EmiratesSetup

Our valued sponsor

EmiratesSetup
EmiratesSetup

New incorporation in Singapore

#21
Stefano3323 said:
Mh I'm not a tax expert and neither French, so you should totally speak with someone that works with those things. What I can tell you is that Singapore is in Grey zone so technically IRAS (tax authority in SG) should communicate to you are a shareholder in a SG company. But, because you are obliged of having a local director you are just a shareholder, so your name will appear only when someone run a pay check via ACRA website. As you are not the director, technically you should be entitle to pay only personal tax in France, and not the corporate, but take it with a pinch of salt, because I'm not sure about it, and for sure you need the opinion of a tax expert for this.
Click to expand...
So what you suggest? Consult a local tax guy to help me?
 
#22
fanban said:
So what you suggest? Consult a local tax guy to help me?
Click to expand...

Yes. In particular if you still live in France, last thing you wanna do is to set up a business abroad to have an easier solution and ending up having more troubles than benefits. At the end of the day that person will help you to pay your taxes at the end of each year, so better he/she knows what is your plan.
 
#27
I did some research on providers to set up a company in Singapore. Here are my results - maybe someone can use them or add some comments and opinions.
Any input and opinions on these results will be warmly welcome.

I searched via a business portal and received 2 recommendations from the admin by e-mail. After browsing them quickly, I discarded the first recommendation which offered a „100 SGD discount of the week“ which seemed not very professional to me.

The other recommendation was a company named „3E accounting“. I tried to see if it is fake by searching for linkedin profiles of their employees. There seem to be many. I didn’t find any negative comments or scam alerts on google regarding this company. Prices seem average, It would be around 3.300 SGD for foundation and around 4.600 SGD annual costs.

Then I found a provider with the name „sleek“. The owner is a former Carrefour manager. He did some interviews in entrepreneur magazines. No negative comments found as well, several employees at linkedin, so I suppose it‘s not fake as well. Costs would be zero for setup of the company (if I order their secretary service) plus around 4.800 SGD annual costs for a small company (which would fit for me).

Does anybody have experience or insight into these companies?
Any positive or negative experience? Comments? Suggestions?

Thanks in advance for any help,
Matt
 
  • Like
Reactions: zeytin and JohnLocke
#28
Trashbin said:
Costs would be zero for setup of the company (if I order their secretary service) plus around 4.800 SGD annual costs for a small company (which would fit for me).
Click to expand...
How can they setup the company for free what do you have to commit you to?
 
#29
Admin said:
How can they setup the company for free what do you have to commit you to?
Click to expand...

You have to order their company secretary service if you want to have a “free” company registration. Service fees are slightly higher than the ones of the other company I analyzed so that is probably how they cross-finance the “free” company registration. There is no free lunch ;)

Still trying to find any information about client experience with either of these companies - but until now to no avail.
I also contacted OCRA to get a quote for SGP company from them. So far I am positively surprised as they answer quickly. But it should be that way as long as I didn’t sign a contract and paid. :rolleyes:
 
#30
I ended up opening an incorporation in Seychelles with an agency called ELTOMA (i hope it's allowed in this forum to recommend the specific name) and i personally had a great customer experience.

They were very helpful and quite cheap even if not the cheapest (IMHO cheapest means trouble). Can't tell specifically about SG but for me they have been the best option. If you want write me in PVT and i can put you in touch directly with the AM.
 
#36
As a general rule as a foreigner Singapore isn't usually a good place to form a company. I believe someone earlier mentioned HK it's usually a better option for foreigners, there are other options as well but it depends a bit on the nature of your business?
 
  • Wow
Reactions: zeytin
#37
HK does not provide an automatic exemption from offshore taxation. You need to apply for it every year and apparently it is very expensive.

My tax attorney is in the process of restructuring my business activities so I operate as a consultant. I need to be able to get US banking details and TransferWise is a great option for me. I would like to pick a jurisdiction where TransferWise provides USD banking details and where their compliance team will not have a problem with my business.

My tax attorney says I'll have problems receiving payments and with banking compliance if I incorporate in a jurisdiction like Jersey as they are on many banks black lists.
 
#40
JimmyWho said:
HK does not provide an automatic exemption from offshore taxation. You need to apply for it every year and apparently it is very expensive.

My tax attorney is in the process of restructuring my business activities so I operate as a consultant. I need to be able to get US banking details and TransferWise is a great option for me. I would like to pick a jurisdiction where TransferWise provides USD banking details and where their compliance team will not have a problem with my business.

My tax attorney says I'll have problems receiving payments and with banking compliance if I incorporate in a jurisdiction like Jersey as they are on many banks black lists.
Click to expand...

Well first, unless you're based in a zero tax country there's a good chance you're taxable even if you're operating through a HK or Singapore or comparable company.

Second, HK isn't going to be nearly as much of an issue for tax exemption as Singapore.

Third, jurisdictions like HK aren't going to cause much in the way of banking compliance issues they are pretty reputable. On a scale from 0-10 or whatever the point system is they use HK is a 2. It's only an issue if you're talking about very specific jurisdictions, which might be the case for you (such as Brazil as an example).

Jersey isn't a good option in most cases either because you essentially need local directors.

Most major jurisdictions won't give you problems receiving payments, that's not usually a significant worry unless you're in a fairly far out place. You could have problems opening bank accounts that's a problem in general but shouldn't be for companies like Transferwise.

You need to go back to your facts and what you're trying to achieve:

1. If you care about taxes then what all local tax rules apply first?

2. From a business stand point how are you receiving payments and from where?

3. What else are you trying to achieve short term and long term?
 
You must log in or register to reply here.
Offshore Bank Accounts

Forum Announcement

Latest Threads

Offshore Bank Accounts
The KingDom Bank
SWISSMONEY Iban Accounts with Sepa
Top Bottom
Back