Company Incorporation In Singapore
Guidelines In Company Incorporation In Singapore
Company Incorporation In Singapore Advantages
Many entrepreneurs who are gearing towards expansion are often faced with the question of whether to incorporate their business or not. An incorporated business has a better chance of establishing a real presence in the trade industry than a business that isn’t registered for a corporation. However, entrepreneurs are also aware that incorporating their business also means giving up their sole ownership. There are plenty of advantages of company incorporation in Singapore, though.
One of the advantages of incorporating a business is that it adds credibility, giving the business an instant authority. Consumers and clients are more confident to transact with business entities that are registered as companies because they know where to turn to once the deal has gone sour or because they just simply trust incorporated companies a lot more.
As a corporation, it has its own legal personality, which means that it is distinct from its owners, shareholders, and directors. They are not held accountable for the financial and legal liabilities of the company. They also benefit from tax flexibility, which means they are only responsible in paying for the taxes from the earnings they receive from the company, and not the whole company’s taxes.
And as a separate entity, the incorporated business will still continue to exist in case one of the owners or investors decides to quit the company. Its existence is not dependent upon its shareholders, directors, and other officers.
Steps In Company Incorporation In Singapore
For entrepreneurs who have decided to incorporate a business in Singapore, they only need to follow several steps before they can be fully registered. The first one is to submit a company name proposal to the Accounting and Corporate Regulatory Authority. Their proposed name will be approved unless it is undesirable, has name or trademark similar to established names, or is identical to an already existing company.
Assuming that the documents for registration has already been completed and has the signatures of the directors and shareholders, the company registration can be finished in just one day. The applicants must have at least one resident director and one shareholder signatory for registration. Local investors may or may not use the services of a professional corporate service provider, although it is strongly advised for them to do so. But for foreign nationals who are launching their business in Singapore, they are required to use the services of professional services company to act n their behalf.
Company incorporation in Singapore is easy and fast, particularly if there are no problems with the proposed business name and the submitted papers. The whole process can be completed in as fast as one day.