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A holding company ('holdco') is a legal business entity created usually in an efficient economy such as Singapore to hold tangible, intanigble and financial assets.
Yes you do. You get unlimited number of bank accounts under the holdco. All accounts are created virtually.
Yes you do. You own the holding company that you create 100%. You do not need to share ownership unless you want to.
Yes, you make final decisions if you have controlling interest, as shareholder or beneficial owner, in the holding company. So to make a decision, such as opening a financial account, you can propose a virtual board session, which is attended by other directors in the holding company. You and the other directors will evaluate the decision together and ratify (sign-off) on the decision. This process allows you to be informed on the pros and cons of any decision.
Yes, you will be participating in executive general meetings (EGM) virtually which are held whenever there is a major decision, such as issuance of shares, evaluating an offer, appointment of shareholder and so on.
This is one of the main difference between kimbocorp and other providers. We cultivate the decision-making process, as much as you desire, so that all decisions big and small, especially decisions where you require advise in, are made suggested, evaluated, approved and ratified, during virtual board sessions.
So whenever you feel you need advise, suggestions or brain-storing, we always want to hear from you (our motto) and you only need to schedule a session with the board members of your virtual business and discuss during that session. No topic is too big or small.
Ratification can be done via ordinary resolutions or extraordinary resolutions, carried out during the virtual board sessions, which are categorised as Ordinary general meetings or Extraordinary general meetings.
You can deposit capital into the bank details under the holding company or utilize kimbocorp.com's share capital or director loan service to do so. You can also sell products or service under the holding comapny, as per the business activity of the holding company, and receive capital in the form of revenues. Note that there could be a tax exposure when receiving capital in the form of revenues.
Yes you can propose and appoint directors into your holding company if you are also a majority shareholder of the holdco. There is a limit in the number of directors, local or foreign, capped at 20, under your holding company. They must be at least 18years of age, not a bankrupt or convicted for any criminal malpractice.
Yes you can. You can nominate your family members as beneficial owners of the holding company so that the assets ultimately go to them.
With regards to digital assets, a holding company in Singapore allows you to deposit and liquidate digital assets into your holding company safely and securely.
You get to build your commercial wealth by investing into your own holding company in the form of digital assets and sell them for a capital gain. This is a unique benefit for Singapore domiciled holding companies as Singapore currently does not recognise capital gains for digital assets and hence your gains would be tax exempt.
Liquidation of the digital assets are performed by licensed crypto exchange providers, who are regulated by MAS to set aside a significant percentage of crypto assets under custody in the form of convertible fiat. That means providers would have to provide the equivalent in fiat when you 'withdraw' or 'sell' your assets and deposit them into your holding company financial account. Furthermore, providers provide additional impetus to want you to sell more assets by giving you preference 'trade desk' rates for larger liquidation, in addition to the already efficient 'bid ask' rates provided by such providers. No peer-to-peer relationship is required in this arrangement.
You can then utilise your exchanged digital assets into your own business or other endeavors (i.e venture capital investing), all done in a safe and secure economy that Singapore offers, virtually.
The main advantage that Singapore has over a jurisdiction like Dubai is its FATF ratings. Singapore is rated highly under FATF as it is 'compliant' on 20 of 40 recommendations and 'largely compliant' on 17 more. It has a government-led prerogative to improve its ratings consistantly. Singapore's AML/CFT efforts are centered on having a sound, comprehensive legal, institutional, policy and supervisory framework. The creation of an financial intelligene unit (FIU) and implementation of a comprehensive suspicious transaction reporting regime (STRO) have significantly improved its ability to combat ML/FT. Singapore's ML efforts is inline with UN conventions against illicit trafficking of drugs and transactional organised crimes. However Singapore has a minor technical deficiency in relation to third-party laundering offences. At the time of writing, Singapore still has predicate offences for money laundering that gives preferences to domestic crime. While given the overall lower number of prosecutions and convictions compared to the size of Singapore's financial sector, it is implied that Singapore is less aggressive towards pursuing money laundering as a seperate crime when it involves third-party laundering and foreign predicate offences.
Dubai, on the other hand, is part of the UAE under FATF's monitored jurisdictions. UAE is currently identified as having strategic AML deficiencies and is on the FATF 'grey' list. FATF placed the UAE on the “grey” list in March 2022, due to “strategic deficiencies” in the country's efforts to counter money laundering and terrorist financing. That designation requires UAE financial institutions to increase their monitoring, due diligence and compliance procedures, as well as financial institutions around the world to subject UAE's financial system to greater scrutiny (both causing added costs and delays in processing transactions). In reaction to FATF's findings, the UAE announced its committment to take robust action to tackle AML and CFT weaknesses within the country and rigorously implement FATF's 40 recommendations to be removed from the grey list.
Considering the above backdrop then the situation is clearer, Singapore has lesser vigilance when it involves foreign third-party money transfer, while Dubai is actively pursuing to remove itself from the 'grey list' and is set for another review in March 2024.
I guess enough said.
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