Rikvin Discusses Singapore Company Incorporation
A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.
by Katz Joseph Thursday, November 04, 2010
Just how differently an incorporation of business is run depends on its features and characteristics emerging from its legal status. Among them are taxation, liability, stock offerings, transferability, and uniqueness of a business name.
After the incorporation, the founders are not viewed anymore as the one conducting the business or generating income and creating tax liabilities. Rather, it is the corporation that does all these operations. Corporations have lower tax rates than personal tax rates.
Since the corporation is directly involved in business operations, it is in itself liable for almost all accountabilities, instead of the founder or the entrepreneur. In all manners concerning liability, the corporation and the entrepreneur have legal limits, however.
Also because of the legal status accorded to a corporation, it can possess and dispose properties by its name. The same thing can be said of its shares, which can be issued to another individual or corporation, or be bought or sold.
In case of death or sale of a corporation, its ownership, together with all liabilities and assets are transferred to the new owner or proprietor without much ado.
One way of knowing that a business organization has been successfully incorporated is the way the business is named—it ends with incorporated or Inc.
Thus, all legal documents including business contracts, bank accounts and checks, invoice and bills bear the name of the business and their registration number.
More than its profitability, entrepreneurs find it self-fulfilling to see their business grows and develops. Expansion of the investor’s organization may prove lucrative both on his part and the country’s economy. No doubt, businessmen are keen in choosing which nations are the best for investment.
Since 2009, Singapore, which has a population of 4.99 million people from diverse ethnical and racial background, has been named as the easiest place to do business by World Bank’s Ease of Doing Business 2010 report. Also from that report, Singapore continues to have the environment conducive to doing successful business.
Evidence to that statement is the composition of its population as provided by the city-state’s government. In 2009, 74.2% of its population came from different Chinese linguistic groups, while 13.4% composed the Malays, 9.2% were Indians, and the remaining 3.2% were a combination of Euroasians, Arabs, and other groups.
The procedure involved in incorporating a company in Singapore is designed for the investor’s convenience. However, there are guidelines that must be followed strictly for they are a component of Singapore’s protection for its investors.
In order to incorporate a company, the following conditions must apply:
* Anybody whether a Singaporean or a foreigner can register or incorporate a company in Singapore.
* The minimum paid up capital amounts to S$1.
* There should be at least 1 director and 1 shareholder. Among the shareholders and directors, a local resident director must be appointed and who must be a natural citizen of Singapore or a Permanent Resident. If such is not the case and a foreigner wishes to be appointed as the local resident director, an Entrepass, Employment Pass or Dependent Pass would be a satisfactory requirement.
* A local business address must be obtained
Authorities allow independent companies to facilitate the incorporation of a business organization in Singapore. It is its way of expressing how valuable investors are in Singapore.
About the Publisher:
Rikvin is the leading Singapore Company Registration Services Specialist and has successfully helped thousands of foreign entrepreneur Form a Singapore Company. The firm provides a complete corporate solution under one roof for Singapore subsidiary company registration of private limited companies with the opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.
Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD")
If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.
Rikvin PTE LTD
Address: 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.
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