Registering a Singapore Company

By: Joseph Johnny Click author's name for more of his/her articles

Setting up a company in Singapore is a good intention. This country provides an environment that is very friendly for new businesses. In fact, the World Bank Report graded Singapore as the number one country in terms of the doing business in the year 2007 and 2008. Singapore is also ranked as the 2nd most competitive country after USA.

Starting a new business in Singapore is a great significancy for anyone who wants to start a business. However, you have to be aware of the various governing laws when incoporating a company in Singapore.

Company Incorporation Singapore - requirements

The requirements are simple:

- Anyone can register a new company in Singapore, applies to both locals and foreigners

- 100% foreign ownership of the company is allowed in Singapore

- Only $1 for paidup capital

- There must be one shareholder and one director

- The company must be an existance of at least one local director

- The company address must be a Singapore registered address

- Company secretary is a requirement

Perks of setting up a Singapore company

One of the biggest benefits of having a local company is that the country allows tax exemption for the first $100,000 profits for new companies. This will be enjoyed for up to three years. This is a very competitive benefit that many foreign companies enjoy.

The corporate tax is also very enticing: 8.5% tax for up to $300,000 profits and 17% for profits above that. The coporate tax rates are very competitive, which pushes many foreign establishments to start their local presence in Singapore.

The need for company secretary

One important highlight here is that the company must appoint a local, qualified company secretary. Most of the time the secretary is not part of the company's payroll and is usually outsourced to a professional secretarial services company.

So, it is important that the company must hire the right professional and qualified company secretary. In Singapore, there is no lack of capable secretaries. In fact, many are professionals so finding one should be easy.

Conclusion

Forming a Singapore company is a good idea for most foreign establishments. The new company will not only get tax exemptions, Singapore is also a great place to find local talents.

Article Source: ABC Article Directory

About The Author: Setting up a company in Singapore is great. However, you still need some professional help. Visit this website for more information on Singapore Company Registration advice. The website is: www.gervanbiz.com.sg