Rikvin Encourages Foreign Entrepreneurs Setup a Singapore Company
A Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.
by Ward Graze Friday, December 10, 2010
Its total bilateral trade with Italy reached S$4.6 billion in 2009 with more than 200 Italian companies based in Singapore providing services, and products such as electronics and chemicals. Singapore is home to large companies such as STMicroelectronics, Technoprobe, Coim, Saipem and Rainbow, and Permasteelisa. Recently joining the ranks is FIAMM, a global leader in manufacturing industrial batteries and automotive components.
With the United Kingdom, the city-state’s bilateral trade amounted to S$13.7 billion in 2009 with regular business exchanges occurring between these countries. The friendly exchange of enterprises is supported by British Chamber of Commerce and Singapore-British Business Council. The investment is further facilitated by EDB and the UK Trade & Investments.
Singapore’s strategic location provides a perfect avenue from which to manage, incorporate, and control businessmen’s regional operations. Its physical connectivity is excellent in providing access to region. Its business environment has English as the primary language with several other languages from Southeast Asia.
Singapore’s free trade agreements with 17 countries across the borders provides comprehensive network with greater market connectivity, thereby making the city-state a gateway to Asia for European, Pacific, and Asian businesses.
Minister Hng Kiang of the Trade and Industry confirms that “the GDP rate in the third quarter grew to 10.6% while the total trade was 15%. The Industrial Production reached 31% just in October.”
Entrepreneurs from Asia Pacific can choose between a private limited company and limited liability partnership in doing a business in Singapore. Rikvin, a company that helps foreign entrepreneurs start a company in Singapore says that both companies are treated as a legal entity separate from their owners.
“Thus, as a resident company, they are privileged to have tax exemptions during their first year of existence on their first S$100,000 accumulated revenues. An additional 50% off on the tax rate is given on the next S$200,000 company profit.”
Further, depending on the nature of business they run in Singapore, the government provides tax incentives.
“A private limited company is formed by a minimum of 1 shareholder, a resident director of ordinary residence, and a company secretary,” Rikvin continues elaborating, “and it must maintain a valid local address and declare its capital on its Articles of Association.”
For foreigners to be appointed as a local resident director, a labor pass is required. In appointing the company secretary, the important consideration is the secretary’s principal residence. It must be in Singapore.
The paid up capital minimum is S$1 and which can be raised throughout the existence of the company.
On the other hand, a limited liability partnership according to Rikvin “requires 2 partners with no maximum limit.” The partners can be a natural person or another corporate body.”
A good feature of a limited liability partnership is the nature of liability among partners. They are not accountable to each other’s negligence, unwise omission or commission.
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 : firstname.lastname@example.org
Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.
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