To Petro International Group Offshore Company Formation Jurisdiction Singapore Singapore IBC Only US$499 It may surprise you to learn that the number one reason for people moving money offshore is not because of tax benefits but asset protection. Today's predaceous and litigious society unfortunately makes successful people vulnerable to lawsuits of every kind.

Singapore, Bullet Proof Tax Haven

It may surprise you to learn that the number one reason for people moving money offshore is not because of tax benefits but asset protection. Today's predaceous and litigious society unfortunately makes successful people vulnerable to lawsuits of every kind.

What is an International Business Corporation (IBC)? An IBC is an international legal entity or a corporate body with its own corporate name and with a predetermined capital divided into portions, fractions or quotas and for whose creditors only the company’s assets are liable. It is a corporation devoted to a specific object or purpose utilized by a natural person or a group of persons for economic or non-economic activity, and guarantees the shareholder’s anonymity. Why Singapore Singapore’s requirement for organization of a company or operation of a business among the most simplified in the World and closely resembles United Kingdom Company Law. The Government permits 100% foreign ownership of subsidiaries in many sectors. Potential foreign investors who discuss a project in advance with the Economic Development Board or Department of Trade will learn that 100% foreign equity is much more readily and granted for ventures that promise to contribute high technology, managerial skills, access to new markets, investment capital and offshore banking income. The Government may also bargain for local equity for trading companies and companies producing solely for the domestic market.

Singapore, The Magic Land

Taxes In Singapore Singapore has advanced to the forefront of Far Eastern sanctuaries in recent years because of the many advantages offered as a financial center. Singapore does not tax interest on bank deposits earned by non-residents so that earnings from the Asia currency funds held within Singapore are tax free. Income earned by non-residents investing offshore funds in offshore markets through Singapore also are exempt from tax. Foreign trusts administered by approved trustee companies are exempt from taxation. Approved venture companies are also exempt from tax but for a limited period of ten years. A 10% rate is levied on income of other trust companies and from managing, servicing or underwriting foreign securities issued from Singapore if made by non-resident.

Singapore, The Unparalleled Beauty

Resident companies and non-resident companies which do not follow the rules carefully in order to qualify for tax free status are subject to the normal company rate of 27% on any income accruing in or derived from Singapore or received in Singapore from outside Singapore unless special provisions are available as a result of double taxation treaties with foreign countries. In addition to the 27% rate, there is a 5% increase of the amount payable after the date deadline as a penalty tax, which is applied on all corporations and is added to the tax overdue. The flat 27% rate levied in Singapore is assessable on branches of companies which trade in Singapore and elsewhere on the profits of the trade or business attributable to operations carried on inside Singapore.

Profits from offshore trading and services dealing with offshore business as well as approved warehousing and related activities are taxed at a concessional rate of 20% for five years.

Offshore service income qualifies for 90% exemption from tax for five years if certain conditions are fulfilled.

Dividends and interest received in Singapore from Singapore-sourced income are taxed at company tax rate of 27%. Stock dividends are exempt from tax. Individual shareholders receiving dividends from Singapore companies which have withheld tax are allowed a credit for the withholding tax against any tax due at personal rates.

There is a 27% withholding tax on dividends of common and preferred shares in Singapore for both Pioneer and non-Pioneer industries. Any income that is nor Singapore source income remitted into Singapore by a non-Singapore company is exempt from Singapore tax. Interest, royalties, management fees, commissions and similar income deemed to be derived in Singapore may be exempted from tax by the Minister of Finance if the payments promote the economic or technological development of Singapore. Real estate is taxed from 12% to 36% of the rental value. The 12% rate is applied in specifically designated areas as part of the Government’s urban development plan.

Singapore, Peace Of Mind

Tax Advantages/Capital Incentives:

Under the amended Singapore Pioneer Industries Ordinance, certain industries may qualify for a 90% exemption, or be subjected to a 4% tax, for an additional three years after the first five years of 100% tax exemption permitted under the first Singapore Pioneer Industries Ordinance. For this exemption to apply the profits must be earned from export products from deep sea fishing or manufacturing company registered in Singapore under local laws.

