be of benefit as the legal systems are much friendly and efficient here. This short guide on opening an offshore company aims to offer a number of clarifications on the process of opening a legal entity in another location. You may still need help to open a corporate bank account, obtain business licenses and permits, get it registered for GST, open CPF account, etc. Roles & Responsibilities of Company Secretary, At least one ordinarily resident director, Minimum of $1 as initial paid-up share capital, Memorandum and Articles of Association (M&AA), KYC documents- Overseas residential address proof, Bank reference letter, Personal and business profile, Particulars of directors, company secretary, and shareholders. The duration can be extended by another 60 days. How many licenses or permits it needs? The most important factor here is the origin of the contract of purchase or sale, from negotiation to the sale. A company that qualifies for tax exemption does not need to pay 16.5% corporate tax on profits that a Hong Kong-based company must pay. selecting where the company will be based is very important. Nevertheless, the company will need to have a registered address and in some cases, a registered agent is also mandatory. ACRA wants to keep the company names unique, meaningful, and decent. How to create an offshore company? Offshore-sourced income must meet the following conditions: It is important for taxpayers to prepare copies of all documents related to business operations to clear the test. Low taxes and an easy set up process are available here, with none of the disadvantages of the jurisdiction being included on any blacklist. It is a transparent jurisdiction you can trust for your offshore company registration. Moreover, this is the preferred jurisdiction for those who wish to enjoy the zero tax advantages in a location that is close to Europe. There are as many as 17,000 foreign companies in Singapore. If you are new to Singapore, your mind must be abuzz with such questions. Doing this immediately will help the auditor take notice of the offshore status when the profit tax return is issued and at the time of the audit. Popular Typically, you need to submit all proofs and documents to claim the status. In a nutshell, you can open an offshore company in Hong Kong and claim that status if you have no operations, clients, sales or business activities in Hong Kong. Singapore is the best destination for your new company. *All prices exclusive of 7% GST (Goods and Services Tax), Copyright © 2011 - 2020 SBS Consulting All Rights Reserved | Privacy Policy |Terms of Use | Sitemap | Feeds, Setting up a Company Guide for Foreigners, Setting up a Offshore Company in Singapore, Sole Proprietorship or LLP to Pvt Ltd Company, Singapore Company Registration Guide for Foreigners, Singapore Company Liquidation (Strike Off) Guide, Sole Proprietorship or LLP to LLC Up-gradation, Singapore Private Limited Company Registration Guide, Guide to Offshore Company Registration in Singapore. In addition, many companies are attracted to Hong Kong because of the “potentially” tax-free benefit. Why? How foreigners can register a company in Singapore? In addition, many companies are attracted to Hong Kong because of the “potentially”, Any offshore company can do business in Hong Kong and enjoy the pro-business environment, with no exchange controls, Hong Kong does not require directors and shareholders to be residents, A company in Hong Kong can be run without a physical presence or local staff, If the company does not source its income from Hong Kong, then it is not liable for tax in Hong Kong, No business activities to be carried out in Hong Kong, Proof that profits were not derived from Hong Kong, Proofs of transactions that profits did not source from Hong Kong, No longer than 60-day stay in Hong Kong by the director(s) in a tax year. Of course, these Holding intellectual property rights Setting up a company for the holding of intellectual property rights. According to the IRD, only those profits that arise from Hong Kong are liable for the tax. They pay S$15 in fees to reserve the available one for your use for 60 days. See, “How to create an offshore company in Singapore?” is not at all a difficult question. companies offer a number of advantages, from easy incorporation to low taxation Entrepreneurs offshore status, you are able to renew the status every 3 years. Are you wondering whether to set up an offshore private limited company in Singapore or not? When you hire one of the offshore company formation agents, they expect a list of 5-6 names from you. Well, it is normal. regimes and the ease of doing business internationally. After registering a company name with ACRA, your offshore company formation agent can then apply to ACRA for the registration of your Singapore company. It is also without any bureaucratic hurdles. Key factors taken into account include: The operations test is used for determining the source of profit-making for a business applying for tax exemption. Therefore, The World Bank report 2020 places it at the 2nd spot for the “Ease of Doing Business Indicator.” It is a renowned financial and business hub in Asia. Opening a Bank Account for Your Offshore Company. In some locations, the presence of a local company secretary is also required. Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses. How to Terminate Your Status as a Shareholder with Minimum Loss. A large number of individual entrepreneurs and corporations, including multinationals and SMEs, have already done their offshore company formation to achieve their corporate goals. International Business Company can be incorporated, the Cayman Islands, You could simplify it by hiring one of the offshore company formation agents to assist you with it. These firms assign an offshore company formation agent to assist you. You may still need help to open a corporate bank account, obtain business licenses and permits, get it registered for GST, open CPF account, etc. What Are The Benefits of Starting a Company in Singapore? Hong Kong is one of the prime locations to start a business. Setting up a private limited company in Singapore is a straightforward process. 3 Most Popular Types of Accounting Services a Singapore Accounting Firm Must Have, What is a Register of Controllers and Why Singapore Companies Now Have to Submit this Document. Offshore business processes are facilitated in a number of locations around the world and, when investors open an International Business Company, a common business form for this purpose, they will not be allowed to trade locally in that jurisdiction. In order to open an offshore company in Hong Kong, it is important to prove that you are not benefitting from any of the local services. Establish an offshore company to hold intellectual property rights in a country with a substantial double tax treaty network and enjoy complete ownership and confidentiality. Well, it may be done as soon as you open the company. So it would help to keep clear bookkeeping records so that they can be presented when required. 1, 17/F, Unit 1, Glenealy, Central, Hong Kong | +852 3594 4334 |  TCSP licence: TC006483 | Privacy Policy & Terms and Conditions, Hong Kong is one of the prime locations to start a business. A minimum of one shareholder and one director will be required and the minimum share capital is low. You may come across such a situation if your businesses fall under niches like Education, Finance, and Casino, which are highly regulated by the government authorities. +44 20 32898689 starting.offshore However, some offshore businesses like to wait until the first year to file the tax return. Therefore opening an offshore company is a better alternative. According to the IRD, only those profits that arise from Hong Kong are liable for the tax. What to Consider When Choosing Professional Tax Software. Is the process too bureaucratic? An offshore company is a corporation incorporated in a foreign country where none of the founders is a resident. Moreover, a yearly audit is mandatory so that you have all the proofs handy to vouch for your status as and when required by the CPA. When it comes to filing for an offshore status, you are able to renew the status every 3 years. These professionals advise you on completing the pre and post company registration requirements put out by Singaporean Company Registrar (i.e., ACRA). And, rest assured. In most cases, the process takes a very short time. Your Singapore company incorporation agent will inform you about the documents, processes, and the steps involved. This means that, in order to get this tax exemption, a company must prove that they do not have a … Opening an offshore company account can be handled by an offshore services provider and in some instances representatives of the offshore corporation can make appointments with the offshore bank of choice for setting up an offshore bank account. Home > Resources > Opening an offshore company in Hong Kong. One stop solution for Offshore Company Formation, Forex & Fund Management Licenses including Offshore Bank Account Opening. An offshore company is a corporation incorporated in a foreign country where none of the founders is a resident. How to register a local company in Singapore? Is it lengthy and involves bribes? Opening an offshore company has a number of benefits and it is a simple process that can be easily handled by foreign investors regardless of their country of origin. The agents also assist and advise you after opening an offshore company in Singapore. offshore jurisdictions also include the British Virgin Islands, where the A company without a bank account is not much more than an official piece of paper. Normally, it takes only about 1-3 days. characteristics will vary according to the chosen jurisdiction. the initial incorporation stages if they wish to protect their identities. This is done to determine the source or location where the terms of the contract is executed. Moreover, a yearly audit is mandatory so that you have all the proofs handy to vouch for your status as and when required by the. they can also select nominee director and nominee shareholder services during On average the process takes anywhere from 4-6 months to receive approval. Typically, you need to submit all proofs and documents to claim the status.

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