Singapore Offshore Company: Guide to Setting Up

If you’re expanding across borders and want a reliable business base, setting up a Singapore offshore company could be a practical next step.

Singapore makes it easy for global companies to operate smoothly. Its rules are straightforward, the tax setup works well for international revenue, and there’s a strong support system for international operations, especially for cross-border and remote-first companies.

For founders and remote teams, it offers a rare mix of credibility, legal protection, and flexibility, which is exactly what you want when scaling beyond your home market.

In this guide, you’ll find a practical breakdown of how to set up a Singapore offshore company, including the legal requirements, tax treatment, and step-by-step setup. We’ll also mention how you can manage transactions in multiple currencies efficiently with a single account using Wise Business.

Table of contents
What is a Singapore offshore company? Requirements for incorporating a Singapore offshore company How to set up a Singapore offshore company Advantages of setting up a Singapore offshore company Disadvantages of setting up a Singapore offshore company Offshore company tax implications Make international business seamless with Wise Business

What is a Singapore offshore company?

A Singapore offshore company is a business incorporated in Singapore but primarily operating outside of it. Think of it as a home base for global operations, one that provides access to Singapore’s legal and financial systems without incurring tax on income earned elsewhere (if set up correctly).

This structure works well for remote-first businesses, international consultants, ecommerce brands, and founders who want the benefits of a Singapore entity without physically relocating.

But what, exactly, is the draw of Singapore’s legal and financial systems?

It’s not just about tax (though Singapore’s tax rules are a big draw). Here are the 2 main reasons why so many founders choose Singapore as their global base:

• Stability you can count on. When you’re running a business across borders, where you set up shop matters. Singapore has built a reputation for being rock-solid, politically, legally, and economically. That kind of stability makes life a lot easier when you’re dealing with overseas partners, applying for fintech tools, or trying to build trust with new clients. Instead of raising red flags, a Singapore business registration sends the right signals: you’re credible, established, and serious about playing on the global stage.
• A clear, international-friendly tax system. Singapore follows a territorial tax model¹, which means it only taxes income earned or received within its borders. If your Singapore offshore company operates from abroad and earns income outside of Singapore, that income may not be taxed locally as long as it’s not brought into a Singapore-based account (more on this later). It’s a smart option for founders, keeping overheads lean and maintaining strong margins.

Requirements for incorporating a Singapore offshore company

To successfully register a Singapore offshore company, you’ll need to meet a few baseline requirements². Most are straightforward, but a few are unique to foreign-owned businesses, so it’s worth becoming familiar with them.

Pre-incorporation essentials

• Get your company name approved. Submit your proposed name to ACRA (Accounting and Corporate Regulatory Authority), Singapore’s company registrar. Names that are too similar to existing entities or contain restricted words may be rejected, so have a backup ready.
• Appoint at least 1 local director. You’ll need a director who is a Singapore citizen, a permanent resident, or holds a valid work pass. Foreign individuals can also be directors, but only in addition to local directors.
• Choose your shareholders. You can have 1 to 50 shareholders, who can be individuals or corporate entities. They can also double as directors if needed.
• Appoint a company secretary. This must be a Singapore resident. A sole director or sole shareholder can’t serve in this role, so if you’re a solo founder, you’ll need someone else.
• Register a local address. Every company needs a Singapore-based address (commercial or residential is fine). PO boxes aren’t accepted.
• Meet capital requirements. The minimum paid-up capital is S$1. You don’t need to declare authorised capital.
• Use a corporate service provider. Foreigners aren’t allowed to self-register companies in Singapore³. You’ll need to work with a licensed firm to handle incorporation, act as your nominee director (if required), and manage compliance filings.

Documents you’ll need

• Passport and residential address of all directors and shareholders
• Company constitution
• Parent company details (if using a corporate shareholder)

Other regulatory notes

• GST registration. If your revenue exceeds SGD 1 million, or if you offer taxable goods or services in Singapore, you’ll need to register for Goods and Services Tax (GST). You’ll also need to make sure your invoices meet Singapore’s GST tax invoice requirements if your business crosses the threshold or operates in a regulated sector.
• Licensing. Certain business types, such as finance, health, or education, require sector-specific licenses. These can be applied for after incorporation, but must be approved before you start operating.
• Remote management is allowed. You don’t need to live in Singapore to run your company. But if you plan to relocate, you’ll need an Employment Pass or EntrePass to work legally in-country.

