Asiabizservices Answers Question on Singapore Company Formation 

Asiabizservices has been in the industry extending assistance to foreigners regarding Singapore company registration, processing of labor passes, and continued compliance with requirements.

by Ashley Varghese Thursday, December 09, 2010
Amidst the economic recession that plagued the world since 2008, Singapore’s economy continued to be resilient leading a strong recovery. Asiabizservices believes that year 2010 shall end with 15% increment and another 4 to 6% growth will welcome the incoming year.

Among the company’s objectives is to help make the city-state the leading global entrepreneurial city. It does this by implementing resilience project, fostering innovations, and nurturing its human resource development.

Incorporating a company in Singapore is easy. To answer the basic questions of entrepreneurs both the novice and expert, Asiabizservices has been invited. Represented by one of its leading business consultants, Asiabizservices answered the first question on the company ownership.

“Singapore allows foreigners to acquire the entire company shares. The owners may either be a natural living person or another corporate body. Also, companies are not restricted to engage in any activities they deem necessary for expansion or growth and which are not in violation of the constitutional law of Singapore.”

To start with the registration, investors must appoint at least 1 individual for each position: shareholder, director, and company secretary. According to Lee, the head of the company is the local resident director who holds an ordinary residence. For foreigners to occupy such position, Lee says “they must possess any of the labor passes in Singapore.”

There are 2 types of working visas issued by the Ministry of Manpower relative to certain qualifications. These are the Employment and Entrepreneur Passes. Holders of either of these 2 shall entitle them to apply for a Dependent Pass which may also qualify its holder to maintain employment such as a local resident director.

The company secretary is strictly a local resident and ideally very knowledgeable about the Singapore Company Act and other relevant statutes governing the business entities.

Moving forward, the investors are required to declare their capital on the company’s Articles of Association. “In Singapore, the minimum capital requirement,” continues Lee, “is S$1 which can be raised as the company starts to operate.”

Once the registration is completed, investors ought to open corporate bank accounts in Singapore. Generally, banks in Singapore require the physical presence of the principal signatories of bank accounts.

While managing the business affairs of the company, its directors and or shareholders are obliged to comply with requirements such as keeping accounting records, annual tax filing, and holding of annual general meeting.

Most foreigners are not eligible to carry out the task of company registration unless otherwise they possess the necessary qualifications that will enable them to register a Singapore company. Instead, the best option is to hire a competent company to initiate such procedure in their behalf.

Asiabizservices has been in the industry extending assistance to foreigners regarding Singapore company registration, processing of labor passes, and continued compliance with requirements.

About the publisher:

Since its inception, Asiabizservices assists foreign entrepreneurs establish a company in Singapore. Among its specializations are corporate services, accounting services and nominee services.

Asiabizservices does not waver in its goal to establish its reputation in the industry by helping investors register a company in Singapore. Such efforts pay off as the company is among the prestigious corporate solutions providers in Singapore.

Among its specializations are company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, and accounting services including payroll preparation.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company.

For more information:
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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