Company Incorporation Singapore
Company Incorporation Singapore: Investing In A Progressive Economy
If you want to be part of Asia’s rapidly growing economy, why don’t you start doing business in Singapore? Just make sure that you apply for incorporation with the Registry of Companies and Businesses to legally start your operations so that you can take advantage of the benefits that attracted several investors who came before you.
The act that regulates businesses in this city-state is called the Business Registration Act while the one which regulates companies on the other hand is known as the Companies Act. Partnerships and sole proprietorships are the types of business organisations which may be incorporated under the former. Foreign companies and companies incorporated under the laws of this city-state are registered under the latter.
Relevant Terms Associated With Company Incorporation Singapore
There are four types of businesses which individuals may setup in Singapore. Below are short descriptions of them:
Partnerships are unincorporated businesses whose operations are managed by individuals who are also known as partners. The kind of partnership formed in this case can either be “general” or “limited”. The difference between the two is seen on the extent of liabilities and responsibilities of these individuals. In a general partnership, the liability for the company’s debts and legal actions as well as the responsibility of running that company are equally divided among the partners. On the other hand, as the term implies, the individual liabilities in a limited partnership are determined by the extent of the partners’ investments in the company in question. The responsibility of a certain partner is influenced by his or her involvement in the company’s management as he or she may or may not hold a position in it.
Sole proprietorship is another type of unincorporated business. Unlike in partnerships, sole proprietorships name only one owner who is held responsible and accountable for the company’s management, debts and legal actions. Part of the responsibilities of owning this kind of profitable business is paying personal income tax to the government.
Foreign companies are incorporated businesses also known as alien corporations. They are called as such because they are not incorporated in Singapore but in other countries.
Singapore incorporated companies refer to those who conduct businesses in Singapore, the city-state wherein they were incorporated.
Company Incorporation Singapore From The Investors’ Perspective
Low taxes, strategic location, supportive and stable government, flexible migration policies and a good quality of life are just some of the many things that attract a growing number of investors to take an active part in the challenging but rewarding pro-business landscape that Singapore offers. In comparison to the other global business hubs, this Southeast Asian city-state has a convenient and fast process when it comes to company incorporation. This further encourages business-minded individuals to translate their innovative, clever and even revolutionary ideas into concrete and profitable business entities.