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How to set up a Singapore offshore company

Here’s a simple breakdown of the key steps.

Step 1: Secure your company name

Start with BizFile+ — Singapore’s official business registration portal.

Check your desired name, then submit it for approval (SGD 15). Once accepted, it’s reserved for 120 days. Most names get approved instantly. If yours contains sensitive or regulated terms (such as “bank,” “law,” or “medical”), it may be referred to another authority, which can take up to 2 months.

Note: approval doesn’t equal trademark protection — register your IP separately if needed.

Step 2: Define what your business does

During name registration, you’ll also need to choose a Singapore Standard Industrial Classification (SSIC) code that reflects your business activity.

This step determines whether you’ll need licenses or GST registration after incorporation. For example, F&B, financial services, or education providers typically require permits from other government agencies.

Step 3: Set your capital and confirm shareholders

You’ll need at least one shareholder (local or foreign, individual or corporate) and a minimum paid-up capital of SGD 1.

Here’s how it breaks down:

• Exempt private company: 1–20 shareholders, no corporate shareholders allowed.
• Private company limited by shares: Up to 50 shareholders are allowed, including corporate shareholders.

Step 4: Appoint a local director

Every Singapore company requires at least one director who resides in Singapore — this can be a citizen, permanent resident, or someone with an Employment Pass or EntrePass. There is no maximum number of directors, but they must be natural persons (not corporate entities) and at least 18 years of age.

Step 5: Appoint a company secretary

You’ll need to name a Singapore-based company secretary within 6 months of incorporation. We recommend doing this upfront, as their details are required during the filing process.

Requirements:

• Must be a natural person living in Singapore
• Can’t be the sole director or sole shareholder

Look for someone experienced with offshore setups — not just someone ticking boxes.

Step 6: Set a registered address

You must provide a Singapore-based address (not a P.O. Box) that’s accessible for at least 3 hours each weekday. Concerned about privacy? You can pay SGD 40 to list an alternate mailing address on public records, though ACRA still requires your actual residential address (which will be kept private).

Step 7: File your incorporation

Once everything’s ready, submit your documents and application via BizFile+. If you have Singpass, you can do this directly. Foreigners without Singpass must engage a licensed corporate service provider. They’ll help with everything — from nominee director arrangements to compliance setup and filings.

After submission, ACRA will email all appointed officers (directors, shareholders, and secretary) to endorse the application within 60 days. Once confirmed, your company is officially incorporated. (directors, shareholders, secretary) to endorse the application within 60 days. Approval typically follows shortly after, unless issues arise.

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Advantages of setting up a Singapore offshore company

Tax efficiency that fits global models

Singapore’s territorial tax system only taxes income sourced in or received into Singapore. That means if your offshore company is earning revenue abroad and not bringing it into a Singapore account, it could legally avoid local corporate taxes.

And if your income is taxable, Singapore’s flat corporate tax rate of 17%⁴ remains one of the lowest among developed economies, with partial exemptions for the first SGD 200,000 of chargeable income.

That’s a win whether you're minimising tax exposure or keeping margins strong.

Example: A Singapore-incorporated SaaS company serving US and EU clients, but based remotely in Bali, may not be required to pay corporate tax in Singapore, provided the income remains offshore.

➡️ By the way, if you are comparing your bank account options, check out our helpful guide to the best corporate bank accounts in Singapore, including their pros, cons, and eligibility requirements.

*Singapore corporate taxes can be a complex topic. This guide is for information only and does not constitute advice. If you’re unsure about whether tax applies to your business context, get professional advice as soon as possible.

High-trust jurisdiction

Singapore consistently ranks in the top tier for transparency, the rule of law, and ease of doing business. Having a Singapore-incorporated company builds immediate credibility with international banks, payment processors, investors, and enterprise clients.

This is especially valuable when operating in industries where trust and compliance matter (e.g., fintech, logistics, healthtech).

Startup-friendly setup process

You don’t need to be in Singapore or raise funding to set up.

Incorporation can be completed in as little as 24 hours, fully online, and only requires SGD 1 in capital. Service providers can handle everything from nominee directorships to compliance filings, making it easy for solo founders and digital nomads to get started.

