Company Incorporation in Singapore

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If you want to setup a company in Singapore, you would be glad to know the this country offers an environment that is very friendly for new businesses. In fact, the World Bank Report graded Singapore as the number one country in terms of the doing business for 2 consecutive years (07 and 08). Singapore is also the second most competitive country in the world.

So it’s easy to see that doing business in Singapore is a great idea for anyone who wants to start a business. However, there are rules and regulations that you might want to know when incoporating a local company in Singapore.

Company Incorporation Singapore - The basic requirements

Take note on the following conditions:

- Both Singaporeans and non-Singaporeans can register a new Singapore company

- 100% foreign ownership of the company is permitted in Singapore

- Only $1 for paidup capital

- Minimum of 1 director and 1 shareholder is required

- There must be an existance of at least one local director

- The company must have a Singapore registered address

- The company must appoint a local qualified company secretary

The benefits

Here’s one great benefit: The government allows tax exemption for the initial $100,000 profits for fresh set ups, up to 3 years. This alone is a great motivation for many overseas establishments.

The corporate tax is also very enticing: 8.5% tax for up to $300,000 profits and 17% for profits above that. The coporate tax rates are competitive, which prompts many foreign companies to start their local presence in Singapore.

Other conditions

Here’s one thing that you must take note: the company must appoint a local, qualified company secretary. Many company usually don’t hire a full-time secretary and it’s assigned to a 3rd party that provides secretarial services.

So, it is important that the company must find and appoint a professional and qualified company secretary. In Singapore, there is no lack of capable secretaries. In fact, many are highly qualified so finding one should be easy.

Closing

Incoporating a company in Singapore is a great idea. The new company will not only enjoys the benefits of tax exemption plus Singapore is also a great place to find local talents.

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