Singapore company formation some important information!

[clowdi]

Singapore company formation is one of the best tax-efficient structures for conducting international business. If you are a foreign national or company seeking to begin or expand your business in Singapore, follow the rules and regulations of obtaining a valid Singapore work permit or nominating a company director.


Singapore Company Formation without Relocation


If you seek to incorporate a company in Singapore and wish to operate from overseas, there is no need for a relocation visa. However, you will have to nominate at least one director to manage your Singapore operations. Individuals eligible for appointment as a nominee director are:


* A Singapore Citizen


* A Permanent Singapore Resident or


* A valid Singapore work permit holder


Most of the firms that specialize in Singapore company formation services can provide the services of a nominee local director as per client needs. Other statutory requirements for incorporating of a Singapore company include:


* A qualified company secretary


* A local registered office


* Minimum share capital of $1


You as a foreign person are eligible to own 100% of a Singapore company. All post-tax profits of the company can freely repatriate to you anywhere in the world. Singapore has no exchange control restrictions. Singapore dollar is one of the most stable currencies in the world.


Singapore Work Permit for Relocation


If you wish to have direct access to the administration of your Singapore Company, then you must consider relocating to Singapore. This requires you to have a valid work permit. Some of the main Singapore work permit schemes include:


Employment Pass (EP): An employment pass, meant for skilled workers and company owners, is valid for up to two years. It can be acquired even after the incorporation of your company. Based on the EP, you can apply for a Dependant Pass, which allows your immediate family members to live, study and work in Singapore.


An Employment Pass is approved by the Ministry of Manpower, Singapore, and is easier to acquire than an Entrepreneur Pass. Until the approval of your application, you will have to appoint a local nominee director.


Entrepreneur Pass (EntrePass): An EntrePass is granted to company owners only if they are able to furnish a detailed business plan. This plan must comprise key information, such as the marketing strategy, industry analysis reports, personnel strategy of the company and the company's scope of economic value addition to the country. An EntrePass offers greater flexibility as it allows you to easily travel from and back to Singapore, anytime. You can also renew it as long as your business stays viable. Dependant passes can also be obtained on the basis of an Entrepreneur Pass.


The processing of an EntrePass takes over six weeks as it requires joint approval from the Standards, Productivity and Innovation Board Singapore (SPRING) and the Ministry of Manpower (MOM).


If you want to set-up and operate a business in Singapore, it is advisable to hire the services of a professional services company. Log on to GuideMeSingapore.com to learn about and get assistance on Singapore company formation, Singapore work permit, income tax and much more.


GuideMeSingapore is a Singapore-focused website that offers comprehensive information about how to incorporate a Singapore company, save taxes, and relocate to Singapore.

 

[JohnLocke]

Thank you for sharing looks interesting.

 

[Delaware-company]

Does anyone know about incorporation of company in Singapore? I mean what makes this country better than Belize or Panama?

 

[SysOp]

Take a look at these packages 1 to 3 Singapore Incorporation Packages by Janus | Singapore LLC, IBC, Branch, Subsidiary Company hope this helps.


I have no knowledge about them just have been in touch for some time ago.

 

[Spinat]

Hi, why do you want to incorporate in Singapore?

 

[averagejoe]

Would like to know this too most are going the offshore path and you do the opposit

 

[ForexGenius]

Singapore is perfectly for legit financial business you guys need to learn more.


I can't still post links the source of the below is taken directly from the Singapore Government website mas.gov.sg


Singapore International Financial Centre Gateway to opportunities in Asia and beyond


A well established and diversified financial sector <- My point!


In just over four decades, Singapore has established a thriving financial centre of international repute, serving not only its domestic economy, but also the wider Asia Pacific region and in some instances, the world. Singapore's financial centre offers a broad range of financial services including banking, insurance, investment banking and treasury services.


A key aspect of Singapore’s financial centre is its deep and liquid capital markets. With one of the more well-established capital markets in Asia-Pacific, the Singapore Exchange (SGX) is the preferred listing location of close to 800 global companies. Today, Singapore has grown to be the largest Real Estate Investment Trust (REITs) market in Asia ex-Japan and also provides an extensive offering of investments in business trusts of shipping, aviation and infrastructure assets.


