Form a Singapore company: Requirements for Company Registration Leading Singapore company business solutions provider Rikvin PTE LTD releases guide on How to Form a Singapore Company for Foreign and Local Entrepreneurs. “Singapore companies have guidelines provided for by the Companies Act whereby options and requirements vary between local and foreign entrepreneurs. These guidelines in forming a Singapore company are divided into categories according to the type of investor, namely Foreign Individuals, Foreign Companies, Singapore Residents and Offshore companies.” Rikvin said. In Singapore, potential investors have the option of forming a firm under three different business entities namely, Sole Proprietorship, Limited Liability Partnership and Private Limited Company. According to Rikvin, most Singaporean companies are incorporated as Private Limited Companies. A business categorized as such is limited by shares and is registered with the Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act. Thereby, a Private Limited Company has a separate legal entity from its shareholders and is therefore not liable for the debts and losses of its shareholders or vice versa. Here are Singapore's requirements before approving company registrations but not limited to: • • •
Business must have at least one shareholder, one resident director and one company secretary, Minimum initial paidup share capital of $1 Registered office address located in Singapore.
“Note that a company may have 100% local or foreign shareholding. However, at least one director of a Private Limited Company in Singapore must "ordinarily" reside in the country. A person that "ordinarily" resides in the country may be a Singapore citizen, a permanent resident or someone who holds an Employment Pass/Entrepass or a Dependants' Pass that resides in the county. Singapore does not have any prohibitions regarding the number of additional local and foreign directors that can be appointed. However, there are certain requirements that must be met. Directors of a Singaporean Private Limited Company must be at least 18 years old and must not be bankrupt or convicted of any criminal offense. One reason why Singapore is such an attractive investment destination is its tax incentives. New startup companies in the country pay zero taxes on the first S$100,00
of chargeable income for the first three consecutive years, while a further 50% exemption is provided on the next S$200,000 of chargeable income.” Rikvin said. Rikvin is the leading Singapore Subsidiary Registration and Company Incorporation specialists. It has assisted thousands of foreign and local entrepreneurs Setup up a Singapore Representative Office and secure their employees Singapore Employment Pass. Our office is located at Raffles Place, in the heart of the Singapore business district. 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. Appointments are welcome but definitely not necessary. For more information: Rikvin PTE LTD 20 Cecil Street, #1401, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 http://www.rikvin.com/
Published on Oct 6, 2010
Published on Oct 6, 2010
Leading Singapore company business solutions provider Rikvin PTE LTD releases guide on How to Form a Singapore Company for Foreign and Local...