Rikvin Discusses On Which Company is the Best To Use To Form a CorporationA Company that have a complete benefits that help foreign and local entrepreneurs setting their own business in Singapore.by Ethan Fahy Monday, December 27, 2010
These include among others, “entering into contracts, involving in lawsuits, incurring profits or losses and liabilities, and acquiring assets and properties,” says Rikvin. In Singapore, a company is registered as a private limited. On the other hand, a business entity does not maintain legal status as it is regarded as one with its owner. “The profits constitute a personal income of the business owner while the assets and properties name the business proprietor as the owner,” adds Rikvin, citing the business entities to be a sole proprietorship, partnership, and limited liability partnership. Both in sole proprietorship and partnership, the liability of owners are unlimited including their personal properties and liquid assets. A private limited company protects its shareholders from financial accountability, while a limited liability partnership, though regarded as a business entity, is an exemption for it is actually given a legal status, and as such, the liability of one partner does not encompass another. According to Rikvin, the structure of a private limited company is designed to “restrict shareholders from selling their shares to public over a stock exchange. When necessary, the sale of share must first be offered to fellow shareholders or members.” Meanwhile, a limited liability partnership allows sound and hassle-free transfer or ownership through sale of share. Continual compliance with requirements such as auditing, filing of annual return, filing of financial statements with ACRA, and preparing an Annual Declaration of Solvency are among the consistent responsibilities of a private limited company. Singapore formulated an attractive taxation policy among tax residents. Falling into such category, “the private limited company and limited liability partnership are entitled to exemption from corporate tax on their first S$100,000 accumulated revenues for three consecutive years following their incorporation or registration,” Hun continues, adding that on the next S$200,000, a separate 50% discount on their corporate tax is implemented. Depending on the nature of the business, certain enterprises are granted with tax incentives and may even avail the benefits of Avoidance of Double Taxation Treaty for foreign investors whose country of origin is a signatory to such treaty. Founded in 1995, Rikvin offers post-incorporation services such as assistance in complying with annual requirements of a company including bookkeeping and filing of annual returns and financial statements and comprehensive income. 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. 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: Rikvin PTE LTD 20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 Email : info@rikvin.com Website: http://www.rikvin.com/ Rikvin provides Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration. General |
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