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Monthly Archives: October 2012

Singapore, with its warm climate amidst Southeast Asia is a fusion of Asian culture and western technology. This beautiful country can offer you the perfect place for relocation with its clean streets, high rise buildings and a combination of sixty surrounding islets that will give you a tropical feel.

But before deciding to relocate here, this islet has a minimum supply of natural resources like water. This drawback however was smartly fixed by the government. With Singapore’s strategic location, the country never set this as a hinder to still being one of the wealthiest in Asia and even worldwide. Singapore was known for its busy port making them on the top list of the world’s largest of its kind. The petrochemical refining industries and the like have been impeccable for this haven. Workers for this industry would very much likely relocate here knowing that Singapore is at the top 3 of the world’s largest refiner.

Living in Singapore with its high technology ways may have its costs too. Singapore is listed among the most expensive cost of living in Asia and even in the world. But it’s all worth it considering the progressive facilities in schools, recreation and the like. It wouldn’t be at all harsh to your pockets if you only know how to budget your money.

This modernized country may want you to get away from busy streets and from the buzzing crowds for a while. You should not worry because there are a number of quiet places for you to unwind and rest. Beaches, parks and natural forests would surely relax your mind and body.

Singapore is indeed, a perfect suggestion for your relocating plans. Being a Singapore PR as they call it or Singapore Permanent Resident has lots of benefits. The English language widely used here hence; you won’t have to worry about language barriers. There are a lot of worthwhile interests for you to discover in Singapore too. This peaceful country would also be very safe for your family. This City equipped with all the modern facilities would make your living hassle-free and enjoyable.

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Not everyone is informed of how offshore companies go about. You may be hesitant to go into this kind of business because it may sound very costly. You may have difficulties of deciding where and how to start with processing your offshore company. It is like a do-it-your-self process for small businesses and for large ones, it is the reliability of the outsourced advisor-seeking aspect they are most concern about.

Discussed below are some guidelines for you to be familiar with. If not you can go to many websites of service providers in Singapore that provide such services to find out more. These would be of help in your venture in the offshore company world. Here are a few steps that would guide you.

Familiarize yourself with these advantages of having an offshore company. You can seek some useful tax advisory here.

> With offshore banking, you would always have privacy in dealing with your finances.

>You can avoid dealing with excessive taxes, unwanted lawsuits and useless claims.

>You can be known internationally, thus increasing profits.

>You can avail of a dual citizenship with legal papers that would help you in future needs.

There should always be an independent advisor to establish a strong and reliable plan for your offshore business. Your advisor would help you through the process and point out the most important documents that need to be submitted. Very important papers should be prepared like your personal bank account, an offshore insurance company, a business account for your establishment, an investment fund, a secondary citizenship that includes a passport and a virtual office. Your advisor would also help you decide on which jurisdiction you would like to establish your proposed business.

A financial institution of your choice should also be in your list of priorities. This is important because familiarizing required documents and procedures would help you save time and money for making important company documents. Being accustomed with the bank will also help you get information for your future business.

Some advisors charge extra for bank processing. So instead of relying everything on your agent, why not research on your own? You can always inquire in banks and surely they will give you reliable information for free.

Now, you can proceed with incorporation. After choosing a country of choice, you may file an order for incorporation with your agent. Submit the required documents after paying your invoice and receive the company’s credentials by mail. Remember to always asses if they are the right documents as per requested in your order for incorporation.

The important documents may now allow you to open your bank account. These are necessary because you would not be permitted to open an account without submitting your business credentials. Other banks may require a personal interview while others accept applications through mail. After accomplishing these, a bank officer will inform you if your account is ready for use.

Once you have successfully established your company, always remember that it is important to maintain a good reputation.  Do not overlook annual fees and do not forget to submit annual reports for your offshore company. Manage your finances properly to maintain your account active.

We have suggested only a few important reminders for a successful offshore company. It should still be of your choice as to how you would deal with the process. If you have queries or concerns, there are a number of institutions always ready to help you.

Putting up an offshore company not only helps you save from high taxes but it also makes your profits more fluid. Investing in an offshore company protects your assets too. These kinds of companies are organizations or firms incorporated outside your country. In many cases, investors invest in these kinds of businesses because tax laws are much more lenient in other countries where they decide to establish their companies. However, it doesn’t mean that if you have an offshore corporation you are already exempted from paying taxes where the income came from. For more on  International Tax Planning, click here.

Having an offshore company gives you the advantage of being exposed to the international field of business. You may be known worldwide thus being able to trade internationally. It is also a plus if you have a foreign property because it increases your asset protection and privacy.

Usually it is more complicated to establish a corporation in the United States. Opting for offshore companies would protect not only your assets in a better way but also protect you from more future liabilities.

In other countries like Panama, one can create an offshore company under a different name. Being anonymous can help safeguard assets unlike in the U.S which is not possible. Unfortunately, these days having an anonymous bearer share corporation is not anymore encouraged in many countries except in Panama.

Not all countries have the same rules regarding the formation of offshore companies, but summarizing all the benefits, it is way below the budget to form a company- it saves you a lot of investment capital. It is also important to research first the destination of such company and there should be a consultant such as a lawyer before deciding on the establishment of the said business.

A few disadvantages may also come about. Hiring employees that can meet the company’s requirements in the chosen country may be a bit challenging. Also, the restrictions of forming just any type of company must be considered because countries also control what foreign investors establish in their jurisdiction. Another one is the inconvenience of processing your business properties in case you die. Foreign countries have the authority to hold your business thus prolonging the process of releasing your assets to your heirs.

In choosing which country to move your assets to, you must be smart enough to look at the pros and cons. From there, you may already move your business from one country to another. Choosing a country that will allow you to transfer your business to other jurisdictions is important. You just have to process the proper paper works and you will be sure not to lose your incorporation charter.

Always remember that there are a lot of advantages and disadvantages in offshore companies. Do not forget to weigh things first before anything else.