Explore Overseas & Set up Your
Offshore Company with Privacy
10+ top jurisdictions for offshore company registration
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All-in offshore company formation package deal
From
US$
1,110Seychelles / Samoa
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What do I get?
Offshore company incorporation
Certificate of Incumbency
Registered office address
Chinese name add-on
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All-Inclusive
US$
1,980British Virgin Islands (BVI)
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What do I get?
Offshore company incorporation
Certificate of Incumbency
Registered office address
Chinese name add-on
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From
US$
4,350The Cayman Islands + More
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What do I get?
Offshore company incorporation
Certificate of Incumbency
Registered office address
Chinese name add-on
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The essentials you need in offshore company formation to grow globally.
Sit back and relax. Here are 4 steps you need for a stress-free offshore company incorporation.
We will check whether your desired company name is available for offshore company formation and assist you with the arrangement of providing the necessary details of your company’s director(s) and shareholder(s).
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FREE company |
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Our team will prepare a complete set of KYC and offshore company incorporation documents for your signature. If you are located overseas, you can send us a digital copy of the signed paperwork.
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Submit a full set |
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Upon submission of your completed application form and all relevant documents, the Companies Registry will finalise your offshore company registration. A valid Business Registration Certificate will then be issued to you.
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Complete entire |
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Congratulations! You are almost there. To make cross-border transactions, you can open a multi-currency corporate account with top-ranked FinTechs or leading international banks for your offshore company incorporation, including Airwallex, Currenxie, UK Neobank, etc.
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Open a banking |
Match your company profile with top bank options to find the perfect bank you need.
Complete your offshore company formation with a centralised multi-currency bank account to keep up with your global business transactions.
Looking for easy and guaranteed corporate account opening to finalise your offshore company incorporation? Take our 3-minute test and find the ideal banking platform that fits your requirements.
Are you still struggling to select the optimal jurisdiction for your offshore company formation? Watch our 30-second reel and discover how you can seamlessly set up an offshore company in Hong Kong without ever leaving your current location. We have got everything covered for you – from multi-currency banking accounts and local compliance to prestigious business addresses, along with a full range of accounting and auditing arrangement services.
Expand your business with ease in one of Asia’s most promising cities, accessible from anywhere in the world.
Learn why offshore company setup can be a strategic move for your business.
Offshore company incorporation can benefit from tax-friendly policies in jurisdictions like BVI and Marshall Islands to reduce tax burdens.
Some offshore jurisdictions, such as BVI and Seychelles, offer varying levels of privacy protection for company directors and shareholders.
Offshore company registration tends to protect assets and secures sensitive information from asset search, legal action and creditors.
Setting up an offshore company can reduce risk exposure and minimise negative impacts on overall business performance.
By setting up an offshore company in Hong Kong, businesses can enter new markets and expand internationally at a lower cost.
Streamlined offshore company formation at AsiaBC involves fewer regulatory requirements and less paperwork for an expedited process.
Looking for some answers about offshore company setup in Hong Kong? Here you go.
01 | Which countries are popular for offshore company formation?
The Seychelles, BVI, and the Cayman Islands are popular choices to set up an offshore company, but it’s important to note that each country has unique advantages for global business growth.
Others prefer to set up offshore companies in Hong Kong or Singapore due to their proximity to neighbouring countries, favourable tax systems (8.25% for HK and 17% for SG), efficient trading networks, and a skilled workforce. Check out our guide here to determine whether Hong Kong or Singapore is the best option for setting up your offshore company.
02 | What are the benefits of setting up an offshore company?
Offshore jurisdictions such as BVI, Seychelles, and the Cayman Islands offer several benefits for international investors and entrepreneurs who opt for offshore company incorporation, including :
03 | Can I set up an offshore company remotely, or do I need to travel to the country?
You can definitely set up an offshore company without needing to travel. AsiaBC allows you to submit your offshore company incorporation documents electronically and undergo identity verification, enabling you to start your business remotely, without being physically present in the region.
