How to Register Company in Singapore | Business Registration Singapore | Sandhurst | Charlie Paule.
May 18th, 2012
Foreigner Starting a Business in Singapore
Foreigners Starting a Business in Singapore
Some foreigners starting a business in Singapore make the terrible mistake of not seeking the guidance of a professional Singapore incorporation services firm to help them how to start business in Singapore. If you are a foreign entrepreneur or business professional who wants to learn starting a business in Singapore, you have definitely come to the right place. You have the option of setting up a company and relocate to Singapore or manage your company functions without needing to transfer to Singapore.
Incorporation of Company in Singapore and Relocation
If you wish to incorporate a company and move to Singapore to carry out your company operations, you will need to accomplish two key activities: Singapore business incorporation and get hold of a work pass visa. There are two work pass selections for you to select from: Entrepass or Employment Pass
Option 1 with Employment Pass
Choose Option 1 if you're a Foreigner, Professional, Managing Director and Shareholder who possess an acceptable diploma/degree, professional credentials or specialist abilities. Quite often, essential work experience also plays a vital role in identifying your eligibility. Employment Pass is the preferred selection for most foreigners who want to set up business in Singapore.
Contact us for more information on how to start a company in Singapore
Option 2 with EntrePass
Choose Option 2 if you happen to be a Foreign Entrepreneur who lacks the applicable educational qualification or does not be eligible under the Employment Pass scheme, but has good track records of effective entrepreneurial experience. The application process for Entrepass is a bit more challenging than that of Employment Pass. Also, it will need a minimum paid-up capital of S$50,000.
Singapore Company Incorporation without Relocation to Singapore
Option 3: Nominee Director Service
Choose Option 3 if you are a foreigner who plans to operate a company in Singapore without the need to relocate. Singapore allows for the setup of one's business enterprise in Singapore granted you designate a Singapore resident director when incorporating the corporation. If you cannot a suitable trusted contact to act as the Singapore resident director, you can take our Nominee Director Service at Sandhurst.
Several factors to consider:
When incorporating a Singapore company, foreign entrepreneurs must:
Connect with Sandhurst, Singapore’s leading company incorporation specialist, to setup your company. Singapore Companies Act will not allow for foreign individuals or entities to self-register a corporation.
Appoint a Singapore resident to become the director of the enterprise. A Singapore resident can be a Singapore citizen, permanent resident or holder of an EP or EntrePass. In case you can't get a Singapore resident director, Sandhurst can provide one by using our Nominee Director service. The service can be temporary or long term based upon your requirements.
Provide a Singapore address as the listed address for your business. Alternatively, you may also engage a Registered Address program thru Sandhurst Consultancy Pte. Ltd. Learn How to Save SGD 600.00 on Your First Year of Company Setup in Singapore
Discover how you too can save SGD 600.00 on your first year when you register your company in Singapore.
Singapore Incorporation Services - Incorporating a Company in Singapore
Incorporating a company in Singapore is fairly easy. The country has been named the easiest place to do business by the World Bank for four consecutive years. That should be an indication that it is a preferred location for those who wish to start a business. But while incorporating a company in Singapore is a straightforward process, there are certain guidelines one must diligently follow. A person who wants to incorporate his company should obtain approval for the company's name first. All business names must conform to guidelines laid down by the country's Accounting and Corporate Regulatory Authority. The proposed name should not be undesirable, identical or nearly resemble another company name, undesirable, or have names or trademark similar to established names. It usually takes a week for the proposed name to get approved if it does not present any of the mentioned problems. If you are incorporating a company in Singapore, you need to decide which legal form it belongs to. Almost all of the companies in the country are incorporated as limited liability because of its advantages over the other forms. Singapore Companies Act requires a minimum of one corporate or individual shareholder and a maximum of fifty for a Private Limited Company. A company must also have at least one director who must be a Singapore citizen, a permanent resident, or one who holds an Employment Pass or EntrePass. Those who wish to incorporate a company also need to appoint a company secretary within six months of incorporation. The minimum paid-up capital required for incorporating a company in Singapore is S$1. Keep in mind that authorized capital no longer applies in this situation. The company should also have a local registered address. A P.O. box address is not permitted. Necessary documents should be prepared and submitted to the Accounting and Corporate Regulatory Authority or ACRA. Those papers include: * Memorandum and Articles of Association Singapore offers many benefits for those who want to incorporate their company in the country. Not only is it practically simple to register, it also provides an equal opportunity for everyone. One must just follow the guidelines and rules set up by the government. For more information, visit www.e-sandhurst.com
