What You Need To Know About Company Formation In Singapore

July 19, 2012 · Posted in Legal · Comment 

Protection, stability and prestige – these are some of the benefits that a company enjoys after being incorporated. So if you are venturing out in Singapore, consider registering your business as an incorporated company. Incorporated and private limited companies enjoy lower tax rates and more respect from the public. Understanding this process as part of company formation in Singapore is therefore important to many business owners in the city state.

Why Company Incorporation Is Great For Your Business

There are different advantages that company incorporation brings. For instance, an incorporated company won’t have to pay taxes for its first $100,000 earnings during its first three years. Apart from it, your business becomes a separate legal entity that is responsible for its own assets and liabilities. Your own liabilities for the company will be limited to your shares. Therefore, your personal assets are protected, which is very beneficial if you have debts.

Moreover, all business owners know that the public perceives an incorporated company with more stability than sole proprietorship or partnerships. Having the term Inc. in your company name, you can attract more investors. That’s because they see that you plan for the future of your company. Being incorporated means longevity.

Who Can Help You Form Your Company?

You do not have to fret or feel discouraged by the legal requirements for company formation in Singapore. You can actually seek the help of company incorporation Singapore specialists or legal service providers. These firms also lend their strengths in internal audit, auditing, accounting, liquidation, tax compliance and planning, and other legal procedures. They will assist you throughout the process of company registration.

Aside from helping you with the entire registration process, they can also accomplish your requirements for you. You only have to coordinate with them and give them your company name, information about your shareholders, directors and company secretary, a clear description of the nature of your business and a registered address. With the assistance of legal service providers, you can finish the process of company registration in Singapore within one or two days.

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Company Formation In Singapore: See Your Business Grow Fast

July 19, 2012 · Posted in Business · Comment 

According to Transparency International, Singapore, together with Denmark and New Zealand, is regarded as among the least corrupt countries in the world. That is why many businesses thrive in the city state. Aside from that, entrepreneurs find it easy to go through the process of company formation in Singapore. Also, the country has enterprise-friendly policies, a stable government, a firm economic and sociopolitical environment, and is one of the fastest rising economies in Asia.

Understanding The Company Formation Process

When going through the process of company formation in Singapore, entrepreneurs find it best to hire a company incorporation Singapore firm. These firms specialise in company registration, corporate secretarial services, accounting, bookkeeping, taxation and other services that are related to the legal and financial aspect of company formation. With their services, even those who are new to business will never have to be baffled about the procedures of company formation.

Company registration Singapore agents help entrepreneurs form their company from the start. It means providing support in terms of the following: information furnishing, document preparation or ACRA certification. These firms typically offer packages that cover the expenses involved in the formation process, including secretarial fees, certificates and business name application. These services are available to both Singaporean residents and foreigners in the country.

Why You Should Start A Company In Singapore

Forming a company in Singapore brings instant credentials to your enterprise as the country is known for its good reputation and well structured economy. Your business will be recognised by the international market, and you will have access to world class infrastructure that can support the needs of your business. In these regard, you can witness your company growing at a very desirable pace.

It is also worth noting that the country’s financial institutions are strong. The local authority is always cooperative and ready to assist you regardless of the size of the business you have. Also, the transaction systems in the country are swift. It means that both start-up and established businesses have equal opportunities. Therefore, company formation in Singapore is certainly the first step to success.

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Formation Of Company In Singapore

June 9, 2012 · Posted in Business · Comment 

Incorporating a company in Singapore has many advantages. The business-friendly land provides protection to companies and discourages duplicitous actions, ensuring that the execution of its regulations and policies is strictly imposed. If you register your business, your company has a good chance of forming a real presence in the industry because it means that it is a legal and authorized entity by the government. There are a couple of steps that you need to follow, though, if you are planning on company formation.

The first step of company formation in Singapore is selecting a business name and having that approved by the Accounting and Corporate Regulatory Authority. Lest the name you chose is undesirable, is similar to another existing company name, or identical to a name or trademark of an already renowned company, then ACRA will give its approval in a few hours. It would also take longer if it needs further review from other authorities.

After the business name has been approved, you can finish the entire procedure of company incorporation in Singapore if you have all other requirements ready. Have the necessary papers signed by your company’s directors and stockholders before submitting it.

For the original members of your team, you would require at least one resident director and one shareholder to sign the incorporation forms. Also, your resident director must hold a permanent residency or citizenship in the country, or at least someone who owns an EntrePass, Employment Pass, or Dependent Pass. Your business secretary must have his or her main place of residence in Singapore within six months of incorporation.

As a distinct, legal entity, your incorporated business is separate from its owners, shareholders, and directors. The officials are not held accountable for the financial and legal liabilities of the business, plus they enjoy tax flexibility. They are responsible to pay for the taxes from their earnings, but they won’t be held responsible for the company’s taxes.

Regardless of whether or not you or one of the owners or investors quit the company, the incorporated business will still continue to exist. Its existence is not contingent on the existence of its shareholders, directors, and other officials simply because it is an independent entity.

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Incorporation And The Advantages It Brings

November 22, 2011 · Posted in Business · Comment 

Incorporation refers to a process that lawfully declares a business as a corporation. As a legal and at the same time separate entity, an incorporated business exercises the rights similar to that of an individual. In spite of some differences, it still enjoys more than a few advantages upon getting a state charter. The charter by the way, refers to the document issued by the authority in an incorporation process. This specifies the rights which the incorporated business in question can lawfully exercise. The articles of association on the other hand, refer to the document which describes the significant details in relation to the company like its operations, purpose, governance and regulation.

One business with more than 20 members under its roster must incorporate itself as a company according to the Singapore law. An exception to this rule applies to a partnership of persons whose professional practice is ruled by the Legal Profession Act.

Company registration, otherwise known as company formation comes with its fair share of benefits. Such benefits include limited liability. In contrast to sole proprietorship and partnership, restriction with respect to the amount of paid-up capital applies. Considerable tax savings likewise make it to the list of the advantages of company formation in Singapore.

Help in the form of comprehensive services for company registration offer businesses with a convenient way to ultimately enjoy the benefits of incorporation. They take the form of a service provider that delivers reliable as well as affordable assistance that require minimum effort from the customer’s end. The services provider will simply ask the client to provide significant information like the proposed company name, description of business activities, paid-up capital, registered office address, directors’ and shareholders’ names as well as their specifics, copy of their passport or ID and contact details.

All it takes is two working days at the longest. Following the company name reservation and registration process, an incorporated business may then take calculated risks without putting its owners, directors as well as shareholders on the line especially with regards to their financial liability. Those risks it will take can even bring more success to it.

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