Singapore, a Hub for Business

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.

Business Benefits of Singapore

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.

Choose Singapore For Your Business

Having a business branch in Singapore can be very advantageous because the place is filled with so many opportunities. In the country there are many wealthy individuals. Likewise, it’s also frequented by tourists from different parts of the globe who can afford to purchase expensive items and also pay for pricey services. When you’d have an office in the country, you may be able to make deliveries easy and also get what you’d order from companies because it has airports and airline companies that are reliable plus water vessels for shipment and piers that are reputable as well. When it comes to commerce, it’s said that the country of Singapore is one of the best in Asia. Plus, the people there are well-versed in the English language and are respectful of plus welcoming to foreigners. If you want to, you could try to establish LLC in Singapore there. However, that depends on what you’re capable of and the type of business that you’d run. Whichever industry you’re in, Singapore may be able to offer you profitable opportunities. For you to find out how you could start and also maintain an enterprise in the place mentioned, please keep reading.

Basically, before anything else, you have to make your business’s name listed as one of the legitimate enterprises in the country. You could process the registration online or visit one of the authorized branches of the government in Singapore itself. However, you need to comprehend that getting a business name registered takes more than just filling out documents and then paying money. For your company to be recorded to be legal in Singapore, you need to make sure that you’d get the necessary permits to operate in the country. Each of the employees that you’d relocate should possess passport and maybe even employment visa. Besides that, you also need to have a Singaporean as a director of the company that you’d start in the said country. Aside from having such a director, you also need to make sure that the enterprise that you’d have would have a secretary that’s also a citizen of Singapore. Of course, you’re likewise required to open a bank account for your company so that the government may know that you’re really interested in doing business in Singapore. You can’t just get any Singaporean to be the leader or secretary of the company that you’d create, though, since you’re required to hire only those that are qualified and have certain credentials.
What’s best about the place is that it’s not only filled with people whom you could gain profit from but also has rules or laws that are specifically designed for entrepreneurs. To encourage business owners, the Singaporean government offer flexible taxation features to capitalists. So, as an owner of an enterprise, you won’t have to pay much when you’d run your company in Singapore. But, before you make any commitment, you should do some research. Take note that not all folks in the country mentioned are friendly and easy to work with and not all spots located in Singapore are ideal for business so you should do some studying to make sure that you won’t waste your time and money, even though Singapore is mentioned to be one of the greatest places in the planet.