Singapore Still The Best Country to Register a Company
A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.
by Donald Hiss Sunday, November 07, 2010
In Starting a Business category, the city-state finished at 4th place, having 3 procedures which can be completed in 3 days with a minimum cost of 0.7% of income per capita.
“The first step in registering a business organization in Singapore is an online registration with ACRA,” explains James of Rikvin, a Singaporean private limited company that provides solutions to corporate and entrepreneurs here and abroad, “and this includes filling the company incorporation, obtaining a license and doing all compliance work”.
“It is followed by obtaining a company seal.” Each of these steps can be processed in a day.
When it comes to Paying Taxes, Singapore is up a notch from last year’s 5th to this year’s 4th. In this city-state, a business investor is mandated by law to render its obligatory contributions in 5 ways: personal tax contributions, corporate income tax, property tax, road tax, and value added tax which is the GST.
In Personal Tax Contributions, the tax rate is 4% which has the gross salaries as the tax base. The highest that investors are taxed in a corporate level is 17% when the annual earnings have reached S$300,000 and above.
To deal with construction permits, the contributing factors why SG has earned the second place are the shortest time to take for their procurement, the number of procedures, and the corresponding cost. Compared to New Zealand’s 65 days and which came 5th in the same category, Singapore only takes 25 days of completion. SG’s cost for that is 19.7% of income per capita as opposed to NZ’s 35.1%.
Being the first in Trading Across Borders category, SG only requires 4 types of documents for its import and export transactions. Among these are the Bill of Lading, Commercial Invoice, Customs Export/Import Declarations, and Packing List.
“The preparation of documents, along with obtaining customs clearance and technical control and handling of ports and terminal takes a day of processing,” elaborated Rikvin, “while its total cost is S$456.”
Indeed, since 2005, Singapore has been consistent in its Ease of Doing Business ranking amidst the recession that swept away fellow giant economies such as the United States and certain European countries.
The best thing about company registration in Singapore is its flexibility options. Apart from 4 choices of business structures, foreign investors can hire a company such as Rikvin to kick-start the process.
“At Rikvin, we put the interests of our clients ahead of our own,” exclaimed a Senior Account Manager of the corporation, “we process everything from obtaining necessary working visas to providing services such as administrative, secretarial, and accounting.”
While Singapore gears toward a further economic progress, Rikvin prepares itself to assist more entrepreneurs from Asia Pacific with a goal of experiencing everything that Singapore has to offer. Only then can an investor truly understand why Singapore remains to be the best investment center there is.
For more information, visit:
Rikvin is the leading incorporation company registration Specialist and has successfully helped thousands of foreign entrepreneur Form a Singapore Company. The firm provides a complete corporate solution under one roof for company registration services of private limited companies with the opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.
Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD")
If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.
Rikvin PTE LTD
Address: 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.
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