Category Archives: Company Incorporation Guide
Singapore is the perfect place for business owners and entrepreneurs to register their offshore companies. The registration process is simple, taxes are low and the workforce is talented.
Before you begin the offshore company formation process, you will need to research the different types of business entities and decide which one is best for you. Similar to the United States, there are a variety of business types that you can register in Singapore.
A Limited Liability Company
A limited liability company is the most popular type of business entity in Singapore.
This type of company is perfect for individuals who wish to form an offshore company because all of the owners are protected from any legal and financial issues that relate with their business. All assets of the owners are separate from the assets of the company.
There are three different types of limited liability companies in Singapore:
- Public limited company
- Public company limited by guarantee
- Private limited company
Each type of business entity offers different advantages. You will need to decide which one is best for you depending on your business needs. A private limited company is often the way to go because of generous tax incentives and the privacy that business owners enjoy.
A sole proprietorship is the easiest type of company to form in Singapore. This type of company also comes with the most risk.
If someone decides to sue the company, the owner’s personal assets are at stake, because the owner and the company are considered to be one entity. Because of the increased risk involved with a sole proprietorship, many business owners choose to stay away from this type of business.
Partnership is similar to sole proprietorship, except two people own the company. Either one can dissolve the partnership at any time by giving written notice. This type of business entity is considered to be very risky as well, and thorough research should be done on it.
Before you decide which type of business to set up in Singapore, you should contact bizcorp.com.sg.
Question to Ponder: Does Offshore Company Formation Have Its Disadvantages?
When there is a new or old company registration there are many items that can be found out in order to build a company. The company can be set up with business forms that are needed to run the company. Bank accounts, corporate accounts, accountants who can all assist with tax exemptions for the business and the best ways in which to keep the business on solid ground. Company incorporation is an excellent way in which to expand a business in order to reach other businesses throughout the world. With a company that is registered and is also incorporated, the company must keep advised about tax liabilities and tax exemptions.
Company formation assists companies old and new to set up a business plan that can be adjusted as the company grows. The company can offer services to all customers throughout the world, advice, investments and check out any tax advantageous such as tax exemptions for the company.
A BVI company has many advantages for international businesses, maintenance and control of the business, cash control from shares of international trading, stronger security for the business at home and worldwide. Having a BVI associated with the business this can assist in many tax areas such as, tax exemptions for sales tax, capital gains tax, profit tax, cooperation tax, estate tax, inheritance tax and gift tax.
Any offshore company formation will have their own website in order to conduct business with ease, in order to keep old customers and to gain new customers. The business will tell when the business started, who started the business and if it is family owned, what goods and services the business offers, the prices of the goods and services, and to know which country a business can have a tax treaty with or is released from tax exemption for a corporation.
In order to meet the Singapore requirements for a nominee director, one should be appointed as soon as possible. The nominee director does not take part in any management, financial or operations within the company. The nominee must be a Singapore citizen and be a permanent resident of Singapore and have a permanent address, not a post office box number.
To set up a Singapore company an employment pass must be obtained along with a permanent visa if not a citizen of Singapore, immigration will be able to help in this capacity. Once it has been determined that the business meets all the requirements of Singapore, then registration is the next step in which to take. It is now time to form a Singapore company by verifying the company name, obtaining a business license, have insurance plans set up for the business and employees and a business code. The Singapore business is now ready to begin.
Read this informative article about the Singapore Company Registration Steps and Time Frame.
Singapore Prime Minister Lee Hsien Loong said that the country needs to recognise legal services as an economic opportunity in its own right, and not just an enabler for other industries.
Trust the licensed accountants to educate you on this
Do you have a business? If you think you are ready to operate your business just because you have ample product stocks, quality staff, and appropriate amount of capital, think again
You might be lacking the most important thing in running a business, especially after a company incorporation – financial management
Not all businessmen have enough knowledge and experience in managing business financials, let alone the proper procedures in bookkeeping
The lack of knowledge and background in the important concepts of bookkeeping, accounting, and financing often leads to the business’ downfall
Licensed accountants share their bookkeeping secrets to avoid accounting mistakes, including the following:
Employ skilled and reliable accountants
The most common problem among business owners after company registration is that they usually are the ones handling and maintaining their books even without proper knowledge in accounting
Not only does this endanger the finances of the business, but takes away the time of the owner or nominee director from doing more important managerial tasks
Hence, allocate a specific amount from your budget for employing experienced and reliable accountants
Keep your business records clean and well-managed
This will not only ensure smooth bookkeeping, but will also inform you about some important business metrics such as knowing who your biggest buyers are
Moreover, a good record shall help you identify how much you owe to suppliers, how much tax to be filed, and who among your customers has debt among other things
Apply and maintain an efficient filing system
Financial records such as receivables, payables, bank statements, receipts, tax records, and the likes should be filed properly for easy and quick auditing
This shall also help you resolve any financial dispute with customers or suppliers, if necessary
Keep bank statements properly
One common mistake that business owners make is mixing their personal bank transaction records with business records
Never do this as this would put your bank accounts and transaction records in shambles
To avoid this, again hire an experienced accountant or bookkeeper that will help you separate the two different accounts
Establish clear and comprehensive policies and procedures
And make sure that your accounting system shall be strictly followed by all of your staff at all times