Asiabizservices Assists Foreigners Form a Singapore Company 

A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.

by Henry Dickens Monday, December 13, 2010
There are a number of ways that foreigners form a Singapore company. They can register a new company with limited liability as the most attractive or incorporate an offshore company with options such as a representative, subsidiary, and branch offices.

“In Singapore, the limited liability is the most common structure,” says a representative of Asiabizservices, a company accredited by ACRA to handle the company registration and processing of other requirements for compliance, “it is accorded with a separate legal status enabling it to pursue transactions such as entering into contracts, acquiring assets and profits in its name and incur debts and losses.”

The compositions of a Singapore private limited company are a minimum of a shareholder, a director, and a company secretary with a capital paid-up set at S$1 minimum amount.

Foreigners ought to appoint a local resident director who shall exercise executorial powers in behalf of the foreign investor unless the investor seeks relocation in which case, the local resident director’s position may be given to that individual.

In case a local resident is not easily available and the investor does not favor relocation, a nominee director can take the position for statutory compliance.

“Under mutual agreement, the person acting as a nominee director does not maintain shares of the company nor is he liable for any losses incurred by the company,” Asiabizservices continues.

Should investors seek for business expansion, they may register a subsidiary, branch, or representative office depending on their needs.

A subsidiary office, according to Asiabizservices is an auxiliary arm of a parent company established offshore. It is incorporated as a private limited company with majority of its shares owned by a corporation, local or foreign.

“Because it is recognized as a resident company, it qualifies for tax exemption on its first accrued taxable revenue of S$100,000 for 3 consecutive years from its first year of assessment or incorporation,” Asiabizservices adds.

Serving as an extension of a foreign company is a branch office. Thus, it does not have a separate legal status. When it comes to losses and liabilities, the parent company is held accountable.

“With a Singapore branch office, foreign companies are able to explore and expand business opportunities in Singaporean market,” Asiabizservices continues its elaboration, “it provides a medium to reach out to local agents and distributors, thereby, establishing a good platform for the company’s niche.”

On the other hand, should the company prefer to verify the business potential in Singapore with the least risks and accountability, a representative is ideal to set up. A representative company headed by an appointed agent is tasked to conduct market research, promote its product and services, and initiate liaison activities in behalf of the parent company.

“It does not engage in profit-generating activities,” reminds Asiabizservices, “likewise, it is not permitted to engage in any contracts or open a Letter of Credit.”

Before the registration of a company commences however, the government of Singapore ensures that the parties are eligible. Individuals who are un-discharged bankrupt are disqualified to engage in such business unless they secure permission and clearance from appropriate bureau.

Also, foreigners, unless they have either a SingPass or NRIC, cannot administer the company registration. Instead, they should hire the professional services of another company such as Asiabizservices.

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 incorporation 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:
AsiaBizServices.com
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614
email: sales@asiabizservices.com
website: http://www.asiabizservices.com

For many years, Asiabizservices has served the community by taking charge of <a href=”http://www.asiabizservices.com/singapore-company-registration-formation-business-setup/”>Singapore company registration</a>corporation 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 <a href=”http://www.asiabizservices.com/singapore-company-registration-formation-business-setup/”>Singapore company incorporation</a> services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, <a href=”http://www.asiabizservices.com/singapore-company-registration-formation-business-setup/”>Singapore accounting services</a> and book keeping requirements, and other compliance matters stated under the Singapore law. For more information: AsiaBizServices.com address: 120 Telok Ayer Street Singapore 068589 phone: +6563034614 email: sales@asiabizservices.com website: http://www.asiabizservices.com/

General | Categories: financial, business
0    submitted by Henry Dickens
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