Two types of businesses can be registered in Singapore. The first and the easier to register is the sole proprietorship, which, as the name indicates, is owned by only one person. The other type is the private limited company which must have less than 50 shareholders, and which needs to fulfill several Singapore company registration requirements. Singapore company registration, both for single proprietorship or for private limited companies, requires a business name to be registered and the application of incorporation. The paid-up capital for both types of business is the same-S$1. This is what most green horns in establishing a business appreciates in Singapore' pro-business environment. Singapore company registration is filed with the ACRA, or the Accounting and Corporate Regulatory Office of Singapore. ACRA plays the role of the regulator of all the businesses and of the accountancy profession in the country. For private limited companies, Singapore company registration has the following requirements: 1. Business name and application of incorporation. The business name should not be an existing and already registered name, should not contain any vulgar expression, and should not be restricted by the Minister for use by the public. 2. The company has to have at least one shareholder and one director, who can be the same persons, although most financial institutions require two signatories so it is best to elect a separate shareholder and director among all shareholders which can be up to 50. 3. One of the directors must be at least 18 years old, a Singapore citizen or permanent resident, an Employment pass, Approval-in-Principal Employment pass, or a dependant pass holder. 4. A physical business address must be provided. A P.O. Box is not accepted. 5. The private limited company has to have a dedicated and competent secretary within 6 months of the registration. He or she is supposed to be knowledgeable of the administrative requirements of the business. As with any application, Singapore company registration can be simplified, seamless, and stress-free if all the requirements are in order. Service providers facilitate this in sure-fire ways. This will then assure business owners of a timely processing at agreed-upon service fee, something that is important especially for those who have a conservative beginning capital and who desire to start operating as a legal business entity the soonest time. Related posts: Singapore clinched the fourth spot in the recently released report on the Global Financial Index, which still maintains London, New York, and Hong Kong on the top three posts. Tokyo has the fifth spot. Interestingly, both Singapore and Hong Kong do not come far off London and New York in the long-held top two positions as the world's biggest financial centres. No wonder, many businesses are keen on launching their headquarters in Singapore. This is especially because company registration Singapore offers is in an environment that is not averse to innovation or risk-taking. Instead, the Singapore government's corporate regulatory body, the ACRA, plays a facilitative and not a forbidding role for businesses seeking to be established in this Asian power economy. Company registration Singapore requirements are streamlined. A sole proprietorship or private limited company only needs to register a business name and apply for incorporation for a minimal fee. If all documents are submitted in order, the two processes can be accomplished in less than one hour. Moreover, businesses need only a paid-up capital of S$1 to be registered. Corporate secretarial firms which are experts in fulfilling company registration Singapore requirements also help with the speedy filing of application, even for businesses which have peculiar requirements usually involving the approval by another government agency apart from ACRA. These firms have the experience necessary for a speedy filing, especially for highly competitive and new business ventures which promises great returns for the innovators. One such business to give careful consideration to is the water business. Currently, Singapore is dependent on reclaimed water for 30% of its requirement. To supply the rest of the requirement, the government imports water from Malaysia. The Singapore government seeks to be self reliant when it comes to its water requirements and is embracing all innovations leading to its proposition to become a hyrdohub by 2015. This need provides a steady platform to launch businesses in the water treatment and reclamation industry. Related posts: Singapore provides a very encouraging environment for the establishment of businesses. Whether you are planning to establish a sole proprietorship or a private limited company, you can get help from an experienced service provider to register your business speedily. To accomplish this, you must comply with requirements from the Accounting and Corporate Regulatory Authority (ACRA) Singapore, which is the government body responsible for regulating businesses and accountants in this country. To obtain a speedy company registration ACRA approval, make sure you have verified the business name you are to register as (1) not existing, (2) not containing vulgarity, and (3) not restricted by the Minister for use; and that you have the complete documents required for the application of incorporation. With all these two requirements uncontested, the ACRA website states that business registration and incorporation can be accomplished in less than an hour. It is easier to fulfill company registration ACRA requirements for a sole proprietorship, but in the case of a private limited company, several requirements are in place. First, the company has to have at least one shareholder and one director, who can be the same person. Second, one of the directors must be at least 18 years old, a Singapore citizen or permanent resident, an Employment pass, Approval-in-Principal Employment pass, or a dependent pass holder. Third, the private limited company has to have a registered business address which is not a P.O. Box. Special licenses must be secured if the business address is at the owner's HDB flat or at his house. Fourth, the private limited company has to have a secretary in post for at least 6 months. Finally, it should have a paid up capital of just $1. This is what most entrepreneurs find most encouraging. Corporate secretarial firms that offer business registration services can help further streamline this process, especially in cases where an approval needs to be secured from another Singapore government agency either when registering a business name or when declaring a physical business address at one's HDB flat or private home. Firms have the experience in filling out proper documents and in filing them at appropriate offices so that you can have your company registration ACRA approval in time for when you desire to launch the business. Related posts: Singapore is a host country to many single proprietorship and private limited companies. Owing to Singapore government's cultivation of a pro-business environment, start-up businesses owned by first-time entrepreneurs do not face the daunting task of complying with the Singapore Accounting and Corporate Regulatory Authority, or ACRA company registration requirements. ACRA is the national regulator of businesses and the accountancy profession in Singapore. Fulfilling ACRA company registration requirements is the first step to establishing your own business in this country of limitless opportunities. There