04 | Can foreigners or non-residents set up an offshore company?
Of course! Foreigners and non-residents can definitely utilise offshore company incorporation services. Countries such as the BVI, Seychelles, and the Cayman Islands have implemented foreign-friendly policies that encourage international entrepreneurs to set up an offshore company and expand their businesses overseas through offshore company formation.
05 | What additional requirements are needed for offshore company registration?
To increase your approval rate for offshore company registration, it is important to prepare and submit the following supplementary items along with your identity proofs (passport, address proof, KYC selfie, etc.) and offshore company incorporation documents :
06 | What fees are involved when setting up and maintaining an offshore company?
The most common fee for offshore company incorporation services is the registration fee and service renewal subscription, which includes government compliance, company secretarial support, and a registered business address. Keep in mind that service fees for offshore company formation may vary depending on the jurisdiction and the add-ons you select.
07 | Can I open a bank account without visiting the bank in person?
Absolutely. Although many offshore banks require a face-to-face meeting as part of their Know-Your-Client (KYC) process, you can still apply for a corporate account remotely for your offshore company formation by engaging a local service provider.
At AsiaBC, we provide a pre-assessment to determine if your company profile meets our partnered banks’ criteria, assist with custom-fit applications, and recommend the best approach to guarantee a successful bank account opening without the need for travel. Click here to learn more.
08 | What are the popular countries where I can open an offshore bank account?
International entrepreneurs looking to secure an account remotely for their offshore company formation needs can consider banking destinations such as Mauritius, Saint Kitts and Nevis, Switzerland, Malaysia, and more. However, it’s important to note that the bank’s assessment of your company profile will occur on a case-by-case basis for such offshore company incorporation scenarios.
09 | Is there another alternative to secure a business account remotely?
Certainly. Thanks to the advancements in financial technology, remote FinTech account opening has become a popular alternative for businesses to quickly kick-start cross-border dealings. After setting up an offshore company, FinTechs enable international entrepreneurs to perform global transactions, including sending and receiving overseas payments. Many business owners consider FinTech accounts as a backup option while they wait for approval of their regular bank account following the offshore company formation process.
However, it’s important to note that FinTech providers also follow sanction lists that may restrict certain business types and nationalities from opening an account. To learn more about a specific FinTech provider’s sanction list, check their website or contact Team AsiaBC for thorough offshore company incorporation support and guidance on the best course of action.
Additionally, subscription fees for maintaining your account and fees for handling incoming and outgoing transfers may apply. Please note that these charges may vary depending on the FinTech provider.
10 | How can I assess if setting up an offshore company in Hong Kong is right for my business?
There are two options available to set up your offshore company in Hong Kong : opting for offshore company incorporation (such as a BVI company) and completing the registration procedure in Hong Kong, or setting up a Hong Kong company. When selecting a jurisdiction for your offshore company formation, it is essential to consider various factors as each location can provide a unique set of advantages that may align with your business requirements. It is worth evaluating whether a Hong Kong company is the ideal fit for your business since the region is globally recognised for its world-class commercial infrastructure and reputation as a prominent hub for international trade and finance.
In general, if your company conducts business activities and generates income within Hong Kong, or even its sovereign state, China, incorporating a Hong Kong entity would be a suitable option for you. In these cases, the earnings are subject to the Hong Kong Profits Tax regime, and filing of Profits Tax Returns is mandatory. However, rest assured that Hong Kong is known for its low profits tax rate, which can be as low as 8.25% for the first 2 million of assessable profits, making it one of the lowest rates in the world, and setting up an offshore company in Hong Kong ideal.
Even if your business activities are conducted outside Hong Kong, you can still set up a Hong Kong company and apply for offshore profits claims. This process allows the company to obtain offshore status from the Inland Revenue Department (IRD) and potentially enjoy tax exemption. Note that the approval of offshore status is on a case-by-case basis, so it is required to prepare all relevant business and financial documents in an organised and presentable manner. If you are interested in learning more about this strategy to fulfil your offshore company registration needs, please connect with our tax consultant here.