Whether you're bootstrapping or scaling rapidly, Singapore’s low-barrier incorporation provides you with room to grow without overcommitting.

Built-in legal protections

A Singapore private limited company limits liability to the amount of share capital⁵, meaning your personal assets are protected in the event of legal or financial trouble. It also offers a solid framework for shareholder agreements, IP ownership, and equity distribution, which becomes critical when raising capital or onboarding co-founders.

Modern infrastructure for global operations

Singapore’s robust financial and administrative infrastructure removes many of the operational bottlenecks that slow global business. Add to that its robust legal, postal, and IP frameworks, and you get a setup that supports remote-first teams and international clients.

Translation: if you’re scaling globally, Singapore offers the perfect ecosystem to do it without friction.

Disadvantages of setting up a Singapore offshore company

Local presence is still required

Even if your operations are fully remote, Singapore requires every company to have at least one local resident director and a registered local address.

This can feel counterintuitive for founders setting up an “offshore” structure, but it’s part of what maintains Singapore’s regulatory credibility.

💡 Here’s a workaround: You can engage a corporate service provider to act as your nominee director and provide a virtual office address, but this typically adds SGD 1,500–5,000/year to your operating costs.

Ongoing compliance responsibilities

Singapore may be startup-friendly, but it still has strict reporting rules. Companies must file annual returns, financial statements, and maintain accurate records of their shareholders. Even if you’re not generating revenue locally, compliance is mandatory, and penalties for missing deadlines can add up.

If you're accustomed to running a sole proprietorship or casual online business, this level of structure may require a mindset shift. But the payoff is a more legitimate, investment-ready entity.

Limited banking flexibility (with traditional banks)

Major banks, such as DBS, OCBC, and UOB, often require in-person interviews for business account openings and may decline applications from offshore companies without a clear presence in Singapore. This can be frustrating for founders abroad who don’t want to fly in just to open a bank account.

🚀 Here’s an alternative: Try out Wise Business if you want a fast, fully online way to open a multi-currency business account with local bank details, without having to visit a Singapore bank branch.

Tax benefits aren’t automatic

Just because your company operates offshore doesn’t mean it’s automatically exempt from Singapore tax. You must prove that management and control occur outside Singapore, and avoid remitting foreign income into a Singapore bank account unless it qualifies for exemption.

Missteps here can lead to audits or unexpected tax liability, so it’s smart to engage a tax consultant to ensure your structure holds up under scrutiny.

Perception issues in certain industries

While Singapore has a solid reputation, offshore companies in general can raise eyebrows in heavily regulated sectors such as finance, insurance, or cryptocurrency.

Some partners, investors, or platforms may request extra documentation to verify legitimacy, especially if they’re unfamiliar with the nuances of Singapore incorporation.

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Offshore company tax implications

Singapore taxes only income that’s sourced in or received in Singapore. If your company earns its revenue entirely outside the country, and you don’t bring that money into a Singapore account, you may be exempt from corporate tax.

Here’s when tax exemption usually applies:

• The business is managed and controlled from outside Singapore
• Income is earned outside Singapore
• Foreign income isn’t remitted to Singapore (or qualifies under Section 13(8) of the Income Tax Act)

This setup works well for remote founders and globally-focused businesses — but only if structured carefully. A tax advisor can help ensure you stay compliant.

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Make international business seamless with Wise Business

Setting up a Singapore offshore company provides your business with a strategic launchpad for global expansion. With Singapore’s reliable legal system, competitive tax structure, and strong reputation with international partners, it becomes easier to operate confidently across borders. You also tap into a business environment built to support remote-first teams and digital operations, making it ideal for modern companies ready to scale internationally. The process is straightforward — from reserving your name and appointing local officers, to filing with ACRA and handling post-registration essentials.

But going global isn’t just about getting incorporated. It’s about running your operations smoothly, across currencies, borders, and platforms. That’s where Wise Business comes in.

💡Need to pay or get paid in foreign currencies? Wise Business could be a better alternative business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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Sources:

1. Ministry of Finance
2. ACRA Setting up a local company
3. ACRA Engaging a registered filing agent
4. IRAS Corporate income tax rates
5. ACRA Determining the company type

Sources checked on 15 June 2025