are primarily two (2) requirements to be fulfilled: the first is to register a business name that does not conflict with an already existing business name according to ACRA's BizFile, and the second is to apply for incorporation. In choosing a business name, companies should also check if the name chosen requires to be referred to the right government agency in Singapore. For example, a company registering a school is referred to the Ministry of Education. A company opening a chiropractic clinic is referred to the Ministry of Health. Also there are business names that the Minister has already reserved and instructed ACRA to not accept for registration. While trying to appeal to a mass number of potential customers, using vulgarity or obscene expression in the business name is definitely not acceptable. It is recommended to think of a business name that instantly and clearly speaks of the nature of the business being set up. While not a clear-cut ACRA company registration standard, it will definitely help the business develop and succeed with effective brand marketing. As many as there are companies currently registered in Singapore, a green horn entrepreneur may feel overwhelmed about where to start. ACRA company registration requirements are streamlined. But if one is wondering where to get further help, then corporate secretarial and business registration companies can provide expert assistance. Related posts: More and more entrepreneurs prefer to not only transact their business in Singapore, but to form their company there as well. This is because this Southeast Asian nation has ranked yet another year at the top of World Bank's "Doing Business" 2010 survey which proves that it is an ideal place for business. There are many reasons why the country has been named as the easiest place to do business for four straight years. Its seaport, one of the busiest in the world, provides a very attractive location for businesses. Companies incorporated in the country is also exempted from taxation of profits earned outside, making it very appealing for many businesses. Singapore company formation is uncomplicated and very straightforward, making it very easy for people who want to open their business here. The country welcomes commerce and offers equal opportunity for both residents and foreigners. In fact, the process of Singapore company formation can be accomplished in one or two days in most cases. Keep in mind, though, that if you are living outside of the country, logistics can delay the process. Another advantage of forming a company in the country is that The Singapore Companies Act doesn't implement restrictions on foreign nationals who wish to do business in the country. It allows 100 percent foreign ownership of a private limited company. There are only few distinctions in the process of Singapore company formation for foreigners and residents. Local residents are only advised to use the services of a professional services firm, but foreigners are required to hire one. And while full foreign ownership is allowed, every company, including by both foreigners and locals, is required to have at least one local director. Even if not required, foreigners can also relocate to the country to operate their business. They can apply for an Employment Pass, work permit for those who have good educational qualifications; or Entrepreneur Pass, or work permit for entrepreneurs who lack the required educational attainment. Many businessmen find Singapore company formation very straightforward and easy. The country may implement strict guidelines to maintain order and legitimacy of all business operations, but it also offers equal opportunities for all. Related posts: Incorporating in Singapore has many advantages and benefits for local or even foreign entrepreneurs. The Southeast Asian nation is a huge player in the trading industry, and is named the easiest place to do business for four consecutive years. It also ranks highly in terms of government, political, and economical stability. For one thing, Singapore has a very positive attitude towards entrepreneurship. It offers an attractive taxation system and it encourages entrepreneurship by giving newly incorporated companies full tax exemption on the first three years for profit of S$100,000 and below. There is also no tax imposed on capital gains and dividends, as well as all profits sourced outside of the country. In addition to that, incorporating in Singapore requires a minimum paid-up capital of only S$1, and allows a hundred percent foreign ownership. Incorporating in Singapore also requires only one director and one shareholder, and it usually takes one to two days only if there are no objections as to the company's proposed names and other discrepancies. Singapore's process of registering a company may be simple and fast, but the country is also known to strictly implement guidelines and rules and protect intellectual property rights of companies. This gives assurance to entrepreneurs that their business will be justly protected. Singapore's location is a big plus for entrepreneurs who want to expand their exportation trade as well. It is connected to regional markets in Asia and Australia, and it is home to the largest transshipment seaport. A company incorporated in Singapore is treated as a separate entity. It can enter into a contract under its name, and be named in a lawsuit instead of its shareholders. If it is registered as a limited liability company, any personal assets of its shareholders will not be included in the liquidation in case the company unfortunately goes bankrupt. Another benefit of incorporating in Singapore is that it offers diversity in cultures, which is considered as a business advantage. Cultural diversity means access of multitude of talented and skilled workforce. In fact, its workforce has been named as one of the best skilled and most motivated in Asia. Related posts: Incorporating a company in Singapore is fairly easy. The country has been named the easiest place to do business by the World Bank for four consecutive years. That should be an indication that it is a preferred location for those who wish to start a business. But while incorporating a company in Singapore is a straightforward process, there are certain guidelines one must diligently follow. A person who wants to incorporate his company should obtain approval for the company's name first. All business names must conform to guidelines laid down by the country's Accounting and Corporate Regulatory Authority. The proposed name should not be undesirable, identical or nearly resemble another company name, undesirable, or have names or trademark similar