Asiabiz Provides Start a Singapore Company Services For SME's 

Asiabiz Services, a professional business process and solutions provider says that foreign entrepreneurs ought to engage the services of a professional firms as the laws in Singapore does not allow them from personally initiating business registration and other legal transactions.

by Mike Depp Wednesday, March 09, 2011
Singapore’s attractive entrepreneurial landscape is not exclusive to MNCs. In fact, it encourages SMEs to participate in the vibrant market of the city-state. It has implemented policies to finance support programmes especially catered to SMEs.

The government through its several schemes grants funding to qualified entrepreneurs of up to S$500,000 to defray their project costs. Two of these schemes are WoW! and iSPRINT.

In WoW scheme, employers will be conferred with S$20,000 work-life grant to encourage them to adopt family-friendly policies, benefits, and flexible work arrangements for their employees such as outsourcing their non-core business processes like the HR compensation and benefits.

On the other hand, the iSPRINT buttresses the employment of infocomm technology to enhance the company’s business operations, thereby, leading to higher productivity and or efficiency.

There are many business structures to adopt once entrepreneurs decide to choose Singapore as their investment destination.

Two most common are the sole proprietorship and partnership. Both have similar characteristics.

Asiabiz Services, a professional business process and solutions provider says that foreign entrepreneurs ought to engage the services of a professional firms as the laws in Singapore does not allow them from personally initiating business registration and other legal transactions.

“A sole proprietor enjoys the liberty of deciding how to run his business. He doesn’t have to wait on the decisions of others because as the only owner, he exercises full authority and control over the business.”

On the other hand, a partnership is formed by at least two partners seeking to raise revenues by agreeing to do business. Any of the partners can be natural persons or corporate entities.

“Both the sole proprietorship and partnership are not bestowed with legal existence separate from their owners. Thus, it is the owner, rather than the business that is named as a legal party in a legal proceeding,” continues Asiabiz.

Apart from these, both the sole proprietorship and partnership cannot be the legal owner of assets and properties purchased through the business’ revenues.

“They remain a property of the owners,” explains Asiabiz.

On the bright side, these business entities are exempted from auditing requirements and annual corporate return filing. The businesses are also not eligible for double taxation.

Asiabiz reminds that foreign-owned business enterprises should appoint a local manager to run the affairs. Of late, Singapore restricts its policy among these foreign small and medium-scale enterprises.

“They must first seek for prior approval from the Ministry of Manpower before they can actually apply for an Employment pass to take up the position of a local manager,” elucidates Asiabiz.

After the registration, Asiabiz continues to provide assistance to entrepreneurs through its non-core processes like accounting and payroll management. It also helps businesses secure appropriate business licenses and permits.

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
email: sales@asiabizservices.com
website: http://www.asiabizservices.com/

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Mike Depp
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