Setting up an Offshore Company in Singapore

Singapore consistently ranks as one of the best countries for business and fintech ventures. Its strong legal system, robust corporate governance, and international trade agreements create an ideal environment for entrepreneurs, parent companies, and PTE Ltd entities looking for offshore jurisdiction advantages.

But what truly sets Singapore apart is its favourable corporate tax system and rate, including a territorial tax regime where foreign-sourced income can be exempt from taxation.

Whether you are forming a new company or expanding your business operations internationally, this guide covers everything about Singapore offshore company formation, including the incorporation process, corporate services, and claiming offshore tax benefits.

A Singapore offshore company is a legal entity incorporated in Singapore but primarily operating and earning income from outside the jurisdiction. Key requirements include:

• No business operations conducted in Singapore during the financial year
• Management and contract-executing personnel based outside Singapore
• Profits not earned or remitted to Singapore

To access benefits under Singapore’s double taxation agreements (DTAs) and reduced withholding tax rates in other jurisdictions, companies must obtain a Certificate of Residence (COR) from the Inland Revenue Authority of Singapore (IRAS). The COR confirms that corporate governance, board meetings, and decision-making are conducted in Singapore, satisfying Singapore tax residency requirements.

For example, if a Singapore-registered company earns all income from Europe and does not remit it to Singapore, it may qualify for offshore tax exemption. Companies with operations managed from Singapore may not qualify as offshore but can still access tax benefits if they meet COR and DTA criteria.

Singapore offers an online-only company registration process that can be completed from anywhere in the world as long as you have the following documents and information:

• SingPass ID: Required for registration. Foreign entrepreneurs without SingPass must use a registered filing agent or corporate service provider to submit incorporation documents via BizFile+.
• Registered Address: A physical address in Singapore is mandatory (PO boxes are not allowed). Virtual offices are acceptable for correspondence.
• Local Resident Director: At least one resident director is required (Singapore citizen, PR, or valid pass holder). Nominee director services are available.
• Paid-Up Capital: Minimum SGD 1, no maximum or authorised capital required.
• Company Constitution: Legal document outlining business structure, shareholder rights, and governance obligations.
• Director & Shareholder Information: Full names, addresses, identification types, and numbers for all directors and shareholders.

No matter where your business operates, you must register the company in Singapore with the Accounting and Corporate Regulatory Authority (ACRA). This is essential, as only a Singapore tax-resident company can qualify for Double Tax Relief and other benefits.

Here are the steps to register your company.

Verify the availability of your company name via Bizfile+. Registration costs SGD 15 and reserves the name for 120 days. Certain words like “law” may require approval from relevant authorities, which can take 14 days to 2 months.

Select the appropriate Singapore Standard Industrial Classification (SSIC) codes. Business activities determine licensing, Goods and Services Tax (GST) registration, and compliance requirements.

Requirements:

• At least one shareholder (local or non-resident)
• Paid-up capital of at least SGD 1
• Exempt private companies: 1–20 shareholders; private companies limited by shares: up to 50 shareholders

Corporate shareholders are allowed only in private companies limited by shares.

Singapore companies must appoint at least one director who is a Singapore citizen, permanent resident, EntrePass holder, or Employment Pass holder. Directors must be over 18 and cannot be corporate entities. Nominee director services are available through professional service providers.

Mandatory within six months of incorporation. The company secretary must:

• Be a natural person based in Singapore
• Be qualified under the Singapore Companies Act
• Not be the same as the sole shareholder or director

Choosing a corporate secretary with experience in regulatory compliance, company law, and governance ensures your offshore company remains in good standing.

A Singapore offshore company must have a registered address in Singapore to receive correspondence and notifications. It must be accessible to the public for a minimum of three hours every weekday during regular business hours and must not be a P.O. box.

