Asiabiz Provides Affordable Singapore Business Formation Services 

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

by Robin Jack Thursday, March 17, 2011
Small and medium-scale entrepreneurs can adopt different business structures such as sole proprietorship, partnership, or limited partnership in seeking to establish a business presence in Singapore.

However, while the laws in Singapore let foreign nationals own the business 100%, not everyone can be eligible to handle the business registration.

“Only those who are holding cards such as a Singapore Personal Access and National Registration Identity Card can register,” illuminates Asiabiz, “because these cards provide a log in information so you can access the company registrar.”

Asiabiz Services is a one-stop firm for all your business needs. It handles business formation in behalf of foreign entrepreneurs.

“Single individuals may opt for a sole proprietorship if they find it convenient to exercise full authority over their business without having to consider another’s opinion,” quips Asiabiz’s business consultant, “sole proprietors are responsible for the revenues of the business, their assets, and liabilities.”

For more than one individual seeking to engage in a business venture, partnership and limited partnership are suitable.

“In a partnership [also called general partnership], the partners act similar to sole proprietors. Both of them are responsible for the business such as the revenues, assets, and liabilities. After registration, it is recommended that partners draft an agreement to define each partner’s role, responsibility, shares and of course, profits and liabilities,” elucidates Asiabiz.

Meanwhile, a limited partnership is slightly different, in which, one or more partners is a limited partner and another one or more partners is general partners.

“General partners are actively involved in managing the business. Thus, the liability becomes unlimited as well. Whereas, the limited partners have liability limited to the value of their investment in a business only. They are also not actively participating in running the business, otherwise, they become general partners.”

According to Business Registration Act, any individuals or companies can register for a sole proprietorship, partnership, and limited partnership as long as they are of legal age and capacity and not an un-discharged bankrupt.

During registration, Asiabiz remarks that a copy of Singapore IDs or passport of foreign nationals is included among the documents.

“In case the sole proprietor or any of the partners is another business entity, its business registration details are essential during registration.

Asiabiz reminds that foreign-owned businesses need to appoint a manager from among the locals. After seeking prior approval from the Ministry of Manpower, the sole proprietor or either of the partners may apply for an Employment pass to assume the manager’s position.

Asiabiz also processes work visas such as Employment pass and Entrepreneur pass. It also assists in obtaining business licenses and permits.

For more information, visit:
Asiabiz Services Pte Ltd (see location map)
120 Telok Ayer Street
Singapore 068589
Phone: (+65) 6303 4614
Fax: (+65) 6303 2670

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 Robin Jack
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