Setting up a private limited liability company in Singapore opens the way to greater profitability due to Singapore’s positive business environment. Additionally, Singapore is a safe, modern, friendly nation. Singapore, as a vacation destination or a permanent residence, is an option for many business owners.
One of the major port cities in the world, with a history stretching back to the 2nd century AD, the nation of Singapore has long understood the need for supporting international trade. To that end, the regulations governing companies have had centuries to mature so that the climate for business in Singapore is progressive, efficient and free of stifling red tape.
There are many advantages to registering a company in Singapore. These include limiting liability for executives and investors, favorable taxes and the relative ease of the Singapore company registration process. Also Read What to do After Successful Business Registration in Singapore
As a legal entity, a Singapore company is separate from the directors and shareholders. The company can sue or be sued but individuals associated with the company are not liable for the company’s debts.
Foreign ownership of companies is allowed in Singapore and up to 100% of a company can be foreign owned. While there must be at least one director of the company who is a resident this requirement can be met by a foreigner who has obtained the appropriate permit for this function.
Taxes on Singapore registered companies are progressive. Corporate tax rates are 8.5% and only increase when profits rise above $300,000 Singapore dollars. There is no tax on capital gains or the dividend distributed to shareholders. Other standard taxes are equally low or simply non-existent.
The process for incorporating your business in Singapore has been streamlined for maximum efficiency. Typically it can take only seven days for all approvals to be granted. Parts of the process will even be completed within hours of the forms being submitted.
Singapore itself is one of the most beautiful and modern countries in the world. In addition to having the fifth largest seaport in the world, Singapore is served by all major shipping firms and airlines. With a GDP of over $60,000 it ranks ahead of all the North American and European nations. Singapore has a long history of peace and stability. The population of Singapore is cosmopolitan, predominantly young, highly literate, well educated and technologically sophisticated.
Further information on the benefits of company incorporation in Singapore can be obtained from www.company-registration.sg.