Competitive tax rates, thriving economy, efficient infrastructure, competent workforce, resourceful bureaucracy, proximity to market are some of the key factors that businesses and investors look for before setting up a company or parking their surpluses. Globally there is a growing interest to look towards East, which constitutes majority of the population and thereby a huge market potential. Until recently the East has remained an elusive market with myriad cultural complexities but, international businesses from the west and venturesome entrepreneurs from the east have been constantly trying to bridge the gulf and they have achieved significant breakthrough by establishing synergies. East especially Asia which, evolved into the factory of the world has been gradually transforming into market for the global produce. In the face of global recession, Asia’s stature as a market has been growing by leaps and bound. Asia is regarded as a ticket to escape the economic gloom.
Hence, it is no wonder that more and more multi-nationals are setting up their headquarters in Singapore to serve the region. Fortunately, the country has one of the friendliest company registration procedure in the world, where the entire incorporation request, approval and confirmation process is done online. Barring any problems, a company can be incorporated as quickly as within a few hours.
Singapore also allows for 100% foreign ownership, however, there must be at least 1 director who is a Singapore citizen, permanent resident, or a holder of a locally-approved work permit. However, this can be easily overcome by appointing a nominee director, which costs approximately S$2,400 a year. In addition, a Company Secretary must be appointed within 6 months of incorporation, and whom must also be a Singapore resident.
Foreigners are also required to submit additional documents like a copy of the passport, proof of overseas home address and a reference letter from the bank.