Losses may be set off against all sources of income and may be carried forward indefinitely unless there is a substantial change in the shareholders (a change of 50% or more) between the last day of the year in which the losses were incurred and the first day of the year in which the losses are set off.

Income tax exemption may be granted for both company profits and dividends paid to shareholders for investments in certain new industries or for expansion of plant and equipment.

Under the 1979 Relief From Income Tax (Amendment) Bill, incremental qualified export income of international trading companies and warehousing, consulting, servicing, technical service, engineering and other similar income may be exempt from income tax up to 50% depending upon the base of earnings. To qualify, the above services must be rendered in the framework of an approved non-Singapore project. The period of relief extends over five years.

Insurance company earnings derived from offshore reinsurance operations (other than life insurance activities) are subject to a reduced rate of 10%.

The normal rebate of 30% on the 23% property tax is for industrial and commercial properties and land, vacant residential land owned by development companies and various development agencies.

Gains derived from sale of shares and securities realized by unit trusts resident in Singapore are subject to the normal 27% corporate tax rate on 10% of the gains. There is no tax on the remaining 90% of the gains if derived by unit trust holders who are individuals or foreign investors.

Non-residents are not subject to a withholding tax on dividends. Branch profits are not subject to withholding tax on repatriation of profits.

Petro International will provide the following:

• Preparation and filing of Incorporation of Association with the Registrar of Companies to create and incorporate the International Business Company (IBC).
• Appointment and payment of a registered agent and registered office in Singapore for one year for the IBC.
• Appointment and payment of two (2) Officers/Directors to serve as Nominees for the IBC for one year.
• Preparation of the initial Minutes, filing of the Notice of Registered Office, and issuance of Share Certificates.
• Opening of a corporate bank account and stock brokerage account in Singapore.
• The company will be formed within 24 hours of receipt of the fee and a completed Confidential Client Information Form.

GENERAL
Type of Company	IBC
Political Stability	Excellent
Common or Civil Law	Common
Disclosure of Beneficial Owner	No
Migration of Domicile Permitted	Yes
Tax on Offshore Profits	Nil
Language of Name	Latin or other alphabets
CORPORATE REQUIREMENTS
Minimum Number of Shareholders	One
Minimum Number of Directors	One
Bearer Shares Allowed	Yes
Corporate Directors Permitted	Yes
Company Secretary Required	No
Standard Authorized Share Capital	US$ 50k
LOCAL REQUIREMENTS
Registered Office/Agent	Yes
Company Secretary	No
Local Directors	No
Local Meetings	No
Government Register of Directors	No
Government Register of Shareholders	No
ANNUAL REQUIREMENTS
Annual Return	No
Submit Accounts	No
RECURRING GOVERNMENT COSTS
Minimum Annual Tax/License Fee	US$ 100
Annual Return Filing Fee	US$ 50

MAILING, FAX, TELEPHONE AND OFFICE FACILITIES

As part of the domiciliary service fee we provide clients with a registered office address in the country of incorporation but clients may find it convenient to arrange for mail forwarding, fax and telephone facilities through our Switzerland, The Bahamas Islands, London or other Petro International's offices. This service may be especially useful where, for example, the company is opening bank accounts. Normally the bank would address statements and other correspondence to the company at the address of the client but this results in a loss of confidentiality in that the connection between the company name and the client will be automatically made.

To safeguard against this mail can be directed to our offices and we can re-mail those letters in a plain envelope addressed to the client or otherwise as the client directs. An additional advantage of using our re-mailing services is that the provision of a re-mailing address through one of our prestigiously located offices in the onshore jurisdictions may allow the offshore company to appear to be domiciled on-shore and thereby give that company an added degree if respectability.

For example, your offshore company could quote Petro International London office address on its letterhead and thereby appear to be domiciled in the UK. This procedure is particularly attractive if the Hong Kong address is used as a Hong Kong company is not required to quote its registered office address on its letterhead. Thus if an offshore company were to quote a Hong Kong address it would be indistinguishable from the letterhead, from a normal Hong Kong trading company.The charge for this service is only $275 per annum.

