Asiabizsetup Provides Singapore Company Incorporation A company locally incorporated is governed by authority based in Singapore. Thus, it classifies as a tax resident. Being a tax resident company, IRAS, Singapore’s tax authorities confer attractive tax exemptions and incentives. The tax exemptions cover the first S$100,000 accumulated revenues of a newly incorporated company and a 50% cut on the corporate tax rate for the next S$200,000 earning. Such exemptions hold valid for three years from the point of company’s incorporation with ACRA. Private limited is the structure adopted by a corporation in Singapore. It is veiled with its own legal existence. Hence, by its name, the company can engage in legal transactions such as, among others, entering into contracts, holding a Letter of Credit, earning revenues, drawing losses and liabilities, and taking possession of assets and properties.
“Because it has its own legal persona, it assumes responsibility and accountability from all its operations,” Raj Beng says of the protection clause enjoyed by shareholders and directors. She further affirms that the shareholder’s liability is only within the range of unpaid share capital. Beyond that, the company is accountable. By being accountable means that the company itself could be brought to a court to face legal proceedings such as litigation. When the court decides unfavorably against the company, its own resources must be utilized for the necessary compensation.
“Investors can incorporate a company in Singapore in two options,” reveals Raj, referring to relocation and nonrelocation, “In relocation, foreigners may have to obtain the necessary labor pass, while in non-relocation, the investors shall continue to stay offshore.” Before the labor pass is obtained, the Ministry of Manpower dictates that a company must first successfully incorporate in Singapore. It can be done by employing the nominee director service of Asiabiz Setup.
“The investors use our nominee director to satisfy the statutory requirement of a resident director, which must be a local,” continues Beng, “upon registration, we proceed with the application of an Employment pass if the investor has completed the tertiary education, or Entrepreneur pass for an investor who does not see the need of a Bachelor’s degree.” Obtaining the necessary working visa, the directorship is then transferred to the investor or to anybody who is appointed by the principal investor. The shareholder may number from one to fifty. And the company secretary shall hold a principal residence in Singapore. By holding a labor pass, a foreigner may also earn the title of a secretary. Asiabiz Setup continues to provide corporate solutions including accounting and secretarial services. It also handles company incorporation for foreigners as they are not qualified to handle the procedure on their own. About the Publisher: For many years, Asiabizsetup has served the community by taking charge of Singapore company incorporation, Singapore company registration and processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.
AsiaBiz is a company that provides Singapore company setup services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services, book keeping requirements, and other compliance matters stated under the Singapore law. The company has successfully helped thousands of both local and foreign entrepreneurs form a Singapore company. Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. For more information visit: AsiaBizSetup PTE LTD address: 120 Telok Ayer Street Singapore 068589 phone: (65) 62426533 email: email@example.com website: http://www.asiabizsetup.net
Published on Jan 19, 2011
A company locally incorporated is governed by authority based in Singapore. Thus, it classifies as a tax resident. Being a tax resident comp...