Asiabizservices Talks About Singapore Company Formation Process
A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.
by Henry Ward Wednesday, December 01, 2010
In the 2006-2007 Global Competitiveness Index, Singapore ranked first as the most competitive economy in Asia and fifth in the global. Its government banks on free enterprise implementing free trade policy and maintaining free trade agreements with more than 17 nations in Asia and Pacific region.
In a discussion with Asiabizservices, a company aspiring to be a leader in providing corporate solutions in the international community, its business consultant is quoted saying, “Singapore is given recognition as a global business city supporting multilateral trading systems such as the Asia Pacific Economic Cooperation, Asia Europe Meeting, ASEAN, and World Trade Organization.”
The Singapore company incorporation process is simple and straightforward. Based on Asiabizservices’s statement, private and public companies are incorporated and regulated under the Singapore Companies Act.
A company distinguished as a legal entity can be registered as a private limited, exempt private, and limited liability.
A private limited is indicated on the company name with Pte. Ltd or Ltd attached to its end. Mostly, the companies are private limited by shares with 1 director, 1 shareholder, and 1 company secretary. The director can also be a shareholder but cannot be the secretary.
The business consultant of Asiabizservices says that a private company has a group of shareholders that cannot exceed 50 and which cannot ask the public to invest in it. Its capital is raised among the small group of shareholders privately or through availing bank loans.
“In the Articles of Association submitted to ACRA during its registration, the rules governing the transfer of share and the internal affairs of the company are stipulated.”
Hence, the shareholders ought to seek for an approval from directors before shares can be sold or transferred.
In exempt private, its shareholders are all natural persons exceeding not more than 20. Exempt private companies are exempted from filing their financial accounts, however, they are obliged to submit their annual tax returns to ACRA. Also, during its registration, the company director should sign a certificate verifying that the company can meet its liabilities, that is is an exempt private company, and its annual accounts are presented before its shareholders at the Annual General Meeting.
A limited liability partnership maintains perpetual succession. In its name, the company is entitled to own or dispose assets and engage in lawsuit. Its members may agree on how profits and losses are disseminated.
To register, Asiabizservices continues saying, “there should be 1 local resident director who is either a citizen or permanent resident of Singapore.” The person could also be qualified should that individual is a foreigner yet holds a labor pass.
Singapore provides financial assistance to small and medium enterprises. It also devised financial programs to help foreign companies establish a regional office in Singapore.
About the Publisher:
For many years, Asiabizservices has served the community by taking charge of Singapore company registration, incorporation of a company, processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.
AsiaBizservices is a company that provides Singapore company registrar services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services and book keeping requirements, and other compliance matters stated under the Singapore law.
For more information:
address: 120 Telok Ayer Street Singapore 068589
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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