Singapore in South East Asia is located ideally on the route of east/west trade and so due to its port and business friendly airport, the country has become the third wealthiest in the world, according to Forbes magazine. Being the hub of east/west trade also makes for it being a great place for businesses to be located, making the most of the trading opportunities. This has prompted some corporations and businesses to register in Singapore and the fact that Singapore has some very business friendly tax laws has prompted many others to register there also. 2017 and into the future would appear as if the number of businesses registered in Singapore will continue to increase and for those businesses that do register there, there are added benefits for the people as well as the business. It is for example ranked #1 for quality of life in Asia and has a stable government which means that there is little chance of unrest disrupting the busy but safe environment.
A business that does register there also has the added benefit when it comes to staff, that Singapore is listed as being the best country in the world for finding an educated and well qualified workforce. There are though certain regulations that govern allowing a business to register in Singapore and so if a business is planning to register there; it is probably best advised to seek the assistance of a Singapore business like Singapore Incorporation Service (SIS) which can help them through the process. The official website of SIS will tell you some of the regulations a business must comply with in order to qualify to be registered in Singapore and those will include having a Singaporean nominee director, a Singaporean corporate secretary and a an official Singapore business address. Although a nominee director may not have to be actually running the company, another director can be appointed to do that, a Singapore citizen or resident must be named as director although, if a business’s current director has an employment card that may not be necessary.
The regulations are a little stricter though when it comes to a corporate secretary as it must be a Singapore citizen, not a resident or employment card holder. To register in Singapore a business must agree to complying with regulations which require records and accounts to be kept for perusal by the Singapore government and it is the responsibility of the corporate secretary to maintain those records. This means thatas well as being a Singapore citizen, the corporate secretary must also be able to keep records properly and be aware of the business. In order to allow a business new to Singapore to comply with this requirement, a grace period of 6 months is permitted at the end of which a corporate secretary must be named and in place. It is the finding of a director if needed and a corporate secretary, as well as the finding of a official business address which businesses like SIS can assist foreign businesses registering in Singapore.