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The Advantages Of An Offshore Company

19th January 2011
By Robert Fogarty in Business Law
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In today's world few countries can claim to have an economy that is working to the satisfaction of its residents. The credit crunch resulted in the economies of big powers being ground into nothing, including the United States of America and the United Kingdom. As recently as a few weeks back, Ireland received a bailout package of over $7 billion dollars because of its crashing economy. Singapore, a small country on the Malaysian peninsula, however can say very differently. It has a strong, bustling economy and serves as the central hub of trade in Asia. It is in respect to this that if you are considering forming an offshore company, one of your best options today would be a Singapore offshore company.

There are some incredible advantages to any businessman if he works on forming a Singapore offshore company. As any professional who is trained to help you find a solution to your company formation requirements can and will tell you, Singapore has a fantastic corporate structure. One of its biggest benefits is that if you have a Singapore offshore company, then it will pave the way to making it very easy for you to set up and open corporate bank accounts all around the world. The main reason behind this is in general a Singapore offshore company doesn't really give any impression of being a tax haven.

It is in connection to this that we come to another big advantage of forming such a company. It will act as an ideal vessel to store your worldwide profits and avoid being subjected to horrendous taxes. This way you are able to maximize your profits by not having to give too much to the tax-man. The fact is that Singapore has considerably lax taxes where corporations are concerned. If you add to this the numerous double taxation treaties, then basically what you get is the answer to where to find the absolutely perfect holding company.

A lesser known fact but something just as attractive and conducive to forming a Singapore offshore company is that you are not required by law to have an annual financial audit done if your company's sales for that year are less than $5 million (this refers to Singaporean dollars). Another advantage is how banking in Singapore is viewed; it has a reputation that compares to that of banking in Switzerland. All Singaporean banks have extremely strict rules governing client confidentiality and security of the money. For this very reason, no Singapore banks are listed an any OECD black lists either. What makes the deal even sweeter is that all qualifying Singapore offshore companies can be listed on the Singapore stock exchange.

In a nutshell what makes all this possible in Singapore are a number of factors. These are inclusive of its impressive and technologically advanced infrastructure, stability of its various sectors like health and education, its many technological innovations as well as the efficiency of its labor. You won't have any reason to regret having a Singapore offshore company.
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