Asiabiz Services Assists Companies in Complying With Post-Incorporation Requirements 

Asiabiz, a Singapore-based professional business registration service provider asserts that most of the foreign companies and or investors it assisted during the incorporation phase choose to employ its post-incorporation solutions.

by Ashley Varghese Tuesday, February 22, 2011
Following a successful incorporation of a company in Singapore, there are certain post-incorporation requirements that investors ought to comply before the business starts operating.

Asiabiz, a Singapore-based professional business registration service provider asserts that most of the foreign companies and or investors it assisted during the incorporation phase choose to employ its post-incorporation solutions.

“We provide customized services. We always think ahead regarding the needs of these businessmen and we prepare solutions for them.”

One of the post-incorporation requirements is the opening of corporate bank accounts.

Says Asiabiz: “Most banks require the physical presence of the principal investors during the opening as their signatures are essential.”

Asiabiz helps by giving recommendations and a list of banks registered in Singapore with corresponding requirements and facilities offered. Its business consultant can also personally accompany the investors to the banks during the transaction.

Among the documents required are the company registration details, the Memorandum and Articles of Association, and photocopy of a valid ID of each principal signatory like any government-issued IDs or passports for foreign nationals.

Another requirement is the appointment of auditors.

Asiabiz continues: “Each company must appoint an auditor within three months following its incorporation, unless if the establishment is exempted from auditing requirements.”

To be exempted from auditing, a company should have natural persons for all its shareholders that count to no more than twenty, and the annual turnover is less than S$5 million.

Moving on, if a company’s turnover reaches $1 million in the preceding 12 months, or when there is a valid reason to speculate that the turnover shall reach that amount in the next 12 months, it should register for GST.

“Similar to VAT in other countries, the GST is indirect tax set at 7% and is governed and implemented by IRAS, the taxing authorities in the city-state,” remarks Asiabiz.

Its application entails completion of application Forms such as GST F1 and F3, together with other supporting documents.

Business licenses and permits are other requirements to comply. Relative to the activities handled by the company, corresponding licenses are a requisite.

“Establishments such as private schools, importers and exporters, wholesalers and retailers of liquor, moneylenders, childcare centers, and banks must obtain essential licenses from appropriate government agencies,” cites Asiabiz.

Should there be any major renovations necessary, a prior construction permit is a requisite. Likewise, an establishment must secure fire safety permit and hazard safety permit to ensure that the working conditions of employees are ensured.

Asiabiz assists its clients in complying with every requirement required by the government of Singapore. It puts the interests of the foreign companies ahead of its own whenever its expertise is sought.

About the Publisher:

Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, 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, accounting services including payroll preparation and more.

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. It also provides chartered secretarial services.

For more information visit:

AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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