The names of beneficial shareholders of a BVI Offshore Company are not required to be disclosed to the authorities. Singapore is a city-state located on the southern tip of the Malay Peninsula in Southeast Asia, between the Indian Ocean and the South China Sea. The mainlan along with islets, constitute a land area of 2square miles constitutes a key maritime and financial centre in a burgeoning part of Asia.
The city-state is strategically located along the east-west trade corridor. The country, with a population of 5. Asian tigers, alongside Hong Kong, South Korea and Taiwan.
Unlike BVI , Singapore has a diversified economy with strong performance in sectors such as Financial services, Information and Communication Technology Services and Manufacturing industries such as oil refining, electronics, pharmaceuticals, oil rigs and chemicals. BVI ,with a land area of square miles, is a self-governing British. See full list on guidemesingapore.
Singapore also has a business friendly tax regime, with a territorial and single-tier taxation policy. Singapore has concluded an extensive raft of double taxation agreements (DTA’s) with other countries, making the withholding tax rates very attractive for taxpayers hailing from jurisdictions with which Singapore has a tax treaty. Singapore has an extremely “clean” image and is on the OECD’s white list, while continuously improving its transparency and cooperation with its counterparts on exchange of tax information. There are effectively no taxes in BVI, other than payroll tax, stamp duty for real-estate transactions and import duties.
The majority of Government revenue is generated from company registration and license fees.
As a British Overseas Territory, BVI cannot sign or ratify international conventions in its own right. The timeframe and ease of forming a Singapore company or a BVI company is nearly identical. However, the major difference is in the renewal obligation faced by BVI companies. Unlike Singapore , where companies pay a one-time registration fees during incorporation, BVI companies are required to pay an annual fee (minimum US$350) for the renewal of their business license. BVI given its small domestic population meets much of its demand for labor through immigrant workers.
Singapore is also dependent on immigrant workers but nearly of the workforce is comprised of Singapore residents (Singapore citizens and permanent residents). Singapore remains open to suitably qualified and skilled foreign workers in order to fill any gaps in its workforce. Singapore’s IP regime is consistently recognized as one of the most robust in the world by several international surveys. The overhaul was long overdue and we will have to wait and see how the stakeholders respond to the new regime.
The status of a jurisdiction’s IP regime is reflective of its innovation-enabling environment, i. It has been noted that there is a direct correlation between the st. Both Singapore and BVI are democratic and politically stable economies. There are no territorial threats or internal tensions in either jurisdiction. The BVI bureaucracy is comparable and similarly business friendly. As an island state and territory, Singapore and BVI respectively, offer a vibrant lifestyle amidst stunning nature.
Both jurisdictions are comparable when it comes to the quality of life, in terms of housing, personal safety environmental quality, and political and economic stability. Singapore’s far larger population and infrastructure however dictate that public facilities, entertainment, culture and nightlife are far more diverse than BVI’s. Additionally, Singapore as a mature, autonomous and developed country with a significant population offers a comprehensive healthcare system, first class education as well as transportation infrastructure and other services.
Singapore offers a multitude of options when it comes to education, with public, private and international institutions available throughout the country. Likewise healthcare services are robust with world-class specialists, hospitals and caregivers. Visiting BVI requires a flight via Puerto Rico or another Caribbean islan. The Act allows a foreign company to continue its existence as a BVI Company incorporated under the Act if: 1. The foreign company must appoint a licensed registered agent in the BVI, who will: 1. BVI Registrar of Corporate Affairs 2. The Act permits a BVI Company to continue out of the BVI to a foreign jurisdiction if: 1. The procedure, documentation and timing for discontinuing a BVI Company out of the BVI will be largely driven by the requirements of the foreign jurisdiction.
The BVI Company must take all steps necessary for it to continue into the foreign jurisdiction and it will not cease to be incorporated under the Act until it has done so. For the purposes of the Act, the BVI Company must: 1. It is a commonly held misconception that the process of continuing to another jurisdiction may be disruptive to the company’s business operations. Under the Act, a continuation in the BVI or a discontinuation out will not change the company’s legal personality nor will it affect any of the company’s assets, rights or liabilities. Broadly, the Act provides that: 1. Singapore Offshore Company Registration – Setting up in BVI British Virgin Islands ( BVI ) Offshore Company Registration Services This package is for individuals looking to incorporate a company in the British Virgin Island ( BVI ). Security Interest Declaration will not operate as a bar to any legal action a credi. Both in Singapore and the BVI , the offshore company will take the form of the limited liability company.
Registering an offshore company in Singapore. Those interested in opening an offshore company and having to decide between Singapore and the BVI , should that the requirements for opening such company in Singapore are: – at least one. As attractive as certain countries are in terms of company incorporation – like company incorporation in Singapore for example – many organisations are drawn to set up British Virgin Island ( BVI ) companies simply because of the various benefits that one can gain from them. Most recent company extract of particulars from Registrar of Companies.
Copy of company constitution (Memorandum and Articles of Association). Board resolution approving incorporation of BVI company and stated shareholding. Passport of representative.
The British Virgin Islands ( BVI ) is one of the locations where company incorporation by foreign business owners is common. Certificate of Incumbency (Applicable for BVI , Cayman, Delaware types of companies ). The business policies of the BVI are generally very positive towards business owners there. BVI Business Company is the most popular form for seekers of offshore venture in the BVI. Below are some key features and reasons why it is that much preferred. It’s an excellent “ company ” jurisdiction.
The most important characteristics of a BVI company : Exemption from tax, Legal personality, Structural flexibility, Various types of incorporations. Offshore Company Formation Many individuals set up an offshore company , also known as International Business Corporation or IBC, for international trade, asset protection and wealth management. An IBC is usually established in tax-free zones such as the Seychelles, Cayman Islands, and British Virgin Islands ( BVI ). A BVI Company managed and controlled outside of Singapore , is considered a non-resident of Singapore. Singapore ’s taxation system is territorial, and only taxes income sourced or deemed sourced in Singapore.
As such a BVI company is not subject to Singapore taxation or reporting, merely by its usage of a Singapore banking account. You don’t have to pay this in the first meeting with the banker. The amount can be transferred within a reasonable time after the bank account is opened.
Visit us to know more about BVI company formation services, BVI incorporation package, international business services, family wealth management etc. In spite of having the same features as a corporation, the BVI calls the types of businesses they permit to interact financially with non-residents of the BVI “business companies. British Virgin Islands Offshore Company Registration ( BVI ) Setting up a company in British Virgin Island ( BVI ) British Virgin Island ( BVI ) is situated in the Atlantic Ocean and only km east of Puerto Rico with a population of 2000.