Asiabizservices Elaborates On Singapore Company Setup and Registration
A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.
by Kate Lauterbach Sunday, December 26, 2010
There are no restrictions or exchange controls on repatriation of profits for companies owned by foreign investors as well, and definitely no constraints on importing their capital, which starts at S$1.
Taxes on dividends and capital gains are not implemented in Singapore. And foreigners can own and control 100% of the company shares.
An important consideration of foreign investors before they commence with the company registration is the required resident director. Investors must decide whether the resident director is a local individual (for being a resident director means maintaining a local or ordinary residence) or a foreign.
“A foreign individual occupying the resident director must have an Employment pass and of legal age, without records of malpractice and being a bankrupt,” Asiabizservices resumes her elucidation on company setup, “the resident director with an Employment pass could be a shareholder or a non-shareholder.”
In the event that foreign investors do not see immediate relocation to Singapore and consummate the function and responsibilities of a resident director, they may hire a nominee director for momentary basis.
“A nominee director lends his or her name to the company to satisfy the statutory compliance mandated by Company Act of Singapore. Being a nominee exempts him from any obligations that naturally oblige an appointed resident director.”
Hence too, the nominee director does not exercise corporate powers nor can he or she be held accountable for the decisions of the company. The service of nominee director is revocable and may be temporary until the appointed resident director has obtained the necessary Employment pass, or it could be on a long-term basis.
Another consideration is the company name, which must not be vulgar and infringing on trademarks and patents. It should also bear no similarity with all companies registered in Singapore. A company name must first be approved by ACRA before its necessary documents are submitted for registration.
The local business address must be physical, whether residential or commercial. Based on Company Act, a business address registered in Singapore must not be a Postal Office Box.
For the fifth time, Singapore ranks first on the 2011 Ease of Doing Business survey conducted by the International Finance Corporation of World Bank. Among others, it maintained high scores on benchmarks such as trading across borders, taxation, and construction permits.
Asiabiz Services provides nominee services for directors, shareholders, and agents apart from company registration and assistance in continual compliance of requirements.
About the Publisher:
For many years, Asiabizsetup has served the community by taking charge of Singapore company incorporation, Singapore company registration and processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.
AsiaBiz is a company that provides Singapore company setup services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, Singapore accounting services, book keeping requirements, and other compliance matters stated under the Singapore law. The company has successfully helped thousands of both local and foreign entrepreneurs form a Singapore company.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.
For more information visit:
AsiaBizSetup PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: (65) 62426533
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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