Singapore options

[backpacker]

Where did I suggest to hide something behind an obscure company??

Of course @treblepebble may not need a company to cash out his cryptos but he's the one who asks about the benefits of incorporating a SG company for such a purpose. Then raised the point of the residency.
As residence in SG can be difficult to obtain, I just add that an option could be to reside in a territorial tax country to receive the dividends tax free from the SG company.

Your turn, what is your point in this thread? Can you answer the OP question? ... or just elaborate on what the Romans would do in his shoes as it seems you know them well

I suggest you start reading my posts before replying:

1. The Philippines has no territorial tax system (explanation see post #8)
2. There are no benefits for the OP to incorporate a company for his purpose while being a resident alien in the Philippines (explanation see post #8)
3. This is about "error detection and correction": You recommended something which does more harm than good (explanation see post #15)

Good Night!

 

[Mercury]

@Bagpacker

We may agree to disagree.

You speak from the book (Are you a PH lawyer? Or have you real long term living experience in PH interacting with local administration?), I speak from the field.

I still wait to read some real feedback from any PH resident foreigner earning dividends abroad from his offshore company and having being taxed by the Philippines.

Good day!

 

[treblepebble]

Where did I suggest to hide something behind an obscure company??

Of course @treblepebble may not need a company to cash out his cryptos but he's the one who asks about the benefits of incorporating a SG company for such a purpose. Then raised the point of the residency.
As residence in SG can be difficult to obtain, I just add that an option could be to reside in a territorial tax country to receive the dividends tax free from the SG company.

Your turn, what is your point in this thread? Can you answer the OP question? ... or just elaborate on what the Romans would do in his shoes as it seems you know them well

Thanks for this. That is the kind of thing I would be looking to setup as I don't particularly want to reside in Singapore. Thailand would be the preferred option. So I would require an SG company but not residence and then pay myself a dividend.

Are there any companies you know of who could help with such a thing?

 

[Mercury]

@treblepebble I don't have personal experience with company formation in Singapore.
From my researches you may want to get in touch with 3E Accounting, Osome or Sleek to name a few, and check with them if they've already successfully incorporated Private Limited for crypto investment/trading.

More comprehensive list here.

 

[moneyhoney]

@treblepebble I don't have personal experience with company formation in Singapore.
From my researches you may want to get in touch with 3E Accounting, Osome or Sleek to name a few, and check with them if they've already successfully incorporated Private Limited for crypto investment/trading.

More comprehensive list here.

Avoid Sleek (personal experience). Go for Osome.

Besides: SG + TH works, and TH way better than the Philippines.

PS. be a tax resident in TH, so pay some taxes. You must reside at least 183 days and move just a bit of money from SG (better an interim dividend). Then you have your tax return and tax certificate. Don't go for the "pay 0, I don't care". That world ended.

For the VISA: just buy it. Elite Visa. Google it.

 

[treblepebble]

Avoid Sleek (personal experience). Go for Osome.

Besides: SG + TH works, and TH way better than the Philippines.

PS. be a tax resident in TH, so pay some taxes. You must reside at least 183 days and move just a bit of money from SG (better an interim dividend). Then you have your tax return and tax certificate. Don't go for the "pay 0, I don't care". That world ended.

For the VISA: just buy it. Elite Visa. Google it.

Theres part of this that I don't understand.

From what I read on these forums if my SIngapore Company uses a Singapore based bank account (which I would need to do in order to get business crypto exchange accounts), then it will pay taxes on profits on my crypto sales?

So even though my dividends would be tax free i'd still be getting taxed on the company profits?

 

[moneyhoney]

Theres part of this that I don't understand.

From what I read on these forums if my SIngapore Company uses a Singapore based bank account (which I would need to do in order to get business crypto exchange accounts), then it will pay taxes on profits on my crypto sales?

So even though my dividends would be tax free i'd still be getting taxed on the company profits?

I guess you are right, but I don't work with crypto, so I don't know. Anyway to be honest, as far as I saw, banks aren't willing to work with these kind of things. Maybe if you are resident a bit more, operating from offshore it's way too risky and not worthy for them.

Ps. Even many accountants won't work with crypto. Sleek neither.

 

[JustAnotherNomad]

I recently came across this company:
https://osome.com/sg/https://osome.com/sg/blog/how-to-open-a-corporate-bank-account-in-singapore/
I'm not sure if they can actually help you with opening a bank account as a non-resident. But at least their website looks nice.

 

[yimohen]

I recently came across this company:
https://osome.com/sg/https://osome.com/sg/blog/how-to-open-a-corporate-bank-account-in-singapore/
I'm not sure if they can actually help you with opening a bank account as a non-resident. But at least their website looks nice.

I may help you with this question, since I helped my friend found the secretary co. to help incorporating company in Singapore. incorporating Co is fast but it's not guarantied to open bank account successfully, which is subject to bank's approval after interview with bank officers, secretary co provides bank account options and help to make appt with bank officer, usually it can happen at the same day. Some bank like UOB rejected opening 'coz most of business operation not based in Singapore, they would like to have business relationship with the company with local business, and staffs; when talked to OCBC officer, they did interview, and signed form, waited for 1 week for results, it was positive, and opened bank account, with monthly maintaining fee like 30-40SGD, it can be successful, I thought, it may be I'm local resident as director of company, all signatory was me, my foreigner friend could either signatory or not, bank didn't bother it. my advice is to contact with secretary co. to provide your business nature and get its comment for opening bank acc , if it can guarantee the successful opening, take its service, otherwise, don't waste time...

 

[DomOCT]

How is Osome compared to Statrys?