Located at the junction of east and west, Singapore is an excellent business nation to live, work, study, and play. The South East Asian nation is one of the easiest places to do business and considered as a biggest financial center in the world. As a leading business nation, it facilitates a perfect business set up location for incorporation of company in Singapore. What makes it more attractive is Singapore company registration procedure for an offshore business. The process of business formation in the country is relatively quick and easy than any other nation in the world. Furthermore, few other factors like stable political system, liberal policies, protective laws, state-of the-art infrastructure make the nation more favorable for business.
Guidelines for incorporation of company in Singapore:
· Private Ltd. Company is the most common business entity in Singapore, others being Sole Proprietorship and Partnership. The former has a separate legal status from its directors and shareholders who have limited liabilities for the debts and losses of the company.
· In order to start a Singapore company, you must be of 18 years age or above.
· It is mandatory to apply for an EntrePass for those who would like to relocate to Singapore in order to engage in their business operation.
· The company owner must not have any previous record of malpractices or bankruptcy.
· Singapore company registration starts with name approval process and complete with the issue of company registration certificate.
· In private ltd. company, appointment of a local resident director is necessary. Local resident defined as Singapore local resident or permanent resident of Singapore. Holder of EntrPass, Employment Pass, or Dependent Pass can also appoint as local resident director. There is no limitation on the number of directors of a company.
· At least one shareholder (irrespective of nationality) has to appoint before Singapore Company Registration. The maximum number of shareholder is 50. A director can also be a shareholder. A shareholder can be a person, business, or entity.
· Appointment of a company secretary within 6 month of company incorporation is mandatory.
· Getting a registered address for business incorporation in Singapore is also essential. The address must be physical one but not a PO Box address.
· The minimum authorized share of capital to start a company in Singapore is S$1.
· This is the most attractive part to open a company in Singapore as there is no prior investment required for share capital to commence business in Singapore.
Benefits of incorporating a company in Singapore:
· Singapore’s government encouraged the foreign talent and investors to visit and set up business there and its immigration law is least restrictive in the world. It facilitates an easy access to country.
· A Singapore company benefits from wide range of free trade agreements and double taxation agreements with over 60 countries.
· A company registered in Singapore is effectively exempt from taxation of profits earned outside the country.
· The country is regarded as ‘tax haven’ where tax rate is very competitive and low. Tax structure comes up with a series of tax benefits, allowance, tax incentives such as tax exemption for start-up, partial tax exemption, single tier tax system etc.
· An annual financial audit is only requires for companies with an annual turnover of S$5 million and above or if corporate shareholder involve.
· The country has implemented a very strong and protective law on intellectual properties (global trademark, copyright or any other trademarks) of the corporate organizations.
· In terms of infrastructure and technological development, Singapore is in the top three countries in the world. It provides a effective business environment
· The official language of Singapore is English and hence, reduces the chance of communication barrier in business.
Singapore company incorporation is an attractive vehicle for foreign business investors from across the globe.
No comments:
Post a Comment