Rikvin Assists Foreign Entrepreneurs Register a Singapore Company
A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.
by Paul White Thursday, December 09, 2010
Foreign entrepreneurs can register a sole proprietorship, partnership, or limited liability partnership in Singapore.
“The ownership of a sole proprietorship business is bestowed upon a single individual,” Rikvin commences its elaboration on the basic features of business structures in Singapore, “who exercises absolute authority over its business in matters relating to finances, management, and other activities.”
A partnership requires a minimum of 2 individuals and a maximum of 20 who share ownership of the business. The partners may either be a natural living persons or another business entity.
“Both the Singapore sole proprietorship and partner businesses are not recognized as a legal entity. Therefore, assets and properties acquired through the profits of the business cannot name the business as the owner.”
Neither of them can file lawsuits nor be filed against. The tax is levied once on a personal level of the business owners. Rikvin continues its elaboration saying, “foreign business entities have a local manager assigned in Singapore.”
A local manager is either a permanent resident or a citizen of Singapore. Possession of an Entrepreneur Pass may also qualify foreigners to take that position.
On the other hand, a limited liability partnership is clothed with a legal personality, hence, it can acquire assets and engage in lawsuits in its business name.
“It is constituted by at least 2 partners who could either be a natural living person or another corporate or business entity,” Rikvin resumes elaborating, “and the liability of each partner is limited to their investment on the company.”
This means that partners are protected personally from any accountability that would have arisen from negligence and unwise decisions. The LLP too requires the appointment of a local manager unless foreign entrepreneurs relocate to Singapore.
Since the LLP is treated as a resident company, it is awarded with tax exemptions on its 1st 3 years of assessment.
All 3 business structures are exempted from auditing requirements, filing of financial statements with ACRA, filing of annual tax returns, and compliance with financial reporting standards.
Foreign entrepreneurs are not eligible to register their business by themselves. Based on the laws of Singapore, they ought to hire a company to spearhead the registration of a company and the processing of labor passes.
Rikvin specializes in incorporation of a foreign company and registration of a business in Singapore. It also handles application for labor passes.
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 : email@example.com
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.
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