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Company Formation Comparison: Singapore Vs BVI

Company Formation Comparison: Singapore Vs BVI

Singapore is one of the most modern jurisdictions in the world in terms of company formation. From the openness to foreign investments to the quick and simple business registration procedure, Singapore offers several types of entities which can be established here, among them being the offshore company. However, Singapore is not the only offshore destination foreign entrepreneurs can choose, as there are also other states which offer advantageous conditions for setting up such companies, such the British Virgin Islands (BVI), the Dutch Antilles, Belize and the list could on.

Below, our Singapore company formation agents have made a brief comparison between Singapore and the BVI as offshore company destinations.

Offshore companies in Singapore and in the BVI

Offshore companies are entities registered for the purpose of obtaining various tax benefits. Their main characteristic is that they cannot undertake any activity in the country they were incorporated in. Both Singapore and the BVI allow for the registration of such companies, however, the requirements for setting up such entity differ in each country. 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 shareholder, however, their number can go up to 50;
  • – at least one director who must be a Singapore resident or citizen;
  • – a company secretary who must be appointed within 6 months from incorporation;
  • – a local address which must be registered as the legal address of the offshore company.

Once these requirements are met and the incorporation documents are prepared, they will be filed with ACRA. Our Singapore company formation advisors can help with the registration process of the offshore company.

Setting up an offshore company in the BVI

The BVI is one of the most renowned offshore destinations in the world, however, Singapore is safer from a legal point of view. Opening an offshore company in the BVI implies:

  • – having at least one shareholder and one company director;
  • – appointing a local agent who must handle the company registration process;
  • – having a local address which will represent the company’s registered address;
  • – no company secretary is required for offshore companies in the BVI.

Both Singapore and the BVI offer similar company registration requirements, however, Singapore is one of the most advanced countries in the world when it comes to technology and e-government services. If you want to open a company in Singapore and need guidance, please contact us.