to established names. It usually takes a week for the proposed name to get approved if it does not present any of the mentioned problems. If you are incorporating a company in Singapore, you need to decide which legal form it belongs to. Almost all of the companies in the country are incorporated as limited liability because of its advantages over the other forms. Singapore Companies Act requires a minimum of one corporate or individual shareholder and a maximum of fifty for a Private Limited Company. A company must also have at least one director who must be a Singapore citizen, a permanent resident, or one who holds an Employment Pass or EntrePass. Those who wish to incorporate a company also need to appoint a company secretary within six months of incorporation. The minimum paid-up capital required for incorporating a company in Singapore is S$1. Keep in mind that authorized capital no longer applies in this situation. The company should also have a local registered address. A P.O. box address is not permitted. Necessary documents should be prepared and submitted to the Accounting and Corporate Regulatory Authority or ACRA. Those papers include: * Memorandum and Articles of Association Singapore offers many benefits for those who want to incorporate their company in the country. Not only is it practically simple to register, it also provides an equal opportunity for everyone. One must just follow the guidelines and rules set up by the government. Related posts: Incorporating a business in Singapore is made easy for everyone, even for foreigners. The Southeast Asian nation not only has a very good strategic location, it is also one of the fastest growing economies in the world. Unlike the conditions in most countries, incorporating a business in Singapore can be done by non-residents as Singapore allows a hundred percent foreign shareholding. Relocation is not mandatory for foreigners who wish to incorporate a business in the country. They just need to manage their business in Singapore from overseas. According to the Singapore Companies Act, they must appoint a resident director in the country. A resident director can be a citizen, permanent resident, or holder of an EntrePass. But for those who wish to live in Singapore, they must apply for a work pass. There are two types of work pass that are suitable for foreigners who are incorporating a business in Singapore. The first is the Employment Pass, which is best for foreign entrepreneurs, professionals, shareholders, and managing directors who possess a degree or professional qualification. This is considered the preferred choice for most foreigners. The other type is the Entrepreneur Pass or also known as EntrePass. This is suitable for those who lack the qualifying educational attainment or do not qualify for an Employment Pass but has proven track record of successful business ventures. EntrePass also requires a minimum paid-up capital of S$50,000. While Singapore is listed as the easiest place to transact business in the world, keep in mind, though, that foreigner individuals or entities are not allowed to self-register a company. Their only option is to engage the services of a professional services firm to handle their business incorporation and statutory administration. All the other steps are the same as those required to take by local residents. World Bank's annual "Doing Business" 2010 report has listed Singapore as the easiest place to do business for four consecutive times already. It just shows that incorporating a business in Singapore is an opportunity equally granted to everyone, whether you are a local resident or a foreigner who wants to try his luck in the country. Related posts: Company registration in Singapore is considered one of the fastest and most straightforward processes in the world. The strict implementation of the rules and guidelines is for the benefit of both the government and the businesses to maintain the legitimacy of the business industry. There are a few steps in the company registration process. The first is to get approval for your company's name from the Accounting and Corporate Regulatory Authority (ACRA). Your chosen company name will be rejected it if is: The name can be approved in two to three hours unless it requires further review from external authorities or the ACRA finds any objects to the proposed name. After the name approval, you can now prepare registration documents and register the company. Assuming the documents have been completed and signed by its directors and shareholders, the company can be registered within the same day from ACRA. You would need one resident director and one shareholder for your company. A resident director is defined as a citizen or permanent resident of Singapore, or someone who has an EntrePass, Employment Pass or Dependent Pass. The director and shareholder can be the same person. A company must appoint a secretary within six months of its incorporation. The secretary must have a principal place of residence in Singapore. The minimum paid-up capital requirement for company registration is only $1. You can open bank accounts two to three days to one to two weeks after the company registration. Local residents are strongly advised to use the services of a professional services firm to help you understand the whole process and rules. However, if you are a foreign national, you are required to use the services of a professional services company to act on your behalf. Company registration is usually completed within one to two days, unless there are objections to the proposed name or if additional information about the directors and shareholders is needed. Related posts: Singapore is known as an ideal destination and location for businesses trying to get a niche in their respective markets. Furthermore, the country has a proven track record for economic stability, healthy competition, and world class economy. All these can be found in one of the most modern countries of the world, which is right in the Asian region. The Singapore government offers investors one of the lowest corporate tax rates in the entire world. In addition to this, Singapore adopts a pro-business when it comes to mandates and laws passed in the land. Through this attitude, the country experienced an 8% growth in its GDP. Also, because of this, business people are more willing to establish their firms in the country. As one incentive for business people, Singapore does not levy taxes on capital gains. Its consumption-based tax, which is known as the Goods and Services Tax or GST, is currently pegged at 7%; it is one of the lowest rates in Asia. If an investor is interested in putting up a