Company in Singapore - crap or not?

[Overtrade]

Currently operate companies in Estonia, Poland, and Hong Kong. I used to in Georgia (crap) also in the past.

It’s likely that the Polish company, and possibly the Estonian one, will be dissolved soon.

I am thinking about establishing a company in Singapore.

Is there a need for a physical presence, office, or director for Singaporean companies?

What are some good alternatives for registration, virtual office, and accounting services besides Osome.com?

My business is in education, IT, and consulting, with a mid-six-figure turnover per year.

 

[thomasparra]

Why not keeping the company in HK? Why do you need one in SG?

 

[daniels27]

Is there a need for a physical presence, office, or director for Singaporean companies?

Yes. You need local address and a local director.

 

[hlepic211]

Best decision I ever made is moving my IT business to Singapore from the EU. It's been around a year and no issues so far. Banking - we have OCBC and for smaller transfers we use Wallex. Not a single document was requested by their AML department.
And yes you need a local director + the address is usually provided by local accounting companies, they can also find you a local director.

 

[daniels27]

Best decision I ever made is moving my IT business to Singapore from the EU. It's been around a year and no issues so far. Banking - we have OCBC and for smaller transfers we use Wallex. Not a single document was requested by their AML department.
And yes you need a local director + the address is usually provided by local accounting companies, they can also find you a local director.

Are you having with OCBC in Singapore? Where is your company tax resident?

 

[AlicaFunk]

Singapore sounds better than Hong Kong for a business company, but why do you need to change anything at all in your current setup?

 

[Overtrade]

Singapore sounds better than Hong Kong for a business company, but why do you need to change anything at all in your current setup?

Afraid of loosing stripe which is very important for the business. That's why I tend to use 2 companies and have 2 backup companies with open stripe.

 

[Overtrade]

Afraid of loosing stripe which is very important for the business. That's why I tend to use 2 companies and have 2 backup companies with open stripe.

Additionally, there could be other issues. I might be paranoid, but has anyone ever been harmed by having backup companies prepared in advance?

By the way, how much does it reasonably cost per year to maintain an inactive or minimally active Singaporean private limited company (LTD)?