Company registration in Singapore and opening a corporate account with a Sierra Leone Bank may look like a compromise, but it is not. We offer a powerful duo that will serve as a good foundation for you in the world of real business. The fact that the Bank we offer is based in Africa may raise your suspicions, and we understand that. But Offshore Pro Group works only with reliable financial partners, and you may rest assured that this Sierra Leone Bank is one of them.
This article is an attempt to show our readers that company incorporation in Singapore and opening a corporate account with the Sierra Leone Bank is the optimal option in terms of the balance of characteristics. Moreover, you can complete all formalities at the Bank in Sierra Leone by making a personal visit or remotely, so this is a convenient solution for busy people.
Why Singapore?
This question is regularly asked by our readers, and we could theoretically provide standard phrases and references to articles on doing business in Singapore. But honesty is one of our top priorities, so we will give some facts to support the choice of this jurisdiction. You can always get in touch with our experts for more detailed explanations.
So, why incorporate your company in Singapore? Well, just look at its international business ratings and see for yourself:
- Global Innovation Index, 2018 – 1st place in the Asia-Pacific region and 5th place in the world
- Human Capital Index (World Bank), 2019 – 1st place
- The Rule of Law Index ‒ 1st place in Asia
- Level of Economic Freedom (Heritage Foundation) – 2nd place
- Ease of Doing Business (World Bank), 2019 – 2nd place
- The Most Competitive Economies of the World (World Economic Forum) – 2nd place
- The Least Corrupt Economy (Corruption Perception Index, Transparency International), 2018 – 4th place
Why set up a company in Singapore (characteristics of Singapore):
- Ease of starting a business. Registration of a company in Singapore is much easier than in other developed jurisdictions.
- Easy to open a corporate account with a bank. A company registered in Singapore is respected in financial institutions around the world. Therefore, the procedure for opening an account with a bank will be simpler and faster.
- There are no restrictions for foreigners. A company registered in Singapore may be owned by foreigners, and there are absolutely no restrictions here.
- Stability in all spheres of life. Once you have incorporated your company in Singapore, you will be free from any risks associated with the situation in Singapore itself – in politics, economics, finance, the crime environment, relations with neighbors, consistency of laws, and business support.
- A business-friendly ecosystem. The English legal system, the territorial principle of taxation, comprehensive business support, developed infrastructure, the absolute rule of law – what else is needed to register a company in Singapore? Only a corporate bank account! And the Bank in Sierra Leone that we offer is perfect for this.
- Strategic location. Singapore is the crossroads of world trade routes. And there is simply no better option if you intend to register a company in Singapore to enter the Chinese market!
- A wide network of signed international agreements on free trade and investment guarantees. 62 agreements signed by the country significantly simplify international operations and make the company registration in Singapore extremely profitable.
- Well-developed logistics. The largest logistics services (UPS, FedEx) are operational in Singapore, powered by ideal roads of exceptionally high quality and its own airport, Changi.
Other aspects to be considered:
- Guaranteed protection of intellectual property
- A sound tax system: a territorial tax system, low rates, benefits for new companies with registration in Singapore, absence of some taxes (for example, no tax on capital gains is levied, and tax on dividends from foreign sources is applied with reservations).
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Company Registration in Singapore – Essential Requirements
The optimal legal form is a Singapore limited liability company. An LLC is a classic company form where the shareholders do not bear any personal responsibility. The basic requirements are very modest, but we would like to emphasize that self-registration of a company in Singapore is impossible (please do not believe dubious advertising which says the contrary!). We also remind you that Singapore is a midshore, not an offshore, so taxes have to be paid here (don’t get discouraged as they are very low and unburdensome for business).
Minimum requirements for company registration in Singapore:
- 1 shareholder – natural person/legal entity (but no more than 50)
- 1 director (a local resident of Singapore)
- 1 company secretary in Singapore
- Paid-up share capital – from SGD 1
- The physical address of the registered office in Singapore
Company registration in Singapore, choice of name:
- It has to be approved by ACRA (Accounting and Corporate Regulatory Authority)
- Unwanted names, as well as those identical to existing ones and similar to the point of confusion will be rejected
Company incorporation in Singapore, shareholders:
- natural persons or legal entities
- The positions of director and shareholder can be combined
- 100% foreign ownership is possible
Company incorporation in Singapore, a resident director:
- A local resident of Singapore, a citizen of Singapore, a person with an Employment Pass/EntrePass
- The number of directors is unlimited
- The information on the directors will be publicly available
- Basic requirements: at least 18 years of age, not bankrupt, no history of convictions
Company registration in Singapore, secretary:
- The position is mandatory
- Only natural persons can be employed
- He/She must be an ordinarily resident in Singapore
- The maximum period within which a company secretary is to be appointed in Singapore should not exceed 6 months
Company registration in Singapore, share capital and paid-up capital:
- The minimum for registration is SGD 1 payable in any currency at the official exchange rate
- Minimum issued capital – 1 share
- The capital may be increased at any time after the company’s incorporation in Singapore
- No bearer shares/shares without a par value are allowed
Company registration in Singapore, registered address:
- Residence address is allowed for certain types of business
- Registered address should be a physical address only
- P.O. Boxes are not allowed
Company registration in Singapore, management structure:
- It is determined and regulated by the Constitution and the Singapore Companies Act
- Since 2016, the Memorandum and Articles of Association have been merged into the Constitution of the Singapore company
The Cost of Company Incorporation in Singapore
The prices we quote refer to a more or less standard case. But it often happens that the customer’s order requires additional work of experts and this becomes clear only after the details of the order have been discussed. Therefore, we strongly recommend that you stay in touch with us for the duration of your company registration in Singapore.