business in Singapore, the duration of the processing time of the company incorporation in the country is very short. It only takes one to two couple days, and then one's business. The government does not discriminate against foreign or local investors; all are treated with equal respect. Moreover, considering that the Singapore government encourages and promotes the development of innovations and creativity, there are laws in the country that protect the intellectual property rights of artists and inventors. Copyrights can be obtained in Singapore for those who wish to protect their rights to works that have tangible forms. While in Singapore, there will be no problem for you to search for personnel who will help you run your business. Singapore citizens are highly educated - with a strong background in Math and Science - and are greatly qualified in various professional fields. Related posts: If you are running your own business for the first time, chances are that you have your hands full with the daily tasks of making your operations run smoothly. You have clients to please, personnel to give their wages to, profits to reinvest, and taxes to be paid to the government. If your business is still small, accomplishing these tasks would be relatively easy. However, considering that it cannot be helped that a well-managed business enterprise would eventually grow, the proper accounting of a larger business would now be more challenging. Perhaps you can handle the first three responsibilities with relative ease, but calculating the appropriate amount of tax to pay to the government out of your business' earnings can be a tricky and tedious task. You can let a professional accounting services firm take the burden off your shoulders so that you can concentrate again on the actual operations of your business. Of course, not just any accounting services firm would do if you want to get the results that you want. When selecting a firm to provide accounting services for your business, you might want to consider the following: Working principles. Even in accounting services, the ideals of the firm handling your accounts should match your philosophical outlook on tax matters. Key personnel. If you are considering getting the services of a well-known and large accounting agency, make sure that you personally get to know the accountant who will be taking care of your accounting needs. Asking rate. Some accounting firms and agents will charge by the hour, while others will have a flat monthly rate for the service they render. Accounting services rates are very competitive. That said, do not always assume that you can get the same quality of service from a firm that offers a service package that is lower than the average rate in the market. Type of service required. Your company might have different needs for the accounting service. It might be for the annual budget report given to shareholders, balance sheets, preparation for the tax season, or general bookkeeping. However you need the accounting services for, it might be good to have a clear idea of it before contacting an accounting firm. Related posts: To maintain the development of your business, a business owner must know and discover how to handle various things or functions concerning the company. This is not only limited to exercising administrative work but tending is also needed in dealing with cut-rate sales, marketing, customer relations, finance etcetera to keep track of everything. It's always the number one priority to focus on pulling in new customers than working on admin tasks which you can assign to people who are proficient in these areas. A steady and healthy cashflow is important for any business and you can make that feasible by generating more gross revenues. Yet, if your intensity level and time are being spent on payroll processing and other accounting tasks, it would be hard to focus on increasing your sales. This is when accounting services offered by outsourcing agencies become really helpful. Even if you can cover and pull off these tasks, there are numerous more important affairs which you could pay more attention to and just entrust these things to reliable accounting services. Probably you would ask, in what way exactly do outsourcing accounting services help you grow your business? Firstly, you save time. We all know that accounting processing is a very time consuming job and a lot of precious time would just go to it. With that, you might just miss out doing the things you are meant to be putting your energy and time on. Accounting services provided by firms will surely make use of their own accounting software to organize things or tasks and to handle gross revenues, invoices, taxes, profit and organise payroll with ease. Secondly, by employing accounting services from expert people, you do save more than you spend in reality. Which means it is worth the money you spend on accounting services. As often said in business, time is equal to money and that's true. Spending too much time on managing accounts might just take the chance of closing a good deal. Lastly, mistakes would be lessen. As firms extending accounting services always require highly certified professionals to take control, you will be assured that they'd always try their best to deliver spotless results. Still, be sure that you have chosen the most dependable and most commended accounting services for your business so you can stop thinking about it and worrying. Related posts: Working in Singapore has been made easier to foreign nationals. While being a local offers unparalleled opportunities, a foreigner can also enjoy certain benefits and advantages of working in the country with Employment Pass, a type of work visa issued to foreign professionals and owners or directors of Singapore companies, and S Pass, which is aimed at foreign mid-level skilled workers. The Employment Pass visa allows you to work and live in Singapore, as well as travel in and out of the country freely without the need for entry visas. Having the EP visa can also be your ticket for a permanent residence visa later on. You can apply for Employment Pass if a) you a director or owner of a Singapore company, b) you are an owner of a Singapore company and are hiring foreign employees, or c) you are hired by an employer in Singapore. S Pass, meanwhile, is a type of working visa that is for middle-management level foreign employees or skilled workers who earn a minimum of SGD 1,800 a month. The number of S Pass holders a company can hire is capped at 25% of the company's total workforce. Those who want to work in the country but are citizens of other nations can apply for Employment Pass