TRUST SERVICES: Using a trust to own the shares of an offshore company can result in very substantial tax and non-tax related advantages which will accrue both on death and during the lifetime of the trust settler. These advantages may include: SAVING OF INHERITANCE TAX: On death, the Inheritance tax which would normally be assessed on the value of shares would generally be eradicated. ASSET PROTECTION: Assets placed into trust are generally beyond the reach of creditors who might arise as a result of financial difficulties, divorce proceedings, litigation, etc.

Singapore, The Prime Tax Haven

AVOIDANCE OF PROBATE:

A trust provides a means whereby assets can be smoothly passed on to the next generation without the disruption, delays substantial costs, loss of confidentiality associated with the probate procedure which necessarily follows when assets are bequeathed by will.

CONTINUITY:

Trusts provide a means whereby assets can continue to be administered in accordance with the wishes of the settlor after his death so the weak can be protected from others and the spend-thrift can be protected from himself.

LIFETIME TAX SAVINGS: During lifetime, substantial income and capital gains tax advantages may result from setting up the trust. Using the service of one of our licensed trust companies, we are pleased to act as trustee for a suitably drafted discretionary trust and the cost of this service would be from US$500 for setting up the trust deed and from US$500 per annum for the provision of trustee services. OTHER SERVICES: Petro International provides a wide range of administrative and documentary services including, but not limited to legalization and notarizing of documents, credit cards, yacht and ship registration, invoicing, documentary trade services, trade finance applications, accounting, consulting and immigration services. VIP PACKAGE: Available at slightly higher cost

Singapore The Ultimate Tax Haven

Confused? The average person is frequently confused by the complexity of international tax planning and discouraged by the substantial costs involved in an offshore company formation or registering of a bank or trust in a tax haven. The registration costs and ongoing yearly administration expenses frequently exceed what the average person could save in taxes. Petro International has a new program to answer those concerns. We provide the simple, secure, private and low cost answer for the person who is just starting out or the veteran who now understands that simplicity is the essence of genius. Our survey has shown that this solution answers all of the needs for 100% of the persons seeking to go offshore.

The program includes bearer shares so that complete anonymity is guaranteed, documentation and support services so that you can open a financial account under your complete control, where and when you wish, and flexibility so that you can change your financial affairs to reflect your future needs.

We trust that we have clarified the intriguing world of Singapore IBCs. We will be happy to answer any questions you may have, relating to this opportunity and provide you with additional details regarding any of our devoted services. If you would like to obtain further details of the legislation surrounding the formation of an International Business Company (IBC) Singapore or wish to discuss any matter in complete confidence, please click here to contact: Mr. John Cooper Petro International Offshore Services

Singapore's Central Business District Illuminated in Evening Light

Please click here to explain us the full particulars of your situation and what you wish to accomplish. We will review your situation very carefully and offer to you a custom fitted solution. 95% of the time the solution will be simple to understand and 100% of the time it will be the least expensive alternative.

Please feel free to contact Petron International Group if you believe the formation of an Singapore IBC at the present time may be appropriate in your particular situation. Any communication with us is considered PRIVILEGED and CONFIDENTIAL.

Other Jurisdictions?

Petro International is in a position to assist new and established clients in opening personal and corporate offshore bank or trust accounts, denominated in almost every currency, in over 125 of offshore jurisdictions world-wide, including:
New Zealand, Australia, Chile, The Dominican Republic, Ireland, Argentina, Belize, Brazil, Spain, Italy, Costa Rica, Venezuela, Uruguay, Prague, Bodrum, The Spanish-Moroccan Tax Havens, The Madeira Tax Haven of Portugal, The Jamaican Free Trade Zones, The Dominican Republic Free Trade Zones, Campione D'Italia, Andorra, Poland, The Eastern Turkish Border and Tbilisi, Mozambique, Guatemala, The Virgin Islands, The Philippine Islands, and Anguilla are just some of the countries and places featured.