Facts about Singapore

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.