if they have the right educational qualification and income. You need to have a fixed salary of more than SGD 2,500 a month. You also need to have a tertiary level education from a reputable university and a professional experience. If you don't have a good educational background but are still eager to start a business and relocate to the country, you can opt for an EntrePass Scheme or Entrepreneur Pass visa instead. The Employment Pass is normally valid up to two years and subject for renewal thereafter. Depending on qualifications, EP holders can apply for permanent residence visas from six months to two years. You can also apply for Dependent Pass for your family. S Pass holders need to earn a fixed monthly salary of SGD 2,500 in order to be allowed to bring their spouse and children under 21 years old to the country on Dependent Passes. S Pass is also initially issued for one to two years, depending on the discretion of authorities, and can be renewed thereafter. Holders are also eligible to apply for permanent residence, but may only do so after four to five years. Singapore offers a competitive yet friendly working environment for all, including foreigners. You can take advantage of the opportunities that are presented in the country. Employment Pass and S Pass can give you benefits due to employees and residents. It may also be your first step in getting a bright career in the country. Related posts: Company formation is probably the best option contractors can do to carry out their business. Contractors, who are self-employed individuals who work on a specific project for companies on a fixed term, may find themselves with no clients if they don't have a company to represent them because large organizations prefer to work with other companies and not individuals. To rectify this situation, some contractors choose to get hired using umbrella companies, which act as middlemen of the contractors to find work from large companies. Umbrella companies basically acts as an agency for individuals. They bill companies for the contractors' work while they charge the contractors for finding them work. This type of company makes contractors' job in finding work and billing large companies, but it also takes away some of the profits contractors would have earned directly from companies. Company formation is another option contractors can do. If they have their own company, they don't need to depend on umbrella companies to find work. Company formation allows contractors get bigger share of the profit because they can pay themselves in dividends. Carrying out a company formation is subject to a lower tax threshold. This is because the contractors, or the business owners, pay themselves dividends as opposed to a pay system if they are registered as self-employed. Other advantages of company formation for contractors are security and protection. A private limited company is a separate legal entity from its shareholders and directors. Its existence does not depend on whether its owners quit or stay so employees under them can rest assure that their company is not going anywhere. With company formation, contractors can be easily recognized by large organizations. Big companies don't recognize individuals but they recognize other companies. No matter how good one is with his job, big companies won't hire him as an individual, but may hire the organization that he is employed under. Company formation offers contractors more security and protection than by just trusting organizations to find work for them. A few disadvantages that it carries certainly do not outweigh the advantages it can bring. Related posts: Starting a business requires a lot of strategic planning. From the conception to the execution, everything needs to be planned out accordingly. Because all things need to run smoothly, you need to make sure you have healthy finances to run your business. Hiring accounting services is probably the smartest move to take to avoid major setbacks. Hiring accounting services will let you focus on other matters that are often overlooked. Accountants from firms can tell you if you have been lacking funds in one department and have superfluous in another. They will also be able to tell you which unit is underperforming and which one needs more attention. The financial state of the company is not just one aspect of the business. It dictates whether the company still has a leg to stand on or if it is time to rethink its strategy. Getting accounting services allows you to analyze the productivity of a business; thus, allowing you to make sound financial decisions. This is true regardless the size of your business. Other business owners think that a third party accountant is an unnecessary expenditure. However, hiring accounting services from outside your company may just be your business' saving grace. Getting your own in-house accountancy staff may appear ideal for your set-up, but this may just prove to be more expensive than you think. When you have accounting staff members at your permanent employ, you need to give them all the rights and benefits your other employees are also getting. The cost of having extra employees is oftentimes higher than the cost of hiring accounting services from other companies. Outside accounting services see your business in an unbiased view. Whatever financial report they generate, it is sure to be balanced and impartial to any issue or section. This allows you to see the true state of your business and monitor your business easily. No matter how big or how old your business is, it would not thrive without sound finances. Hiring accounting services not only gives you a clearer view of every aspect of your business, but it also gives you what most businesses struggle to have: time. Related posts: Running a business requires you to have at least basic math knowledge. You need to know how to compute for your losses and profits. But basic accounting is not enough if your business employs people and you are gearing towards expansion. You also need to know the law. You need accounting services. Employing accounting services can do wonders for your business. Paying your staff their due salary and benefits is not optional. Filing your taxes on time is obligatory. Doing them correctly is also mandatory. That is why basic math knowledge is not enough when you are running staff and growing a business. Balancing the books is not an easy feat for others who are not trained to do so. In every business, manpower is considered highly valuable. Treating them right and giving them their due wages is a responsibility that you should take very seriously. Commissioning accounting services will