subject: Want To Learn How To Form A Company In Singapore? [print this page] If you plan on putting up your own business, you should consider a place which is most conducive for business, and where else would that be but in Singapore - one of the best countries in Asia. Many providers have made it easier for foreign entrepreneurs to form a company in Singapore. The country's tourism industry has proven to be favourable for gaining profits. Visitors from all over love to go to Singapore to experience its diverse culture.
The state-of-the-art infrastructure in Singapore makes each visit efficient and enjoyable. Their communications system is modern and the road system is intricate and developed. They also have a seaport which is one of the most widely used seaports in the whole world. It is a free port which does not require any customs or excise duties on most items.
Major international banks, financial institutions, accounting firms, investment management firms, and law firms thrive in the business district thanks to encouragement from the government. Generous tax and financial incentives have been created for investors. The Singapore government has successfully attracted companies in media & communications, shipping, financial services, and technological industries. Since English is the most widely used language, a company formed in Singapore will become conducive for a worldwide business.
Under The Singapore Companies Act, foreign persons or entities are allowed to become 100% shareholders, so there are no restrictions as to what type of companies can be formed in the country. It is also much easier for a foreign investor to create and own a company in Singapore because no specific approvals are required of foreign persons.
Creating a company in Singapore has also been made logistically easy because the Singapore government has computerized the process. The two major factors in forming a company in Singapore which might require some time are the name reservation and the signing of incorporation documents. Signing documents overseas adds a few days time to the incorporation process.
To incorporate, the government requires a resident director, but not for the company to actually operate out of Singapore. The resident director must be a permanent resident, a Singapore citizen, or an Employment Pass or Entrepreneur Pass holder for the company for which he or she will represent as the resident director. The Employment Pass and the Entrepreneur Pass are types of work visas.
In starting a company in Singapore, it is not required for you to go there. But it is helpful in making the procedure for your company much hassle free. Documents for incorporation may be transferred electronically or by mail but there are banks in Singapore who require personal interviews with the company stakeholders. Many companies who will help you form your company will set up this meeting for you.
