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Frequently asked questions - iopoffshore
Category
Payments and Refunds
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How can I pay for the service?
Answer
We currently offer 3 methods of payment as below:
- Pay by international wire transfer
- Pay by local transfer
- Settle the payment via credit/debit card (Visa/Master card)
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How can I receive full refunds after finishing payment for the Incorporation Service?
Answer
You will receive a full refund of the incorporation fee minus the payment gateway/bank charges if the below conditions are met:
(1) The order is not claimed and processed by any relevant parties yet.
(2) In the event that you make a purchase of a company formation package but change your mind prior to starting the process, we will refund the full net amount paid to us, as long as you provide us with a written/email refund request.
(3) If a Force Majeure event occurs, we will notify you as soon as practicable. If this event continues for more than 14 calendar days, either party shall have the right to cancel the agreement. Regarding services that have been paid for in advance but have not been rendered, you will be entitled to a full refund (net amount) from the date of cancellation.
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What is your responsibility when providing us with a payment method?
Answer
By providing I.O.P with a payment method, you:
(i) Represent that you are authorized to use the payment method that you provided and that any payment information you provide is true and accurate
(ii) Authorize I.O.P to charge you for any services or available content purchased using your payment method
(iii) Authorize I.O.P to charge you for any paid services that you choose to sign up for or use. You agree to promptly update your account and other information, including your email address and credit card numbers, and expiration dates, so that we can complete your transactions and contact you as needed in connection with your transactions.
Ordering Service
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What happens after registering the service on the website?
Answer
You will receive a confirmation email, including summarize of the ordered packages, prices, and instructions for the next step’s preparation. Please carefully check all the details in this email and immediately inform us if anything is missed. Our dedicated relationship manager will shortly contact you within 24 hours. Kindly ensure that you or your involved shareholders receive all the relevant service information to provide a smooth service assistant experience from International Offshore Partners.
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How can I change order information after registering a service?
Answer
You can update your information via the account profile management. Otherwise, you can contact us directly to ask for adjust inaccurate detail.
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How can I order a service on the website?
Answer
There are two methods for users to register a particular service on the website:
- Click the “Set up now” button to navigate to the customized appearance. Then complete all the steps: choose the services, fill in the required information, and make payment to complete the registration process. Or you can view each country you want to incorporate in, and select “get started” for standard or premium package to move forward.
- Drop us a line with important information regarding the owner’s name, business industry, phone number, address, and other details for further support from the I.O.P team.
Accounting & Tax Service
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Does the foreign owner of a Singapore company legally withdraw the Singapore company’s profit after tax to his or her personal bank accounts ?
Answer
Singapore has single layer taxable racket. So, if a Singapore company had paid its tax obligations to the IRAS in Singapore, the company’s shareholders/owners are entitled to withdraw any net income after tax to their own personal accounts via bank transfer without any additional tax payments. Withholding tax is also not applicable to foreign owner/shareholder when excercising the withdrawal of the company’s taxable income after tax obligation.
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Will your Singapore company income be subjected to Singapore tax if the portion of income is already included in income tax of the foreign country?
Answer
The income received in Singapore but produced outside of Singapore maybe pardoned or reduced if proven to be foreign income . This income is subjected to foreign credit tax based on Double Tax Agreements of Singapore with participating countries.
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How does your Singapore taxable income is determined?
Answer
Singapore companies which receive income either directly into Singapore banks or any other incoming transfer into company accounts in Singapore are considered tax resident of Singapore and subjected to follow Singapore’s corporate tax law.
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What corporate taxes in Singapore a new business with foreign owners need to pay close attention ?
Answer
The current effective corporate tax rate in Singapore is 17%. However , various tax credits and incentives will put the first 200K SGD of taxable incomes at a rate of 8.5%
The current GST ( Good & Service Tax) rate is 7%. GST is Valued Added Tax in Singapore. All companies with expected revenues of 1 million SGD is required to register for GST tax with IRS to collect and/or claim GST from sales, purchases or services performed.
Witholding tax is the required tax witheld and payable to IRS when a Singapore company pays a foreign entity or persons in exchange for work or services performed. The witholding tax rate is varied depending on the type of services or work
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What software does your service use to process accounting?
Answer
We use Safebooks software for bookkeeping and accounting work.
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What is the scope of our accounting service?
Answer
Our accounting service focuses on annual accounts, unaudited financial statements, and tax preparation. We intend to implement specialized services on financial reports soon.
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Why should you outsource our accounting service?
Answer
Our accounting service includes all features of categorizing data records and preparing business taxation strategies.
Bookkeeping Service
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Why should you hire our services instead of doing bookkeeping yourself?
Answer
Outsourcing bookkeeping services gives you various benefits:
- Cost-effective
- Save time
- Professional experts
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What software does your service use to process bookkeeping?
Answer
We use Safebooks software for bookkeeping and accounting work
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Is it safe for data privacy when outsourcing bookkeeping data to our services?
Answer
We are working on a strict-policy system to maintain data security. Specifically, we will not use your business data for commercial purposes or provide core information to third parties.
Bank Account Opening Service
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How does our bank account assistant service work?
Answer
We assist you with detailed documents to finalize the whole bank opening process:
- Cosult and help you to choose the appropriate bank
- Assist you to prepare the KYC documents, review and give feedback
- Submit documents to the bank, daily follow up and keep you posted on a daily basis
- Set up a direct/online interview to complete the process
- Support registering additional services depending on your need
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How long does it take to own an offshore bank account?
Answer
It depends on the bank you choose due to the registration process difference. Normally, it takes at least 1-2 months if you open an account with traditional banks. In case you decide to work with EMI (electronic money institution), the processing time is only 3-5 working days.
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What banks do our services cooperate with?
Answer
We have implemented our service with mutiple recognized banks including:
- Traditional banks: OCBC, DBS, HSBC, UOB, Caye International Bank, First Caribbean Bank
- Electronic Money Institution: Aspire, Payoneer, Airwallex, Wise, Currenxie
Company Formation Service
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What types of incorporation do our services have?
Answer
In each country, we do support multiple types of business. For instance, private limited company, international business company, limited liability company, trust or foundation. Please contact our consultants for details.
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What is the difference between the Standard and Premium package?
Answer
Registering for the Premium package results in better support throughout the process with a dedicated manager, fast turn-around time and one business banking support.
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How does our company formation service work?
Answer
Upon receipt of your request, our dedicated customer support will email you and schedule a meeting to understand your needs as well as suggest tailor made solutions for your business. Once you agree to move forward, I.O.P will guide you to select & make payment for required services cater to your demand. Then, we collect and review your documents as well as give instructions before submitting the application to the Registry. Once the clearance process is done, we will revert the corporate documents.
