Business in Singapore: Company registration for ICO
The constant increase in the popularity of cryptocurrency has necessitated the creation of organizations that would work with this type of currency. In addition, recent years are characterized by the expansion of Initial Coin Offerings (ICO) – attracting investment in the form of selling digital money, which is not regulated at the legislative level. However, not all countries have this option. One of the most popular and profitable countries for registering a company for ICO is Singapore.
Singapore is an amazing country offering a favorable atmosphere for doing business, because there is no bureaucracy, corruption is minimized, banking is well developed, and there are low taxes in the territory.
Features for company registration in Singapore
In order to register a company in Singapore for ICO, you need to provide a standard set of documents, as for all other types of organizations:
- license of incorporation;
- documents of the appointment of a director (at least one who is required to be a resident);
- company charter;
- agreement of the use of nominal service and related documents.
The only thing that distinguishes the company for ICO is the specificity of the activity. In the summer of 2017, the Monetary Authority of Singapore took control of the activities of organizations working with cryptocurrencies.
Since working with digital money is a fairly young area of business, adjustments and changes are constantly being made to their business environment. In this regard, we recommend that before registering a company for ICO, consult with professionals.
Our experts will help to deal with the nuances of formalizing your company, will answer all your questions, and will also assist in arranging your organization in Singapore.
Benefits of registering a company for ICO
The government of Singapore, striving to improve the standard of living of the population and contributing to the development of the country’s economy, provides such advantages of starting and running a business in the state as:
- attractive taxation system;
- “white” jurisdiction status (complies with generally accepted tax standards and complies with information exchange requirements);
- developed financial infrastructure;
- a strong legislative framework (including a guide to the primary distribution of tokens, developed by the authorities of Singapore);
- the benevolent attitude of the government towards Initial Coin Offerings;
- the signing of a treaty on the avoidance of double taxation with 76 countries;
- lack of currency control;
- taxation on a territorial basis (foreign companies are exempt from tax on profits, dividends and capital gains outside the state);
- low corporate tax (17%);
- flexible preferential policies for newly established companies;
- easy company registration process;
- access to the markets of Asia.