We pride ourselves on offering personalised services that go beyond the norm to ensure a smooth offshore company registration process.
With 13+ years’ experience in offshore company formation, we’ve built long-lasting relationships with global partners and served 3K+ clients worldwide.
Our expertise in offshore company registration and banking procedures allows us to provide holistic support that takes into account all aspects of your business needs.
Transparency and quality are our guiding principles when it comes to delivering diversified corporate solutions at fair and direct service costs without hidden fees.
Our trusted advisors are one DM away to provide 24/7 dedicated support for offshore company incorporation, ensuring you receive guidance whenever you need it.
Let our action-oriented team simplify the process for you by pre-screening your documents and preparing customised applications without missing any details.
AsiaBC’s one-stop-shop takes care of all the details, from offshore company formation, compliance to ‘0’ tax planning, so you can rest easy knowing everything is covered.
Other than offshore company incorporation services, here’re quality add-on solutions to grow your business.
Looking to send and receive overseas payments from your newly established offshore company setup? AsiaBC can help you find the right bank partner to level up your offshore company registration. We offer multi-currency corporate account opening services with top-ranking financial institutions in popular destinations like Hong Kong, Singapore, Saint Kitts and Nevis, and more.
With our No Win, No Fee scheme, you can rest assured that we have got your back if all else fails. Unleash the benefits that an offshore account offers and connect your business worldwide for unstoppable global growth.
Director, Tortoise Bay Capital Advisory
Donald Lemon
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Stay up to date with the latest trends in offshore company registration via our informative blog articles.
Protect Your Personal Assets : How to Pick the Right Offshore Entity in Singapore4 min readShow more
Similar to Hong Kong’s system for registering businesses, offshore company formation in Singapore offers options for both registered and non-registered entities. The number of registered offshore companies significantly exceeds that of non-registered entities.
Within the majority, the most widely chosen business structure for offshore company incorporation is the Limited Liability Company (LLC), followed by the Limited Liability Partnership (LLP). What attracts entrepreneurs to incorporated entities? This business structure establishes a separate legal entity from its owners. By giving your offshore company its own identity and name, it can conduct operations independently. When your business enters into contracts for buying, selling, or employment, people interact and trade directly with your business, eliminating the need for personal involvement.
The process of offshore company registration acts as a shield, keeping your personal assets safe from being held accountable for any extensive debts or legal issues associated with your business, limiting the financial burdens and risks to the company alone. Unincorporated entities are more exposed to losses and risks that could impact their personal assets.
When you are fully responsible for your business, you run the risk of being sued by external parties seeking compensation. If the court rules against you and orders you to settle their losses, business owners are obligated to sell their assets to repay the debt, which might lead to bankruptcy.
That being said, unincorporated entities have the advantage of a simpler and faster registration and maintenance process. However, when it comes to setting up an offshore company in Singapore, finding the most suitable business structure is just the first step in starting your venture. It is crucial to prioritize crafting a comprehensive business plan and securing a corporate bank account promptly for better outcomes.
Returning to the main topic, we provide a comprehensive overview of the different types of entity structures available to foreign entrepreneurs looking to set up an offshore company for their businesses. It’s important to note that the requirements for offshore company formation can vary across jurisdictions. This is particularly true when compared to the process of setting up an offshore company in Hong Kong vs. Singapore, each of which may have unique requirements.
If you are planning to set up an offshore company in Singapore, here are a few key points to consider in this process :
Below are some common business structures in Singapore :
Sole Proprietorship – A type of business structure that is solely owned and managed by an individual, without any partners involved. The owner has full authority over the business’s operations and decision-making.
Partnership – Ownership is held by a group of 2 to 20 individuals. If the number of partners exceeds twenty, it must be registered as a company under the Companies Act to comply with legal requirements.
