Although Singapore is a relatively small country, it plays a significant role in global trade. Located at the southernmost tip of the Malay Peninsula, it is on the main shipping route for ships heading east west or west to the east and therefore provides a large shipping hub. The country also is able to provide facilities for many companies that conduct east west trade and these two things have contributed to Singapore today, being the 3rd wealthiest country in the world. The fact that the country also has a political system which is very stable and encourages foreign companies to register in Singapore also helps to play a role in the country’s wealth. Unlike some other wealthy countries, all the citizens of Singapore enjoy the high quality of living that that wealth can bring as the country experiences the highest quality of living in all of Asia and that includes good education which contributes to Singapore being considered the best country in the world to provide businesses with high quality, well-educated workforces. One of the ways in which the country maintains its wealth is by encouraging foreign businesses to register there and in order to encourage those businesses to do so, the government offers low tax rates for businesses which are registered in Singapore and as an added incentive, may even offer them 3 years free from taxation after registering. There are criteria which any company wishing to register in Singapore must meet but those need not be too much of a problem if the company takes advantage of Singapore businesses such as Singapore Incorporation Service (SIS) whose official website offers foreign companies assistance in meeting the registration requirements. There are several requirements that a foreign company must meet or at least agree to before they can qualify to register but SIS and similar businesses know all that is required and offer assistance in finding the 3 main requirements. The first of these is that an office address, not just a postal address, must be provided and that address must be in Singapore. The second major requirement is that one of the company’s directors must be either a Singapore citizen or a permanent resident but as SIS will point out; this is only a requirement if a director does not have an official employment card for Singapore, which is not difficult for a businessman to obtain. The third requirement is that certain records and accounts are kept and made available to the Singapore government for any business transactions that take place in the country. Although this may seem a logical request what makes it unusual is the fact that these particular records must be kept by a corporate secretary that is a Singapore citizen. It is of course possible for SIS and similar businesses to recommend suitable people to fulfill this post but they can themselves even offer to take on that responsibility for a foreign company, allowing the company a smother, speedier and easier registration process.
If you’re planning to put up a company, you may want to select Singapore as your business site. It’s practically a place that can be considered to be beneficial for business owners. Mainly, the country is filled with not only locals that earn well but also tourists who are willing to pay large amounts of money just so they could grab hold of products and avail of special services. Getting things shipped to and from the place is also easy because it has quality airports and wharfs. But, even though you may be capable to establish your own brand in the said country, you have to understand that there are still things that need to be handled prior to any business relocation. If you want to find out more about company registration Singapore, please read below.
Singapore is open to business owners worldwide but its government does require foreigners to comply with certain rules. Though it is a place that’s welcoming to people coming from abroad, most people who go in the country are required to be in possession of visa document. In most cases, visitors must have a passport. If you don’t have either or both then you ought to secure them so that you could increase your chances of being allowed to stay in Singapore. But, if you’re going to do business in the place, you really need to have your business name registered. Today, you could have your brand’s name listed online. However, before you could get your business’s name included as one of Singapore’s legitimate enterprises, you still have to consider that you need to have a Singaporean citizen act as a director of your company. Aside from that, you also need to have a secretary who is a local as well. Moreover, you also have to present capital that could prove to the government of Singapore that you may be able to maintain your enterprise once it’s established in the country. The Singaporean government is cautious when it comes to screening people because some criminals with malign intentions pose as business owners.
Whether you’re going to create a corporation, sole proprietorship or a limited liability type of company, you ought to be wise when it comes to registering your business. If you’re intention is to make a business that would live on after you’ve passed on from this world, you ought to go ahead and register your enterprise as a corporation. Through this approach, you need to find shareholders first. If you want to have a company that would have members which may be responsible for the decision making of an enterprise but are free from obligations outside of business, you could make it listed as an LLC. Whichever approach you’d select, though, it would be smart for you to think things thoroughly. Do some forecasting and feasibility studies prior to making commitments so that you would get your money’s worth later on. Before signing documents and registering your business name as either of the types of companies mentioned, you ought to foresee how you’re going to make money and deal with customers plus your employees once your enterprise would be functional.