subject: What To Consider When Forming A Singapore Company [print this page] Foreign investors are eyeing on Singapore as business has become very productive. As long as the rules and regulations of the establishment, or an outsource company in other jurisdictions is being followed setting up a business in Singapore is relatively less challenging. Setting up a Singapore company is comparatively easy; without too many hassles, due to the investor-friendly legislation of Singapore government. Also, some of the rules being set by an offshore company is also valid in Singapore set up.
Among the requirements and compliances, the Anti Money Laundering legislation and the laws concerning terrorism is the most important of all. For these purposes, all the new business entities desiring to establish a company in Singapore or elsewhere have to provide three main particulars. They are clear proof of identity of the company, its directors and other shareholders, verifiable proof of present registered address of the company and the residential addresses of the directors and the main reason, known as 'reason dtre', for establishing the company in Singapore.
Singapore Visit. The first step to embark on, to set up a Singapore company is to visit Singapore in order to start the registration formalities. You can be assured that there is a transparent and effective immigration process that makes you visa processing a hassle free experience. An Immigration and Checkpoints Authority called ICA will be at the doorstep to assist you on your way to visa processing.
The Process of Registration. There are people that you need to have while you are registering your business in Singapore, they are the professional company secretary, a registration agent and a law cum accounting firm. The aforementioned professionals are what you need to make your transactions smooth, efficient, well organized and hassle free as they are well versed with the Singapore laws and regulations.
It is essential for a company to be registered in ACRA which stands for Accounting and Corporate Regulatory Authority. You can count on any of the professional registration firm to guide you on the system. If you have hired one, a company secretary will also be in a position to assist you in registering and finding a location for your business. A quality corporate services firm will also be able to provide virtual office services for your new Singapore Company. There a lot of options provided for the entrepreneur in choosing the business structure for his business in Singapore they are sole proprietorship, limited liability partnership, limited partnership, partnership and an incorporated company.
Staffing. Employment visas for Singapore must be obtained via the MOM - Ministry of Manpower. There are different options, including an Employment Pass (EP) for employees, and for company owners there is an Entry Pass Scheme. You can now begin to hire a workforce basing on your requirements once you have the requirements at hand. Professional staffing and recruitment firms in Singapore are plenty in number and include the large well-respected international firms.
About Tax in Singapore. One primary advantage to setting up a company in Singapore is taxation benefits. A good attribute that makes offshore company very financially viable is the efficient taxation law given to small and medium sized companies in Singapore. Added convenience in setting up business in Singapore is having a corporate service firm to help you file your returns and do other required diligence basing on the nature of your business.
Truly, with the conducive conditions to company growth such as the favorable registration process, taxation and immigration; efficient jurisdiction and exceptional infrastructure, businessmen and companies have the potential to expand their businesses.