Basic prices (the minimum possible price is indicated):
- Company registration in Singapore – USD 680
- The legal address of the company in Singapore – USD 500
- Secretary, secretarial services – USD 680
- Services of the local director – USD 2,500
- Refundable deposit for the local director’s services – USD 2,500
- Local nominee shareholder (for 6 months) – USD 1,250
Annual renewal of operations (the minimum possible price is indicated):
- The legal address of the company in Singapore – USD 500
- Secretary, secretarial services – USD 680
- Services of a local director – USD 2,500
- Accounting statements – USD 1,600
Security deposit
This section is aimed at those of our customers who have selected the option of company registration with a nominee service. One of the items of expenses is the so-called security deposit used to finance the liquidation procedure in the event that the client does not get in touch after the service term has expired. You don’t have to pay the full amount at once: EUR 2,080 is paid upon incorporation in Singapore and the remaining EUR 2,520 can be paid in equal installments over the next 11 months.
Opening a Corporate Account for a Company in Singapore with a Bank in Sierra Leone
Sierra Leone is a West African country that currently offers attractive conditions for investment. The official language is English, so communication with local regulators and working with documents do not imply translation difficulties. But one of the main advantages is that it is much easier to open an account in African banks than in Asian or European ones as they have less stringent requirements and request fewer documents to open a corporate account.
Services that will be available to you after opening a corporate account for a company in Singapore:
- Bonds and guarantees at a Bank of Sierra Leone
- Structural financing at a Bank of Sierra Leone
- Trade finance at a Bank of Sierra Leone
- International trade services at a Bank of Sierra Leone
The Bank in Sierra Leone that we propose also offers other services, such as loans, deposits, checks, collection services, payment of salaries to the company’s employees, and much more. You will be notified of all completed account transactions in real time via SMS.
Procedure for Incorporating a Company in Singapore and Opening a Corporate Account with a Bank in Sierra Leone
We have tried to simplify all administrative issues as much as possible, so your efforts will be kept to a minimum. Our experts will take care of most of the problems, so you can devote more time to business development. It should be noted that you will be able to personally control each stage of the company’s registration in Singapore and the opening of a corporate account with a Sierra Leone Bank if you want to. However, this opportunity is almost never used as most of our customers are busy people who are used to trusting professionals.
The recommended sequence of steps:
- Submit a request to us. Use e-mail info@qwealthreport.com or another convenient channel of communication. Please specify the desired services in the request (in our case – registration of a company in Singapore and opening a corporate account for it with the Bank in Sierra Leone).
- Discussion of order terms. You will tell us all details about your business, goals, management structure, and desired additional services. For our part, we will evaluate your case and tell you about the deadlines, additional services, and possible alternatives.
- Payment for company incorporation in Singapore and opening of a corporate account with the Bank in Sierra Leone. If you are satisfied with our terms and conditions and we understand that the order can be fulfilled, we draw up an invoice for services – from EUR 13,998 (payment options).
- Preparation of documents. Some documents are provided by the client, and the rest is prepared by our experts. But in any case, this is the last stage that will require some of your time. All the remaining work will be done by our experts.
Registration of a company in Singapore usually takes no more than 5 days, and opening a corporate account with the Bank of Sierra Leone will account for another 3-5 days!
Please note that you can open an account with the Bank remotely, or you can pay a personal visit to the branch. The second option is somewhat cheaper but will take time, which in many cases is more important than minor savings.
If you are interested in registering a company in Singapore and opening a corporate account for it with the reliable Sierra Leone Bank, please send us an email request (info@qwealthreport.com). We wish you good luck with your business!
Is it possible to open a company in Sierra Leone in 2022?
We don’t see any significant reasons why not. Therefore, if you are interested in this option (and not the account in the bank of Sierra Leone), expect the following costs: EUR 720 + additional costs that you cannot exclude. The first figure refers to mandatory payments: a fee, the cost of the registration, an account with the local bank, the preparation of a package of documents, and an interview with the bank. In addition, consider the costs of a nominee director (EUR 600), preparation of mandatory reporting (EUR 7,200), and delivery of documents by courier (EUR 80). The last item of expenses is flight and hotel accommodation if a personal visit is required to open an account.
I have a company in Singapore. Why open an account abroad for it?
A good question, really. The main reason for this type of project (this applies not only to Sierra Leone but also to any other jurisdiction) is to minimize the risk of refusal and sudden interruption of service.
The following structures are usually turned down by Singapore banks in 2022:
1) Holding companies with dividend income ONLY.
2) Financial structures with income ONLY in the form of loans.
3) Main account in EUR.
4) Directors and shareholders of the company are nominees.
5) The bank account is exclusively used as a transit account.
6) Passive bank account.
7) There are no visible business links with the Southeast Asia region.
Opening an account in Sierra Leone has its difficulties as well, but they are much less pronounced. This is the main reason why we recommend the Bank in this African country to complete your business structure in Singapore.
Is it possible to open a bank account in Singapore or should I opt for Sierra Leone instead?
We can open a bank account in a Singapore bank for you, but you should expect significantly higher costs (from EUR 2,999 vs EUR 400).
If you choose Singapore, you will have to prepare answers to the following questions:
1) Company name
2) Company structure (including data on beneficiaries!)
3) The actual address of the business (it is time to remember the benefits of the real substance)
4) Detailed description of the business model used
You will need information about the scope of the company’s work, the history of its creation and development, a description of the main goods and/or services, data on suppliers and buyers, as well as an approximate scheme for the movement of funds on the account being opened (annual report, number of transactions, daily balance, etc.).
The Sierra Leone account is much less troublesome, so our experts usually recommend a Bank in this country.
