subject: Singapore Company Registration And Setup Considerations [print this page] Singapore is progressively becoming a lucrative market for foreign businesses. It is quite easy to set up a Singapore offshore company, or an offshore company in other jurisdictions, provided the rules and regulations of that country are properly followed. Due to the favorable legislation of Singapore government, a foreign investor would find it convenient to start up company in SingaporeHowever, it is important to take note that some of the main governing rules in setting up an offshore company are still valid in Singapore.
Compliance with the Anti Money Laundering legislation and the laws enforced to prevent terrorism is the most essential among others.Because of this, it is expected that all the new business entities who wish to engage a company in Singapore or elsewhere have to provide three main requirements.The three main particulars as as follows; transparent proof of company identity, its directors and other shareholders, testable proof of present registered address of the company and the residential addresses of the directors and the main reason, known as 'reason d'etre', for establishing the company in Singapore.
Taking A look at Singapore
The first step to embark on, to set up a Singapore company is to visit Singapore in order to start the registration formalities. Using advanced technology in immigration system makes your visa processing easy and convenient. In applying your visa, the ICA - Immigration and Checkpoints Authority will be welcoming you at the doorstep to make your visa processing hassle free.
Registration Process
You need help from a few professionals in order to start a company in Singapore. You would need to employ a registration agent, a professional company secretary, and a law cum accounting firm to assist you in the registration process. However, hiring a corporate services firm can manage all these processes so you can be rest assured that your start-up procedure will be efficient, well organized and in adherence to the Singapore rules and regulations.
Your company must be registered with ACRA - the Accounting and Corporate Regulatory Authority. Any professional registration firm will be able to guide you through this process. A company secretary from professional registration company will also be in a position to help you in the process of registration as well as looking for a business location for your company A quality corporate services firm will also be able to provide virtual office services for your new Singapore company. By registering their company as a sole proprietor, a limited liability partnership, a limited partnership, a partnership, or an incorporated company, an Entrepreneur can set up a company in Singapore.
Staffing
Employment visas for Singapore must be obtained via the MOM - Ministry of Manpower. Options such as an Employment Pass (EP) for employees, and an Entry Pass Scheme for company owners are made available by MOM. Gathering up a workforce as one of the corporate requirements would now be possible as soon as the mandates are in place. There a several professional staffing and recruitment firms in Singapore and a few of them are huge and reputable international firms.
Brief Overview of Taxation in Singapore
Favorable tax incentives is one of the compelling factors that made foreign investors opt to set up business in Singapore than in other countries. Because of the efficient taxation laws for small to medium sized companies, Singapore makes viable jurisdiction for your offshore company. Depending upon the nature of your business, business services firm can assist you in filing your returns, and perform other due diligence requirements.
With efficient registration, taxation and immigration laws, entrepreneurs who set up a Singapore company have the potential to flourish in an efficient jurisdiction with exceptional infrastructure.