help you pay them off in a diligent manner. Another puzzling business concern is the filing of tax forms. Basic math knowledge doesn't just cut it. You need to know taxation law. Make no mistake about it, incorrectly filing your tax forms could land you in jail. Accounting services can make sure that this step is done correctly and on time while you concentrate on other aspects of the business and in the process, saving you from serious legal troubles. Accounting services employ Certified Public Accountants or CPAs who really know what your numbers mean and can do for you. Because they monitor your financial records, they can tell you how much impact hiring new employees can cause your business financial wise or if adding new office equipment can be considered a good investment or a bad choice. CPAs should help you prepare and monitor your finances. By outsourcing that area in your business, you will be able to better run your company. Accounting services simply help you maximize your business' financial potentials. You may know how to run your business, but accounting services can help you make sound financial decisions that have huge impact on your company. Related posts: One of the most important contributions of corporate secretarial services to one's business is timely advice about corporate governance issues. So, considering that good corporate governance is such an essential factor for the entire company's performance, it would be a good call to identify the attributes needed to create successful corporate secretarial services. Providers of corporate secretarial services must thoroughly understand the company's nature of business. This is an essential trait, considering that a corporate secretary must ensure that the members of the company's Board constantly have proper advice and resources for accomplishing their duties under the mandates of law. The corporate secretary must also make sure that appropriate records are kept that the members of the company's Board are acting as prescribed by law. Most providers of corporate secretarial services are lawyers. This is no accident because the next core attribute requires a corporate secretary to have a basic, working knowledge of corporate and securities law. In some companies, corporate secretaries are responsible for training incoming directors as to their duties that have been specified by the law. Also, corporate secretaries see to it that the correct actions and procedures are followed in major company matters, e.g., making sure that prior to a major acquisition, the right persons are present to review fairness options and matters of diligence. Another necessary attribute that should be possessed by someone who renders corporate secretarial services is the "presence" or the impression that the individual is absolutely the person for the job. Furthermore, the individual must be able to support this impression with impeccable communication skills and a high level of intelligence. Moreover, highly effective corporate secretary must be gifted with the art of diplomacy, as he or she will often be required to mediate on company matters and achieve consensus. Lastly, providers of corporate secretarial services should not lose the ability to diffuse tension in the boardroom with a light injection of humor, as well as have a sense of balance no matter how much pressure there is on the job. Dealing with taxes can be a huge dilemma knowing that you have to make everything right from the time you prepare tax returns to submitting it to the government. However, tax filing continuously evolve through the years which started from tax professionals collecting data from taxpayers, rummaging through a mess of tax information on bills and receipts, spending an unimaginable time manually filling out required tax forms as well as doing calculations. Nowadays, everything becomes definitely easier with the online tax filing and e-file, professional and consumer tax software and yet we still can't tell the future of tax filing. With the latest development on software which even individuals can prepare and make basic computations for their taxes. Gone are the days when you have to wait a while for the returns, paying high fees for a tax professional. Do-it-yourself tax software can clearly help out a simple taxpayer with simple returns, but for the rest who have more complex issues in paying their taxes, unexpected errors might crop up which may result in higher taxes to pay and doubled IRS audits. In which case, a tax advisory becomes necessary to avoid losses caused by these errors and having a tax advisor to give you guidelines in transacting businesses and tax planning before any further move. After everything has been prepared and ready to be filed, there's no need to print, sign then go to the post office to submit the IRS because you can do it all online! The highest level of hassle-free way of sorting out your taxes without having to buy software! You can do it anywhere else as long as you have an internet connection. You can now send all the data of your tax returns to the government via online tax filing and it's popularly known as an E-File. When you have your returns E-Filed, this would facilitate faster transaction and the best thing about it is there are no transmitting fees. Foreigners traveling and shopping in Singapore often crunch their eyebrows in perplexity when they see the initials GST on their receipts not knowing why it's there. Actually, GST in Singapore stands for Goods and Services Tax. In other countries, they regard this type of tax deduction as VAT or Value Added Tax, a consumption tax that is levied on the supply of goods and services in Singapore as well as the import of goods into Singapore. This does not become a burden to businesses because GST in Singapore is charged to consumers and their main role is to simply collect GST from their customers. As of now, GST registered businesses apply an indirect tax of 7% to the selling price of goods and services. A company is only required to register for GST if the annual turnover of the business is more than 1 million SGD or if your business is running really well and you can reasonably expect the turnover to exceed 1 million SGD and this falls in the compulsory registration category for GST. On the other hand, the other category is the voluntary registration wherein a business may voluntarily register for GST if your annual turnover does not exceed 1 million SGD, you export goods (considered as out-of-scope supplies) and you have exempt supplies of financial international services. So what do you really get out of GST? What are the advantages? Well, there are those who measure the