Limited Partnership (LP) – A specific type of partnership that requires a minimum of two partners, including at least one *general partner and one *limited partner. Unlike other business entities, an LP does not possess a distinct legal identity apart from its partners.
* General partner holds responsibility for the actions of the LP and assumes personal liability for all debts and obligations incurred by the partnership.
* Limited partner’s liability is restricted to their agreed contribution, provided that they do not actively participate in the management of the LP.
Limited Liability Partnership (LLP) – Combines the flexibility of a partnership with the protection of a separate legal entity, similar to a company. An LLP can own property, have perpetual existence, and sue or be sued in its own name. The partners are not personally liable for the LLP’s business debts, except for their own wrongful acts or omissions. However, they are not liable for the wrongful acts or omissions of other LLP partners.
Local Company – A business entity that is incorporated within the region’s jurisdiction (i.e., Singapore). It holds the legal capacity to own assets, maintain perpetual existence, and engage in legal proceedings under its own distinct identity. Companies exhibit diverse structures and are classified based on their specific company types :
Private Company
Public Company
Foreign Company – A corporation or association that has undergone offshore company registration outside of its jurisdiction. Foreign companies must establish a local company or register as a foreign branch under the Companies Act to operate. Compliance requirements include having a registered name, at least one local authorised representative, and a registered office in Singapore.
Why Transferring Your Company to Singapore Is a Major Game-Changer6 min readShow more
In Hong Kong, it is not allowed to transfer or change the registered location of foreign companies to operate within the jurisdiction. This means that foreigners who wish to set up an offshore company in Hong Kong must establish new corporate entities in the region. However, Hong Kong companies can generally relocate or move to other jurisdictions that follow the Common Law legal system.
Singapore has revised its company laws since 2018, making it possible to relocate an overseas company to this business-friendly hub in Southeast Asia. Let us explore the factors to consider when transferring a company from another jurisdiction to Singapore, including the necessary requirements and whether it is beneficial to set up an offshore company in Lion City from elsewhere.
Domicile in this context refers to the place where a company is incorporated. This means that the business is subject to the laws and regulations of that particular jurisdiction. For instance, if you were to set up an offshore company in Hong Kong, it would be established by the HK Companies Ordinance, which outlines how the company and its owners must comply with the legal requirements and maintain their official status.
The domicile of a company indicates where it operates, generates income, and pays taxes. Some countries have more relaxed regulations and lower taxes to attract investments and business activities, including those who want to do offshore company registration in Hong Kong, Singapore, or other jurisdictions.
Re-domiciliation involves the process of moving an offshore company’s registration from one jurisdiction to another. Technically, a new Singapore company is registered to receive the assets and framework of the foreign company, after which the foreign company is deregistered. This approach is distinct from setting up a branch or creating a subsidiary in Singapore. Instead, it enables the setup of an offshore company in Singapore by ceasing the existence of the foreign company in its original home country.
If you’re planning to do offshore company formation in Singapore and operate in the region, then you are exploring the option of re-domiciling your overseas company versus establishing a branch or incorporating a subsidiary in Singapore :
To move your offshore company’s legal registration to another jurisdiction and facilitate offshore company formation, you need to fill out and submit the appropriate application form to the relevant regulatory authority. In Singapore’s case, this would be the Accounting and Corporate Regulatory Authority (ACRA). Note that specific forms may vary depending on the jurisdiction you are transferring to. Additionally, you can also explore offshore company registration in Hong Kong options.
Once the re-domiciliation is approved in the new jurisdiction, you must deregister your company from its original home country within a certain timeframe, usually around 60 days. It is important to follow the rules and requirements set by the regulatory authorities in both jurisdictions and provide proof of deregistration to the regulatory authority in the new domain (ACRA in Singapore’s case). The specific process and documents required may vary depending on the regions involved, so make sure to follow the guidelines provided by the respective regulatory authorities.
