Singapore, a Hub for Business

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As Singapore is located on the main shipping route between the east and west, it has become the major hub for international shipping from all around the world. This has also led the country to become a major hub for international business, with companies from all around the world opening offices in the country and many even registering in Singapore. Although with many businesses from both the east and the west having offices in Singapore, it is easy to see why any other businesses would also like to open offices there but perhaps it is not as easy to see why companies would want to register in Singapore. The answer to that in most cases is because of the lower tax rates that companies registered in Singapore enjoy. Being a hub for both shipping and business has made Singapore the third wealthiest country in the world and so any Singapore government is keen to keep up those trends. In order to do this, the Singapore government encourages new and foreign businesses to register with them and keep Singapore’s business interests alive and prospering. If you are a company that wishes to join the many others that have already registered in Singapore though, there are criteria which you have to meet in order to do so and some of those criteria may require the assistance from a business in Singapore. Specifically you may need the assistance of a business like Singapore Incorporation Service (SIS) which specializes in helping new and foreign companies to meet Singapore’s registration requirements. If you visit the SIS website, you will see that there are three main areas in which they can help you with your registration. The first area is with the nomination of a director that must be a Singapore citizen or a permanent resident there however, this requirement is not necessary if one of the present directors is already in possession of a valid Singapore Employment Permit, which SIS can help them to acquire. The second area is with the naming of a corporate secretary to keep the records and accounts required by the Singapore government. The problem here is that the government state that those records must be kept by a Singapore national and that is again where SIS can help. They may either offer their service as corporate secretary, keeping all the records required by the Singapore government or they may offer a list of potential secretaries for you to consider for the job. Lastly an area of some concern is an office for the company. It is required that any company wanting to register in Singapore, must have at least an office and not just a PO Box there. With so many businesses having offices in Singapore already, office space is at a premium but SIS will know of any office space which is available to either purchase or rent, also making that aspect so much easier to achieve. Of course, without the assistance of a business like SIS, some problems could be experienced.