Remote companies are one of the trends that have followed the internet boom. When you run a remote company, the questions always comes up: “yes…but, where should I incorporate it?”.
Whereas most countries have a complicated legislation for incorporation, company shareholding, corporate taxes – Singapore has a comprehensive, but overall simple system. Coupled with a stable political and economical climate, Singapore is the perfect place to incorporate your remote company. Here are 4 reasons why.
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1. You don't have to be a resident to open a company in Singapore
That’s right. Anyone with a valid passport can open a company in Singapore and be a director.
You will need a local director – most remote companies simply nominate their company secretary, such as PikoHANA.
2. You don't need to be in Singapore to open a company in Singapore
Yes, you heard us. PikoHANA can handle all the process remotely, while you work remotely from Bali, Cuzco or Bogota. The only piece of the process that can’t be done remotely is opening a bank account.
However, you can still run your company and invoice from Singapore, but you’ll have to lose some of your revenue to PayPal or other electronic payment systems.
When you do need that bank account, you do need to fly in to Singapore to kickstart the process. After that, you can easily manage your finances remotely.
3. You don't need to be rich to open a company in Singapore
The fees to open a Private Limited company amount to SGD $314 (US $229) and there are no taxes to pay if you don’t make any profits. This is very different from other tax systems – Italy, for example – where you have to pay a minimum amount of taxes every year, regardless of profits.
It’s not recommended, but you could technically open a company in Singapore with a paid up capital of as little as $1.
4. It's not hard to run a company in Singapore from another country
With Singapore’s straightforward compliance requirements, you hardly need to be in Singapore to run your company. Assuming that your day-to-day activities don’t require you to be in Singapore, you’ll probably only visit to open a bank account, once.
Singapore has a very powerful digital identity system for individuals and companies (SingPass and CorpPass, respectively) that allows you to transact with the government online, safely and quickly.
When you incorporate your company through Pikohana, we’ll be the main interface between the government, the tax office and you.
At Pikohana, we’ve helped many companies make the switch to Singapore, and we’re experts in doing so remotely and with minimal hassle for you. We handle the initial setup and the ongoing services related with running a company: tax prep, payroll, compliance and financial advice.
You can read the story of Ghost.org here – one of our latest clients to move from the UK to Singapore.