The decision to pursue re-domiciliation is often made after carefully considering the costs and benefits of offshore company incorporation or subsidiary for practical, commercial, or legal reasons. It involves evaluating factors such as expenses, feasibility, and legal implications.
When a company changes its legal residence to Singapore or any jurisdiction via the offshore company incorporation process, it remains the same entity. The business operations carry on in the territory the company is registered, which means that all the positive reputation, credibility, and track record are intact without any harm.
In response to the base erosion and profit shifting (BEPS) issue, where corporations make it look like their profits are earned by subsidiaries in regions with low tax rates, allowing them to avoid paying taxes, many countries are implementing stricter regulations on how multinational companies handle their taxes to prevent this practice. Different jurisdictions have introduced more stringent statutes for companies that earn income globally. If tax authorities in these regions detect aggressive profits transfer to affiliated entities in another territory, they may subject the company to taxation in their home country, leading to potential double taxation—being taxed in both countries.
International companies facing unfavourable tax conditions may find it beneficial to consider cutting ties with their home countries. One attractive option is offshore company registration in Hong Kong or to set up an offshore company in Singapore, which offers a business-friendly environment featuring low taxes, a stable society, and a streamlined process for opening bank accounts. Furthermore, these regions warmly welcome overseas corporations to relocate and have entered into various free trade agreements, fostering increased participation of local businesses in international trade.
Following the process of re-domiciliation in Singapore or a new jurisdiction, the company undergoes offshore company registration under the governing laws of that jurisdiction. As a result, the company becomes subject to the tax regulations of the new territory, minimizing the potential tax liability it may have had in its previous home country.
If the foreign corporation consists of multiple companies outside Singapore, SG allows the entire group to be re-domiciled together. To qualify, they must meet four specific criteria :
The process of re-domiciliation requires the expertise of offshore company incorporation services and accounting specialists from the jurisdiction you are eyeing and your company’s home country. It is important to note that re-domiciliation is a permanent procedure and cannot be reversed once done. If your goal is to conduct business outside your business’s home country on a moderate scale, offshore company formation in Hong Kong, Singapore, or other jurisdictions should be enough to meet your needs.
Building Your Company Globally : Singapore Business Registration Do’s & Don’ts5 min readShow more
The blog article ‘Why Hong Kong Businesses Consider Singapore for Incorporation‘ explores the essential roles required for offshore company incorporation in various jurisdictions, including Singapore. Here’s a simplified summary :
BizFile+ is a user-friendly web portal managed by ACRA. It offers convenient public online services in Singapore to access automated offshore company registration and maintenance services for Singapore business entities.
Only registered individuals who are Singapore citizens, permanent residents, and those using registered agency services can use BizFile+ for offshore company formation and management. However, non-registered users can still access the site to check if their preferred company names are already taken or unique in the registry.
If the proposed company name is too similar to existing businesses, users have the option to file a complaint, as this could potentially confuse their customers. It is important to avoid choosing names that have similar pronunciations or words arranged in a different order during the offshore company incorporation process. Additionally, ACRA can reject names that are offensive or against public interests.
Afterwards, you should identify the main activities of your business. This involves selecting one or two Singapore Standard Industrial Classification (SSIC) codes that best describe what your primary business does. You can find more information about SSIC codes here.
To complete the setup offshore company process in Singapore, you’ll need to provide personal identification details and contact information (telephone number and email address) for the directors, shareholders, and company secretary. It’s a must to prepare this information in advance.
In contrast to offshore company formation in Hong Kong, it is necessary to complete the company name reserve on BizFile+. This step allows ACRA and other relevant parties to review the proposed company name. Approval typically takes up to 15 minutes, but it can be up to 2 weeks if there are concerns about the name from others. Without obtaining the name reserve permission, you cannot proceed with the Singapore offshore company incorporation procedure on BizFile+. The name reservation remains valid for the next 120 days.
