Rikvin's Mission: Assist Foreign Entrepreneurs Start a Singapore Company 

A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.

by Ilya Wolston Wednesday, December 08, 2010
The economy of Singapore continues to flourish. The Ministry of Trade and Industry announced that it expects to have a growth of 15% as the year ends and between 4 and 6% increase in 2011. The wholesale and retail sector had the biggest increase at 14.4% in the third quarter, followed by the manufacturing with 14.3%, financial services with 9.3%, and construction with 7.1%.

Thus far, year 2010 proves lucrative to tourism-related sectors as the industry remains proliferating. Even its hotels and restaurant sector went up at 8.1% and the other services reported a growth of 18.1% influenced principally by integrated resorts’ activities.

Singapore aims to become a global entrepreneurial city, empowering not just the local entrepreneurs. It also implores entrepreneurs from around the globe.

Foreign entrepreneurs can establish a business firm such as a sole proprietorship and partnership or a company like limited liability and private limited.

A business firm is differentiated from a company in terms of legal personality. In an interview with a business consultant of Rikvin, business firms are conceived as having no legal status.

“Instead,” says the consultant, “the owners themselves are recognized as having the legal personality.”

In contrast to the companies, in which they are deemed to be a separate legal entity, business firms cannot participate in any lawsuit either as the complainant or respondent.

“A sole proprietorship is the simplest business structure,” explains the consultant of Rikvin, a company established in 1995 to render assistance services to investors and foreigners in setting up a company in Singapore, “it requires no partnership and can be owned 100% by a foreign investor whether a natural person or another business entity or company.”

For foreigners to run a sole proprietorship enterprise in Singapore, a local manager is appointed. A local manager is defined as someone either a citizen or permanent resident of Singapore. Possessing either of the labor passes could also qualify a foreigner.

“A partnership requires at least 2 owners and 20 maximum to register,” Rikvin continues the explanation, “and a local manager if owned primarily by a foreign entrepreneur.”

Both the sole proprietorship and partnership are exempted from auditing requirements, compliance with financial reporting standards, filing of annual returns, annual declaration of solvency, and filing of financial statements with ACRA.

Nevertheless, either of the business entities cannot name the business as the owner of real estate assets which is unlike a company.

Moving forward, a limited liability partnership has a minimum of 2 partners with one being a Singapore resident. Some of the partners in this company may be a natural living person or another business entity or corporate body. Since it has a separate legal personality, it can acquire and lose real estate assets. Too, the liability of partners or shareholders is limited to the amount of investments they maintain in the company. Hence, they are not personally accountable for the losses or negligence of other partners.

On the other hand, a private limited company needs 1 shareholder, 1 company secretary, and 1 resident director. The resident director shares the same requirements with a local manager. However, a company secretary may not be given to a foreign individual despite having a labor pass.

A private limited company is treated as a resident company, thus, it enjoys tax exemptions and incentives.

In Singapore, foreign entrepreneurs should hire the professional services of independent companies like Rikvin in handling the registration of a business firm or company.

About the publisher:
Rikvin provides corporate solutions to investors and entrepreneurs in the local and abroad. Among its specializations are Singapore company registration and business firm and providing professional services relating to finances and administrative. Rikvin specializes in processing working visas and providing services such as nominee director, nominee shareholder, nominee agents, accounting, payroll, and secretarial.

Since 1995, Rikvin serves hundreds of companies managing and rendering Singapore accounting service using sophisticated payroll software system to handle even the most complicated payroll account. In its payroll services, Rikvin assures its clients of confidence in dealing with every transaction. Its accountants maintain competence. Above all, Rikvin’s principles adhere to the laws and share the same vision such as the inevitability of innovation. Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company.

For more information, visit:
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com

Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Ilya Wolston
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