Rikvin Offers Business Compliance Services by Larry Daley

Rikvin Offers Business Compliance Services

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.”