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Rikvin Offers Business Compliance Services A firm devoid of its own legal personality refers to a business in Singapore. This means that the business itself rests upon its owners matters such as ownership, existence, and all other legal concerns. “Businesses in Singapore are sole proprietorship, partnership, and limited liability partnership,” quips Rikvin’s business consultant. Although unlike any Singapore company, these three businesses do not have many requirements to accomplish. ACRA does not oblige these businesses to perform auditing requirements unless there is a court order for that. There are three common requisites that these businesses should comply. These are the individual occupying the Manager’s position, maintaining business band accounts, maintaining business licenses and permit, and personal filing of tax returns with IRAS. “Foreign-owned sole proprietorships shall appoint someone from the local to be the Manager, unless, if the foreign sole proprietor has sought prior approval from the Ministry of Manpower to occupy such position,” explains Rikvin. In cases the foreign investor has been given approval, an Employment pass is applied with the Ministry of Manpower. “The validity of a Singapore work pass for first time holders is up to two years. Thereafter, it is renewed for another three years as long as the holder is gainfully employed in Singapore,” says the business consultant. Should the sole proprietor be a business entity owned by a foreign company or investor, a local manager is still a requirement. In a partnership and limited liability partnership however, the local manager is still a requirement if all partners are of foreign nationals. If by chance, either of the partners is a local citizen, the local manager becomes optional. In some cases, the local partners acts as the manager. After the business is registered, the investor must open a business bank account with any of the banks in Singapore. Rikvin assists businesses by providing a list of banks in Singapore, along with their available facilities and requirements for opening. Rikvin can also accompany the investors during the opening of business bank accounts. Moving on, there are business permits and licenses that a business ought to obtain and maintain depending on the nature of its operations. “A business permit is needed for activities such as renovation, occupation after renovation, erecting of a billboard advertisement, and more,” shares Rikvin, “while business license can workplace safety and health license, fire safety license, and license to sell foods and beverages, and other types of licenses relative to a certain activity.”


In each of the permit and license, certain requirements should be accomplished. The process can also be tedious. Rikvin assures that its team is adept at preparing the requirements for every permit or license necessary for a business. About the Publisher: Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, Singapore company setup and providing professional services relating to financing and compliance services. Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty. “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: Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 Email : info@rikvin.com Website: http://www.rikvin.com/


Rikvin Offers Business Compliance Services