Singapore Offshore Company Setup
Singapore Offshore Company Setup, The offshores in Singapore are known as Business companies . Singapore is an ideal location for global businesses to site their headquarters.
The following are the main requirements/information to incorporate a Singapore company:
- * At least one local resident director who can either be a Singapore Citizen or a Singapore Permanent Resident is required;
- * At least one local resident secretary is required;
- * Foreigners can wholly own the company;
- * Minimum paid up capital is S$1-00.
A Singapore company can be incorporated within two to three days upon receipt of all CDD/KYC documents and confirmation.We would also like to draw your attention to the following requirements pursuant to the provisions of the Singapore Companies Act:
Appointment of Secretary
It is a requirement under Section 171 of the Companies Act that every company shall have one or more secretaries each of whom shall be a natural person who has his principal or only place of residence in Singapore. The office of secretary shall not be left vacant for more than 6 months at any one time.
Requirements for Annual General Meeting, Annual Returns and Accounts
- * Section 175 of the Companies Act requires the Company to hold its first Annual General Meeting (“AGM”) within eighteen (18) months from the date of incorporation. Thereafter, an AGM must be held inevery calendar year and not more than fifteen (15) months after the last preceding AGM.
- * Section 197 of the Companies Act requires the Company to file the Annual Return within one month after the AGM.
- * Section 201 of the Companies Act states that the accounts/financial statements laid before the shareholders at the AGM must not be made up to a date older than six (6) months from the date of the AGM.
Appointment of Auditor
Under Section 205 of the Companies Act, the directors of the Company are required to appoint one or more persons to be the auditor or auditors of the Company within three (3) months after the incorporation ofthe Company unless the Company is exempted from appointing a company auditor. Every Singapore company is also required to file its tax return annually.