September 16, 2011 (Powerhomebiz.com) Singapore – Foreign business owners who were keenly following the developments in Singapore with respect to its immigration policy feel that thenew amendments introduced last week would not affect offshore companies settingup in the country. According to SingaporeStartup.com (www.singaporestartup.com), an online portal researching on the offshore company market in Singapore, the new eligibility criteria for the employment pass affects only those companies who are resident businesses in Singapore and want to bring in foreign staff.
As per SingaporeStartup.com, most offshore companies being formed in Singapore are managed from overseas. These companies have no intention of relocating any staff from an overseas location and most of them use the nominee director service as well as engage the services of a local company secretary to meet the mandatory compliance requirements. At no point of time do these companies want their company directors or any other staff to shift base to Singapore. Concerns over amendments in the immigration policy on offshore company setup are unfounded as policies towards offshore company in the country remain unchanged.
Currently, Singapore is one of the fastest growing destinations for offshore company setup due to the number of advantages provided by the country. Foreign sourced income is completely tax free in Singapore and more importantly, offshore company owners feel there is a lot more credibility in setting up a business in Singapore over the other traditional locations as they are merely seen as tax havens. Foreign business owners at the moment can setup an offshore company in Singapore within a day without even visiting the country even once. They are allowed to own 100 per cent of the Singapore Company and the minimum paid up capital requirement is only SGD $1. Singapore has also been ranked in the number one position by the World Bank for being the easiest country in the world to do business. This has also enhanced the country’s attractiveness as an offshore company location.
About SingaporeStartup.com
SingaporeStartup.comis a leading portal which focuses on offshore companies in Singapore. The site provides in-depth guides on how to setup an offshore company in Singapore and also provides information on laws as well as policies which affect offshore companies in the country. For more information, please visit http://www.singaporestartup.com/