The shareholding regulations of offshore company formation in Hong Kong and Singapore for private companies are the same. Offshore company formation in Singapore requires at least one shareholder but with a maximum limit of 50, which can be individuals or corporations. The offshore company registration form should indicate the amount of issued capital, which represents the total payment made by shareholders for their shares. The minimum requirement for the issued capital is $1 in any currency, while there is no mandatory minimum paid-up capital.
Companies have the flexibility to issue different types of shares with varying conditions. In general, there are 2 main categories of shares that a company can issue :
The company’s constitution is a legal document that outlines its governing rules and regulations, serving 4 main purposes :
When applying for offshore company incorporation in Singapore, you must submit a copy of your company’s constitution. ACRA has provided a sample constitution that you can adopt, and you can download it here for your convenience.
Every entity setting up an offshore company in Singapore must provide a registered office address to ACRA, serving as their company’s official business location. The address should be easily accessible to the public and operational during regular office hours. The registered office acts as the designated address where the government sends official communications and notices. Additionally, it is the place where the company must keep its register and records stored.
The company is not required to conduct its business activities at its registered office. Instead, it has the flexibility to opt for a corporate service provider where they can use the same address as the registered office and handle the mentioned duties on behalf of the company.
Starting a Small Business? 6 Key Steps to the Right Offshore Company Registration4 min readShow more
Starting a small business or setting up an offshore company can be a daunting task, especially if you lack experience in the field. As a budding entrepreneur in offshore company formation, you may find yourself asking the classic question: “How do I start my small business?” The key to launching a successful business lies in finding the right product or service that caters to your target market’s needs and wants. However, this requires thorough research, planning, and execution.
To embark on the venture of offshore company formation in Hong Kong, it is crucial to follow these 6 vital steps :
As an aspiring business owner, you may start out with a passion for your idea, but creating the right product or service for your target market can be challenging. Through in-depth research, active social listening, and conducting surveys, you can learn how to address existing problems and fulfil your customers’ needs. This is especially important when setting up an offshore company in a cosmopolitan city, where understanding the market is crucial for successful offshore company incorporation.
This guide outlines 6 simple steps that can help you establish a successful small business or accomplish your offshore company formation in Hong Kong effectively. Whether you’re starting from scratch or looking to grow an existing venture, these steps will assist you in establishing a solid foundation for your business and increase your chances of success.
Secret to Quick Bank Account Setup for Offshore Company Formation, 100% Online5 min readShow more
Getting a traditional business bank account should be every entrepreneur’s golden rule while proceeding their offshore company formation in Hong Kong. Although it may not be a requirement for small businesses at the moment, doing so is a wise and ideal step to take advantage of the different benefits it offers.
By opening a business account, commercial entrepreneurs and sole proprietors can manage their company’s finances more efficiently. This allows them to quickly pay staff salaries, receive and issue payments, and keep track of their cash flow after the offshore company registration process.
Another significant benefit is having fewer tax problems since you can instantly pinpoint the transactions made in your account, easily track your expenses, and monitor your spending. In addition, owning a corporate account helps improve your credit standing with banks and take advantage of different perks, including business loans, corporate credit cards, and more. Plus, it gives you a more established and credible image when you issue a check to your partners, suppliers, and employees with your business name.
If you are new to the business world, it can be challenging and confusing to choose the most fitting financial institution for your offshore company formation. There is no easy way to determine which platform is “better” as each might provide a range of advantages based on your preferences and requirements when talking about opening a corporate account for your offshore company formation.
To narrow down the bank choices for your offshore company formation Hong Kong, you can start by looking at their years of experience to see how they handle specific banking concerns and needs. This can give you an idea of the bank’s credibility in the field. Furthermore, you should check their accessibility through bank branches and online platforms, minimum deposits, service fees, and other services like 24/7 customer support, bank relationship managers, online banking, and more.
