Form A Singapore Company And Enjoy Financial Stability
The Republic of Singapore ranked first in the list of World's Easiest Place
to do Business given by World Bank, Ease of Doing Business Report, 2010. With this, it is highly recommended for local and foreign individuals and companies to form a Singapore company.
Aside from the ease of doing business in Singapore, establishing a Singapore company would give businessmen favorable tax benefits and tax exemptions and it would allow individuals to enjoy the quality of life in Singapore.
Singapore business entity includes private limited company, public limited company, public company limited by guarantee, sole proprietorship and partnership. Together with these business entities are the persuasive business structures made available for foreign individuals and companies. The foreign business structures include:
1.Branch office: A branch office is an extension of its foreign parent company and is not a separate legal entity. Liabilities extend to the parent company.
2.Subsidiary: A subsidiary is a Singapore private limited company and is a separate legal entity. Liability is limited to the subsidiary and does not extend to the foreign parent company.
3.Representative office (RO): A RO has no legal status and is a temporary administrative office meant for conducting market research or co-coordinating activities. Liabilities extend to the foreign parent company.
After a decision has been made on what particular business structure is applicable on your company objectives, it is important to furnish the basic requirements in registering a Singapore corporation. This includes the requirements for paid-up capital, authorized capital, director, shareholders, company secretary and registered address. After the basic requirements are completed, you also need to complete the following documents:
1.The approved name of your Singapore corporation;
2.A brief description of the proposed business activities that your Singapore corporation will engage in;
3.Particulars of the Singapore corporation's directors, shareholders and company
4.The corporation's Memorandum and Articles of Association (MAA);
5.Passport copies or Singapore Identity card (IC) copies of proposed shareholders and directors;
6.Residential address proof of proposed non-resident shareholders and directors; and
7.Details of the parent company if the shareholder is a corporate body.
The application can be made online and can be setup in a days time. There are only two steps needed to register and form a Singapore company. This includes securing name approval by filing an online application with the Companies Registrar and submitting the incorporation documents once the name is approved. Incorporation of a Singapore company can be very easy and quick as long as all the documents and requirements are available. There would be absolutely minimal formalities in the process.
by: Shayne Hughes
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