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New incorporation in Singapore
- Thread starter Tasgall Wallace
- Start date
Yes. In particular if you still live in France, last thing you wanna do is to set up a business abroad to have an easier solution and ending up having more troubles than benefits. At the end of the day that person will help you to pay your taxes at the end of each year, so better he/she knows what is your plan.
hey guys, going back to this post... anybody can suggest me a company/agency that can take care of my TRADING ADDRESS, i need a leasing/rental contract for the bank, preferably offshore...thanks!
i actually need just the notarized agreement signed and stamped. we don't have any need for mail forwarding so th cheaper the better.... anybody has any solution? Even a co-working space agreement would do as long as the agreement has clearly stated the address and a company stamp
I did some research on providers to set up a company in Singapore. Here are my results - maybe someone can use them or add some comments and opinions.
Any input and opinions on these results will be warmly welcome.
I searched via a business portal and received 2 recommendations from the admin by e-mail. After browsing them quickly, I discarded the first recommendation which offered a „100 SGD discount of the week“ which seemed not very professional to me.
The other recommendation was a company named „3E accounting“. I tried to see if it is fake by searching for linkedin profiles of their employees. There seem to be many. I didn’t find any negative comments or scam alerts on google regarding this company. Prices seem average, It would be around 3.300 SGD for foundation and around 4.600 SGD annual costs.
Then I found a provider with the name „sleek“. The owner is a former Carrefour manager. He did some interviews in entrepreneur magazines. No negative comments found as well, several employees at linkedin, so I suppose it‘s not fake as well. Costs would be zero for setup of the company (if I order their secretary service) plus around 4.800 SGD annual costs for a small company (which would fit for me).
Does anybody have experience or insight into these companies?
Any positive or negative experience? Comments? Suggestions?
Thanks in advance for any help,
Matt
Any input and opinions on these results will be warmly welcome.
I searched via a business portal and received 2 recommendations from the admin by e-mail. After browsing them quickly, I discarded the first recommendation which offered a „100 SGD discount of the week“ which seemed not very professional to me.
The other recommendation was a company named „3E accounting“. I tried to see if it is fake by searching for linkedin profiles of their employees. There seem to be many. I didn’t find any negative comments or scam alerts on google regarding this company. Prices seem average, It would be around 3.300 SGD for foundation and around 4.600 SGD annual costs.
Then I found a provider with the name „sleek“. The owner is a former Carrefour manager. He did some interviews in entrepreneur magazines. No negative comments found as well, several employees at linkedin, so I suppose it‘s not fake as well. Costs would be zero for setup of the company (if I order their secretary service) plus around 4.800 SGD annual costs for a small company (which would fit for me).
Does anybody have experience or insight into these companies?
Any positive or negative experience? Comments? Suggestions?
Thanks in advance for any help,
Matt
You have to order their company secretary service if you want to have a “free” company registration. Service fees are slightly higher than the ones of the other company I analyzed so that is probably how they cross-finance the “free” company registration. There is no free lunch
Still trying to find any information about client experience with either of these companies - but until now to no avail.
I also contacted OCRA to get a quote for SGP company from them. So far I am positively surprised as they answer quickly. But it should be that way as long as I didn’t sign a contract and paid.
I ended up opening an incorporation in Seychelles with an agency called ELTOMA (i hope it's allowed in this forum to recommend the specific name) and i personally had a great customer experience.
They were very helpful and quite cheap even if not the cheapest (IMHO cheapest means trouble). Can't tell specifically about SG but for me they have been the best option. If you want write me in PVT and i can put you in touch directly with the AM.
They were very helpful and quite cheap even if not the cheapest (IMHO cheapest means trouble). Can't tell specifically about SG but for me they have been the best option. If you want write me in PVT and i can put you in touch directly with the AM.
HK does not provide an automatic exemption from offshore taxation. You need to apply for it every year and apparently it is very expensive.
My tax attorney is in the process of restructuring my business activities so I operate as a consultant. I need to be able to get US banking details and TransferWise is a great option for me. I would like to pick a jurisdiction where TransferWise provides USD banking details and where their compliance team will not have a problem with my business.
My tax attorney says I'll have problems receiving payments and with banking compliance if I incorporate in a jurisdiction like Jersey as they are on many banks black lists.
My tax attorney is in the process of restructuring my business activities so I operate as a consultant. I need to be able to get US banking details and TransferWise is a great option for me. I would like to pick a jurisdiction where TransferWise provides USD banking details and where their compliance team will not have a problem with my business.
My tax attorney says I'll have problems receiving payments and with banking compliance if I incorporate in a jurisdiction like Jersey as they are on many banks black lists.
Well first, unless you're based in a zero tax country there's a good chance you're taxable even if you're operating through a HK or Singapore or comparable company.
Second, HK isn't going to be nearly as much of an issue for tax exemption as Singapore.
Third, jurisdictions like HK aren't going to cause much in the way of banking compliance issues they are pretty reputable. On a scale from 0-10 or whatever the point system is they use HK is a 2. It's only an issue if you're talking about very specific jurisdictions, which might be the case for you (such as Brazil as an example).
Jersey isn't a good option in most cases either because you essentially need local directors.
Most major jurisdictions won't give you problems receiving payments, that's not usually a significant worry unless you're in a fairly far out place. You could have problems opening bank accounts that's a problem in general but shouldn't be for companies like Transferwise.
You need to go back to your facts and what you're trying to achieve:
1. If you care about taxes then what all local tax rules apply first?
2. From a business stand point how are you receiving payments and from where?
3. What else are you trying to achieve short term and long term?
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