As, it is a well known fact that, Singapore is one of the most idealistic locations for international businesses. This Singapore Offshore Company Setup, is also known as the Business companies involves in the off site works.
Important information or requirements to incorporate in a Singapore company are following;
- Minimum one local resident director from Singapore is required
- Foreigners can also fully own the company
- Like one local resident director, at least one local resident secretary is also required
- Minimum paid up capital is S$1-00.
- A company in Singapore can be easily incorporated within two or three days. Just by having the confirmation and the receipt of documents like CDD or KYC .
- Requirements for the pursuant to the provisions of the Singapore Companies Act are following;
Appointment of Secretary
Under the section of 171 of Companies Act, it is mandatory to have either one or more local secretaries. There is a need of having a General Meeting annually, along with the requirements of the information of Annual Returns and Accounts.
A Company holds its first Annual General Meeting also known called "AGM" within 18 months of its incorporation. According to the section 197 of Companies Act, it is necessary for company to file the Annual Return within one month after the AGM.
Appointment of Auditor
- Section 205 of the Companies Act, states that one or more person are required to appointed by directors as the auditor or auditors of the company within the 90 days of its incorporation.
- Every Singapore Singapore Offshore Company is always required to file its tax return annually.