Singapore’s bond market has also grown significantly. With an extensive range of both Singapore government securities and foreign corporate bonds available, Singapore offers fixed income investors a wide range of investment opportunities.


As one of the top 4 most active foreign exchange trading centres in the world, Singapore is also the second largest over-the-counter derivatives trading centre in Asia, and a leading commodities derivatives trading hub.


With total assets under management of around S$1.2 trillion, and which continues to see steady growth, Singapore is also recognized as one of the premier asset management location in Asia.


Why Singapore?


As an international financial centre, Singapore offers financial institutions a pro-business environment, excellent infrastructure, cost-competitiveness, a highly skilled and cosmopolitan labour force, and is strategically located in a region of opportunities.


Conducive business environment


Singapore has long been recognised as one of the best cities for business. In the Swiss-based international Institution for Management Development's 2010 Competitiveness Yearbook, Singapore has been ranked as the most competitive country in the world. This is what a World Bank report had to say about doing business in Singapore "It takes an entrepreneur just over 6 working days to get a new business going in Singapore, with low start-up costs. Overall, taking into account other factors, including business licensing, taxes, credit legal rights and investor protection, Singapore has about the most business-friendly regulation in the world."


Investors have also come to appreciate the high levels of transparency and reliability in business, economic and regulatory affairs in Singapore. A stable political structure with parliamentary democracy, a well-established judicial system, and the presence of strong domestic institutions with good corporate governance practices, have made the Singapore business environment even more attractive to global investors.


Excellent Infrastructure <- please read


Singapore's unique location and sophisticated telecommunications network allow financial institutions here to transact business with any part of the world within the same working day. International travel out of Singapore is equally convenient, with more than 84 international airlines operating scheduled services through Singapore to more than 180 cities in 57 countries worldwide.


We have a robust and efficient legal and judicial framework and a well-regulated international financial sector. Singapore is the only Asian country with a "AAA" rating.


Cost Competitiveness <- very important to read!


We offer financial institutions a competitive tax rate environment. Singapore's corporate tax rate is one of the lowest in Asia-Pacific. Singapore also offers the advantage of having a comprehensive network of Double Tax Agreements with more than 60 countries. Singapore also continues to be cost competitive compared with other major cities.


Skilled Workforce & attraction of talents <- not sure about that no expirience


We also have a skilled workforce to meet industry demand. In addition to grooming the local workforce meet the demand of the industry, Singapore also has an open door policy to international talent and expertise. Washington-based risk consultancy agency, Business Environment Risk Intelligence (BERI), has rated Singapore's workforce as the world's best workers since 1980. According to the IMD World Competitiveness Yearbook 2010, Singapore's labour regulations are also the most business conducive in Asia.


Strategic Location in a Region of Opportunities


Singapore is strategically located in a region of opportunities. Located at the heart of Southeast Asia, Singapore is well placed to serve the fast-growing markets of the Asia-Pacific region. Financial institutions in Singapore also trade around-the-clock with Asia-Pacific centres, as well as European and American centres, making Singapore a significant hub for 24-hour trading in foreign exchange and securities. International travel is equally convenient. Singapore has grown to be a strategic link and important gateway for global investors.


Singapore seeks to ensure its relevance and connectivity to growth markets, not just in Asia but also beyond. As part of this initiative, Singapore has concluded Free Trade Agreements (FTAs) with major economies, including the United States, China, Japan, India, Korea, Australia, New Zealand, Switzerland and Jordon. There are ongoing FTA talks with other countries. These FTAs provide privileged access to the markets of partner countries. Beyond the immediate region, Singapore is also building linkages with countries further a-field including the Middle East, capitalising on the growing trade and investment interests between these two regions.


MAS offers assistance to facilitate financial institutions seeking to set-up or expand their operations here.

 

[JohnLocke]

What reason people have to incorporate offshore or onshore doesen't matter what matters is how it is done and you avoid to make certain mistakes.

 

[clowdi]

Singapore is a valid option then? Anyone knows what the corporate tax in Singapore is for companies there?