Why Company Registration In Singapore Is A Good Decision To Make
Nestling in Singapore’s business district is numerous off-shore companies that belong to a multitude of industries – hotel, restaurant, banking, law, insurance, interior design and renovation, information technology, maritime finance, among others. This goes to show that the Lion City is definitely one of the most preferred places for Singapore company registration.
Singapore – Best Business Environment In Asia For Company Registration
The Singapore Economic Development Board or EDB, which is the government’s agency responsible for the planning and formulation of strategies to strengthen the country’s business stance in the global scene, cites that Singapore has the “best business environment in Asia”. A lot of foreign nationals are enticed to set up a business here given that it is host to people of different cultural backgrounds. According to EDB via the Global Competitiveness Report 2008, Singapore is considered the most competitive Asian country in terms of business trade and investment.
Singapore businesses enjoy the benefits provided for by more than 50 comprehensive Double Taxation Avoidance Agreements, a number of free trade agreements and over 30 investment guarantee agreements. The free trade agreements, for example, have made it possible for Singapore to maximise its network capability with various other nations. This alone makes for 60% of the world’s GDP.
Easy And Efficient Company Registration Procedures
Setting up a company in Singapore is a very popular option for entrepreneurs because the current processes and requirements are fairly easy to fulfil and abide by. It starts with identifying the company name and corporate structure. The application is sent to ACRA or the Accounting and Corporate Regulatory Authority of Singapore for approval.
Comes next in the company registration process is the appointment of at least one director who must either be a Singaporean citizen, permanent resident, or a holder of an EntrePass, Employment Pass or Dependent Pass. There should be at least one shareholder, who can simultaneously act as the director. Payment of SGD1 as capital investment is likewise required.
Foreigners, on the other hand, need to hire the services of a business consultancy firm to accomplish these tasks. It’s a must for them to secure an EntrePass unless they’re Singapore Permanent Residents already.