Asiabizservices Assists Foreign Individuals In Setting Up a Company
Information on Setting Up a Company in Singapore company and incorporating a Business in Singapore for Foreigners, Company Setup through EntrePass or Employment pass Application
by Raymond Laine Tuesday, March 22, 2011
Within the roadmap of productivity are trade associations and chambers that were rallied to internationalize the front by initiating more than 150 trade fairs, 50 trade missions for 3,300 companies in 2010.
The said program resulted in a S$1.9 billion-revenue from overseas.
The easiness of setting up a company in Singapore is evident not just in benchmarks like taxation, ownership and management, and entrepreneurial landscape. It is also apparent in the procedure itself.
In fact, the laws in Singapore provision foreign companies and investors to engage the professional services of firms in registering a business unless these foreign individuals are in possession of a Singapore Personal Access or NRIC.
Founded in 1998, Asiabiz Services is committed to provide business solutions and processes to all companies registered and for registration.
“A company such as a private limited can be formed by three parties—or personalities—two of which should be an individual while the other can be a corporate or an individual,” shares Asiabiz’s business consultant, referring to the resident director and company secretary for the former premise, and the shareholder for the latter.
Based on the Companies Act of Singapore, a resident director ought to be from among the locals, of legal age and capacity, and not an un-discharged bankrupt or guilty of malpractice.
“Since we let foreigners to own every share in a company, it is only logical to allow them to manage the company too by holding an Employment pass or Entrepreneur pass, whichever work visa is applicable. With a labor pass, foreigners can be appointed as a resident director and relocate to Singapore,” elucidates Asiabiz.
It adds: “However, despite such friendly policy, not all foreign investors are ready to relocate to Singapore. It is also not easy for them to find a qualified individual to take up such position.”
In resolution to such common scenario is the nominee director service offered by Asiabiz.
“In a nominee director service, the investor still reserves the authority due to a director or investor. The nominee director is a director only by a statutory requirement. All corporate executive powers and responsibilities are held by the beneficial investor.”
Under such service too, the investor may stay overseas and come to Singapore at anytime to tend to his company by applying for a Long-term Visit pass if required or by using a passport only.
Asiabiz provides accounting services such as bookkeeping, payroll management, and assistance in compliance of requirements.
For more information, visit:
Asiabiz Services Pte Ltd (see location map)
120 Telok Ayer Street
Phone: (+65) 6303 4614
Fax: (+65) 6303 2670
Information on How to Form a Singapore company and incorporating a Business in Singapore for Foreigners, Company Setup through EntrePass or Employment pass Application
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