Conducting an ICO from Singapore, legally
One of the first things to do to do a successful ICO is to choose the country where you need to set up a company to run the ICO.
The state of Singapore, today is one of the major countries from which it is popular to carry out ICOs, along with Hong Kong and with Switzerland, England and the USA.
One of the first things to do to make a successful ICO is to choose the country where you need to set up a company to run the ICO.
The state of Singapore, today is one of the major countries from which it is popular to carry out ICOs, along with Hong Kong and with Switzerland, England and the USA.
A typical ICO corporate structure consists of two key entities:
One entity is an association, which is designed to carry out the non-profit activities, some of which have characteristics of public interest. For example, the association will own the code or algorithm according to which the blockchain project will operate.
The second entity is a limited company, which provides the main activities of the project. This company bears the legal, financial, and operational risks and separates them from the token issuer (the association). The company Ltd. is usually also responsible for the development of the platform and finding customers. In this structure, usually the issuer and the operating company sign a software development agreement between them, or one or another service agreement.
However, it should be noted that this model was created in the first place due to tax considerations in Switzerland, and these considerations are of no importance in the State of Singapore, and therefore there is no need to create such a corporate structure. In Singapore, you can settle for just one company that will handle the offering as well as the development.
Singapore offers low corporate taxation - up to 17% corporate tax, and no capital gains tax.
A company in Singapore requires a local director who will be elected by the shareholders of the company, as well as a local accountant.