The following information is generally required to incorporate an offshore company in Singapore:
- Name of the proposed company.
- Brief description of business activities.
- Shareholders’ particulars.
- Directors’ particulars.
- Registered address of the company.
- Company secretary’s particulars.
- Company constitution.
Contents
Can a Singapore company own a BVI company?
Yes (However, this might create problems with bank account opening.) Note 1: Shareholder(s), director(s) and the Corporate Secretary can be the same individual person or a corporate entity. Note 2: Offshore companies cannot engage in business in BVI.
How much does it cost to set up a BVI company?
The average fee per BVI engagement amounts to US$9,570, which includes company incorporation, opening a local corporate bank account, and all government fees.
Fees.
| Different BVI entity types | Cost | Draft invoice |
|---|---|---|
| Resident company | US$17,230 | View invoice PDF |
| Trust | US$15,650 | View invoice PDF |
How do I set up a BVI holding company?
Process
- STEP 1 – SUBMIT INCORPORATION ORDER FORM FOR BVI COMPANY INCORPORATION. Please provide us your email address in the package details and we will email you the necessary incorporation forms.
- STEP 2 – MAKE PAYMENT FOR OFFSHORE COMPANY.
- STEP 3 – INCORPORATE BRITISH VIRGIN ISLANDS COMPANY.
Do offshore companies pay tax in Singapore?
A Singapore offshore company can open a corporate bank account under its name in Singapore, however all income sourced from within the country will be taxable at the standard corporate income tax rate of 17%.
Does BVI company need to pay tax in Singapore?
In all other respects BVI is either a zero or no tax territory, including no taxes on income, capital gains, sales, profits, inheritances and corporations.
Taxes.
| Singapore | BVI | |
|---|---|---|
| Headline Corporate Tax Rate | 17% | Nil |
| Personal Tax Rate | 0% to 22% | Nil |
| Sales Tax | 7% | Nil |
| Capital Gains Tax | Nil | Nil |
Does BVI company need secretary?
There is no legal requirement for a BVI company to have a company secretary following its incorporation. There is no minimum number of directors that a BVI company must have and it can have either individual or corporate directors.
Can BVI company open bank account in Singapore?
Yes, you can open a bank account for your BVI company in Singapore. For those who own foreign companies, the owner needs to submit required documents to the banks including Certificate of Incorporation, Certificate of Incumbency, Memorandum of Association and Articles of Association.
Do BVI companies need to file accounts?
There are no strict reporting requirements in BVI and an IBC does not need to prepare financial statements or company accounts. The company should maintain only those accounts or records which the company directors consider to be necessary for their own use; and these can be kept anywhere in the world.
How do I open a BVI account?
Some of the main types of documents that may be required when opening a bank account in BVI include the following: the account application for, the certified copies of the director’s and shareholder’s passports or IDs, the certified copies of the BVI company, the company good standing status, the business plan and
Why do people set up companies in BVI?
A BVI company can be incorporated quickly, with a flexible organisational structure and minimal financial reporting requirements. BVI companies are ideal for startup companies as they can be operated from anywhere in the world and there are no restrictions on where a BVI company can carry out its business.
Is BVI tax free?
Introduction. Individuals in the BVI pay no income tax, land or housing taxes. There is no capital gains tax, wealth tax, inheritance or gift taxes, sales tax or VAT. Stamp duty is payable on some transactions and there is a payroll tax of between 10% and14%, split between employer and employee.
What Is a BVI holding company?
Holding business entities are considered as one of the famous offshore business structures that stands as a massive offshore vehicle that allows business investors to earn high-end profits by investing in popular offshore destinations.
How do I register an offshore company?
4. How to set up an offshore company: Incorporation Procedure
- 4.1. Select a company name. There are certain naming requirements for your company name to get approval from the competent authority which is commonly known as the Company Registry.
- 4.2. Fulfill KYC requirements.
- 4.3. Deliver documents to the Company Registry.
How do I open an offshore account in Singapore?
Before you go, make sure you are up to speed with all the documents you will require to open an account. Depending on the bank, these will probably include: Passport, identity documents, copy of your bank statements, proof of address, and ideally a letter of recommendation from your home bank.
Where can I set up an offshore company?
Where should I set up my Offshore Company?
- Best Country for Tax benefits – Seychelles.
- Easy, speedy set up with confidentiality – Belize.
- One of the oldest best offshore financial centres – BVI.
- Best EU countries for holding, trading and Intermediary business – Cyprus.
Is BVI still a tax haven?
The British Virgin Islands as a tax haven has proven to be one of the most attractive places in the world for establishing an offshore business. This British territory has up-to-date company laws and regulations that have been specifically designed to attract offshore investors.
What is the difference between BVI and Cayman?
Differences between BVI vs Cayman Islands
However, there are some differences between BVI and Cayman:Although both countries require companies to audit their investment funds, BVI does not require companies to follow local audits while Cayman requires companies engaged in funds to be audited on a local level.
How many banks are there in BVI?
six commercial
Banks in the British Virgin Islands consist of six commercial banks and one restricted bank, as of 2012. The island is a major player in the global offshore financial services industry.
Can a company be a director in BVI?
Virtually anyone/entity may be appointed a director of a BVI company, so long as they are not under the age of 18, an undischarged bankrupt or disqualified under the Insolvency Act or the memorandum and articles of association of the relevant company.
How do I find the BVI Company Registry?
Please contact the BVI Commercial Registry to conduct your search. Contact info: (284) 494 5355-phone or (284) 494 6331-fax.