Business owners and officers are required to submit their residential addresses, which will be part of the public record. To ensure privacy, an Alternate Address can be obtained for a fee of SGD 40, replacing the residential address on public records. However, the residential address must still be submitted to ACRA, and the Alternate Address must be accessible for official correspondence.

Submit via Bizfile+ using SingPass credentials. If approved, BizFile+ will email appointed officers (directors, shareholders, or company secretary) to endorse within 60 days. Otherwise, the application may be rejected.

Foreigners without SingPass should work with a licensed corporate service provider to manage document preparation and filing.

Similar to a Hong Kong offshore company, registering a company in Singapore does not automatically qualify it as an offshore company, as “offshore” refers to a status rather than a specific type of company.

Here’s what you need to do to claim the tax benefits of your offshore status.

In order to claim tax benefits and avoid double taxation under Singapore's Avoidance of Double Tax Agreements with other jurisdictions, your company must obtain a Certificate of Residence (COR) from the Inland Revenue Authority of Singapore (IRAS).

The Certificate of Residence (COR) is required to confirm tax residency in Singapore, enabling the company to claim reduced withholding tax rates and other benefits under DTAs.

Registered companies can apply for a Certificate of Residence via myTax Portal, except in special cases such as partnership businesses where the company is a partner. You can apply for the COR for:

• The current calendar year
• Up to four prior calendar years
• One advance calendar year, starting from October of the current year

Note that the COR is only issued if the company’s control and management are exercised in Singapore. The IRAS will process the application within 7 working days. Once approved, you will get a digital copy of the COR through myTax digital service.

If your registered company earns income from offshore jurisdictions that qualify for tax exemption, you must provide the following information in your Corporate Income Tax Return (Form C):

1. Type and total amount of income earned
2. The country from which the income originates
3. The applicable corporate tax rate in the foreign jurisdiction
4. Proof that taxes have been paid in the foreign jurisdiction to meet the 'subject to tax' condition.

In addition to its reputable global connectivity, with a strategic location, world-class ports and airports, and free trade agreements, Singapore offers a range of benefits to businesses, such as the following.

Global Reputation

Singapore is one of the most trusted jurisdictions in the world for doing business. Incorporating here gives your company instant credibility with banks, partners, and clients, which is especially useful if you're managing cross-border transactions or working with international investors.

Tax Efficiency and Incentives

Singapore offers one of the lowest corporate tax rates in Asia at just 17%, with additional partial exemptions for qualifying start-ups. There’s no capital gains tax, and dividends are typically tax-exempt, which makes it attractive for holding companies and investment structures. Offshore companies may also benefit from Double Tax Agreements (DTAs) and Foreign Tax Credit (FTC) schemes that help minimise global tax exposure.

Fast & Remote-Friendly Setup

You can register a Singapore company online in just 1–2 business days. Foreigners don’t need to visit in person. Licensed filing agents handle everything from name reservation to document submission.

Banking & FX Capabilities

Singapore’s financial sector is highly developed, with global banks, multi-currency bank accounts, and international payment solutions. Many Singaporean banks and fintech platforms support remote account opening without requiring a branch visit for verification.

100% Foreign Ownership Allowed

There’s no requirement for local shareholders. Foreigners can fully own a Singapore company, and nominee director services can help you meet the legal requirements for a local director.

IP & Asset Holding Opportunities

Singapore offers strong protection for intellectual property and is a preferred jurisdiction for holding assets, including trademarks, patents, and investments. It’s also a party to key international treaties that enhance enforcement rights abroad.

If you're looking to set up an offshore company in Singapore, consider Statrys. With a single fixed price, we provide everything necessary to kickstart your Singapore company, including:

• Company registration with ACRA
• A local nominee director to meet legal requirements
• A qualified company secretary to handle governance and filings
• A registered Singapore address with mail forwarding
• Ongoing guidance on tax residency and offshore structuring

Whether you’re an entrepreneur or an international business, we take care of the paperwork so you can focus on growing your company.