The banking industry in Hong Kong is gradually adapting to the new normal brought about by the pandemic, and many are starting to offer online account opening services. However, this remote option is not yet widely accepted due to the stringent KYC procedures of some banks. Currently, Citibank is among the few banks that allow for offshore company registration in Hong Kong and opening an account online. While there are no restrictions on nationality for company directors and shareholders, Citibank accepts only specific business types such as technology, media, and telecom (TMT) companies that operate in Hong Kong or Singapore.
To open a business account online with Citibank, companies must provide their completed application form, physical address in Hong Kong, incorporation documents from their offshore company formation, and a certified true copy of their Business Registration Certificate. To improve your chances of approval, it is recommended to prepare a range of documents and information, including a KYC personal certificate, details about your proposed business activity, bank references, a website, and a comprehensive business plan.
In addition, you will need to provide business proof such as invoices, and a certified true copy of the passports of all directors, beneficial owners, and shareholders who own 10% or more of the company’s shares. If you require assistance in preparing these documents or navigating the entire process, consider reaching out to a reliable offshore company incorporation services provider such as AsiaBC for dedicated guidance and support. The incorporation specialists can provide you with the expertise you need to ensure a smooth and successful offshore company formation for your business.
Expand Protection & Opportunity : Why HK Businesses Consider SG Incorporation6 min readShow more
Hong Kong businesses choose to set up an offshore company to diversify their operational risks, making private limited companies the most common legal structure for offshore company incorporation.
While both offshore company formation in Hong Kong and Singapore allow for 100% foreign ownership and up to 50 shareholders, Singapore has tighter control over the management of local businesses, specifically requiring at least 1 local resident director.
The Accounting and Corporate Regulatory Authority (ACRA) is the primary government agency in Singapore that monitors businesses and public accountants. They are responsible for managing the laws and regulations for different business structures, including sole proprietorships, partnerships, companies, limited liability, and limited partnerships, mirroring the regulatory environment for offshore company formation in Hong Kong.
Offshore company registration in Singapore requires at least a director and a company secretary. While an individual can fill both roles, businesses with a sole director cannot appoint the same individual as the company secretary. Additionally, firms must appoint an ACRA-registered auditor to review and validate the firm’s financial records.
Director. Responsible for the overall management and decision-making of the company. There is a specific regulatory requirement that mandates the appointment of at least 1 local resident director. This person must be a Singaporean citizen, a Singaporean permanent resident, or a person who holds an Employment Pass / Dependent Pass with a residential address in Singapore. The nominated director must be at least 18 years old and legally qualified. Foreign individuals who meet these requirements are allowed to serve as a director for a Singapore company. However, it is important to note that all directors must be natural persons; corporate entities are not permitted to serve as directors. In contrast, for offshore company formation in Hong Kong, while corporate entities are allowed to serve as directors, there must also be at least 1 natural person appointed as a director.
Company Secretary. Similar to offshore company formation in Hong Kong, a company secretary in Singapore maintains the company’s statutory registers, resolutions, and minute books. ACRA requires Singapore entities to appoint a company secretary within 6 months of business registration, making it common to hire offshore company incorporation services.
Auditor. Singapore companies are mandated to appoint an auditor within 3 months of offshore company incorporation except for small or dormant entities. This role thoroughly reviews the business’s financial records, statements, and reporting to ensure it accurately reflects the company’s financial position and performance. They are required to submit an annual report and audited financial statements, and the Government can still request these documents even if the business is exempt from the full statutory audit.
As a supportive measure, Singapore resembles the framework used for offshore company registration in Hong Kong where small businesses are eligible for audit exemption if 2 of these 3 criteria are met over the past 2 financial years :
Companies that qualify as small businesses in their first year automatically receive an exemption the following year, regardless of any subsequent growth. Similarly, larger companies that become small will be exempt for both the current and following year, even if they expand again later. This exemption reduces administrative work and audit costs for small businesses, with clear criteria ensuring it benefits the appropriate companies.
For many, offshore company incorporation in Singapore can be a strategic move to enhance business opportunities and manage risks.
Our offshore company incorporation specialists are ready to help lighten your load.