Singapore Business Incorporation
Important Facts About Singapore Business Incorporation
Singapore is the leading business hub in Asia – the gateway not only to important markets in Asia but also to western markets. As such, if you want to be a world-recognised company, then starting up a business venture in Singapore is a commendable choice.
Incorporation encompasses a number of legal business structures such as non-profit corporations, S-Corporations, cooperatives and Limited Liability Company. Basically, incorporation means responsible business ownership. The truth is you don’t really need to start big in incorporation; in fact, there are some that come from humble beginnings such as sole proprietorships and partnerships and then matures into incorporation.
The Benefits Of Singapore Business Incorporation
Fundamentally, all personal assets can be protected in incorporation. Usually, stockholders are not liable in any of the company’s debts. This means that in the event that your company gets sued they can only go for the company’s assets. Moreover, incorporation also adds credibility to your company, incorporations gives it a corporate identity. And most importantly, the ‘life’ of your corporation is not dependent on the ‘death’ of any stockholder or employee.
Additionally, in a Limited Liability Company or in a corporation the ownership is transferable, whether it is in whole or only in part. You could also get tax benefits because corporations can get their taxes at a lower rate compared to individual taxpayers. Surprisingly, in Singapore a new business can even be tax-free for a year.
Things To Consider In Singapore Business Incorporation
A corporation can be solely owned in the Lion city. However, according to the Singapore Companies Act, one must appoint a secretary within six months from the original incorporation date. The company director must also be a resident of Singapore. But the director cannot be the secretary at the same time. It is not required by the law that the secretary must be professionally qualified. However, in hiring a secretary you should consider their experience, knowledge and their ability to perform their duties.