Incorporating a Company

Incorporating a company and registering it in Singapore is becoming an increasingly more appealing option for many companies today. In this world of fluctuating prices and different fiscal policies being implemented by different governments, the increased tax burden on many companies puts them at risk of becoming financially unviable but this could sometimes be avoided by a company incorporation and registering in Singapore. Singapore is not a tax haven but it does have tax laws that benefit businesses, offering them low rates of tax and even more reduced rates for the first 3 years they are registered, encouraging businesses to register there. Given the low tax rates and the fact that Singapore is a wealthy country, third wealthiest in the world according to Forbes Magazine, and that it has a stable political system, companies that are registered in Singapore can escape many of the taxation worries they may have being registered in many other countries. An added bonus for these businesses that do register in Singapore is that the country is ranked number one for finding a qualified workforce. For those businessmen that opt to make Singapore their home also have the added benefit of living in a country that has the highest quality of life rating in Asia. Of course though, even if Singapore does welcome foreign businesses to register there and makes it easy for them to do so, there are regulations and requirements that a business must comply with in order to register. To assist these foreign businesses to register in Singapore, some Singapore businesses specialize in assisting them with the registration process. The usual areas where a foreign business needs assistance with is office space, a director and a corporate secretary. An office space is a minimum requirement by the Singapore government before a business can register in their country and that office space must be manned and open during Singapore’s regular business hours. Help with a director is also often required as the regulations state that a director of a business registered in Singapore, must be a Singapore citizen, a permanent resident of Singapore or at the very least have a Singapore employment card. This is not as major a problem as it may sound as, it is fairly easy for a businessman to get an employment card and besides, only one director has to fit this nationality requirement and so some businesses have just hired a additional director to fit the bill, using them only as a figure head and not really having a say in the business’s policies. Lastly, a business’s corporate secretary must be a Singapore citizen and they must know how to maintain accounts and records which the Singapore government insists that any business keeps, plus they must know about that business. This is where the Singapore businesses that offer assistance to newly registering businesses are a definite asset as they can either act as that corporate secretary or they can find a suitable candidate for the position.