success and the growth of companies by how much money they make. Which means that to individuals and businesses, the major benefit of GST in Singapore is that it will give the customers the impression that you have a well established business and that operate a large scope of businesses. GST in Singapore is also applied on consumption and not on savings and investments that is why it has always been considered as a fair tax system. Self-employed individuals only pay taxes when they spend so this will encourage people to save and invest more. For company owners, cost is reduced when they transact and do business with others since the tax payer is actually the end-user. Singapore allows foreign professionals and mid-level skilled workers to legally work in the country as long as they are holders of employment pass/s pass. Depending on your monthly salary rate in Singapore, a particular employment pass may be granted. Accordingly, there are different types of Employment Pass (EP) and it's the responsibility of the employers or companies who hired a professional to apply for an EP. This means that the employer usually acts as a sponsor or guarantor. Foreign professionals with recognized degree and qualifications earning a fixed salary of at least $2500 each month are given an EP, while other skilled workers earning at least $1,800 may be assessed in S Pass category given that they have enough qualifications and working experience on their chosen field. The companies can already start processing an employment pass/s pass before the foreign professional's arrival into the country but will only be completed once the EP gets attached to the passport after handing it to the authorities. A minimal fee is rendered upon application of each employment pass/s pass and there's a two to three weeks allotment for processing. However these days, more and more companies choose to delegate the task of employment pass/s pass application to private agencies specializing in this matter. They are responsible for gathering all the necessary documents, processing the application, delivering results and checking and updating statuses. Application may be done online through the MOM website or lodge an application form via SingPost (a collecting agent appointed by MOM). All required documents shall be completed and provided by the foreign applicant for processing. Upon approval, the applicant will be issued with an In-Principle Approval letter with six months validity that will allow them to work for a month before they receive their Employment Pass. The validity of the actual Employment pass/s pass is usually for two years and renewable for up to three years. There has been a lot of talk about the best places to start up your business considering the environment, cost and a lot of potential for growth. In Asia, the dominant players have always been Hongkong and Singapore and it's still an ongoing the debate on which offers more advantages especially for foreign businessmen. Is company incorporation in Singapore better and easier than in Hongkong or the other way around? Let's have a quick analysis. Here are the noteworthy differences between the two countries although both of them absolutely allow foreigners to own their own businesses. It seems that for minimum statutory requirements, Singapore requires less which means that basic expenses in setting up a business is lower. A minimum paid up capital of SGD 1 is required in Singapore without an authorized capital requirement unlike Hongkong that charges a capital of a mere HKD 1 with an authorized share capital of HKD 10,000 on top of it which is represented by 10, 000 ordinary shares costing HKD 1. Moreover, company incorporation only takes a day in Singapore while its rival could run between 4 to 7 days which may not be a lot of waiting time but it says something about the efficiency of the process. Fees for company incorporation are SGD 315 in Singapore and HKD 1, 720 with an additional HKD 1,000 capital fee (capped at HKD 30,000). Company registration certificate is also being paid in Hongkong for HKD 2,450/yr and HKD 6,550 for 3 years while you don't have to worry about anything concerning it in Singapore because it's for free. Corporate tax rates between Singapore and Hongkong also varies as Singapore's effective tax rate for profits up to SGD 300,000 is below 9% and beyond that is already 17% while Hongkong's fixed corporate income tax rate is 16.5%.
Singapore Business Formation Procedure and Guidelines Resource Get more information about Singapore Business Registration at http://www.e-sandhurst.com.
Two types of businesses can be registered in Singapore. The first and the easier to register is the sole proprietorship, which, as the name indicates, is owned by only one person. The other type is the private limited company which must have less than 50 shareholders, and which needs to fulfill several Singapore company registration requirements. Singapore company registration, both for single proprietorship or for private limited companies, requires a business name to be registered and the application of incorporation. The paid-up capital for both types of business is the same - S$1. This is what most green horns in establishing a business appreciates in Singapore's pro-business environment. Singapore company registration is filed with the ACRA, or the Accounting and Corporate Regulatory Office of Singapore. ACRA plays the role of the regulator of all the businesses and of the accountancy profession in the country. For private limited companies, Singapore company registration has the following requirements: 1. Business name and application of incorporation. The business name should not be an existing and already registered name, should not contain any vulgar expression, and should not be restricted by the Minister for use by the public. 2. The company has to have at least one shareholder and one director, who can be the same persons, although most financial institutions require two signatories so it is best to elect a separate shareholder and director among all shareholders which can be up to 50. 3. One of the directors must be at least 18 years old, a Singapore citizen or permanent resident, an Employment pass, Approval-in-Principal Employment pass, or a dependant pass holder. 4. A physical business address must be provided. A P.O. Box is not accepted. 5. The private limited company has to have a dedicated and competent secretary within 6 months of the registration. He or she is supposed to be knowledgeable of the administrative requirements of the business. As with any application, Singapore company registration can be simplified, seamless, and stress-free if all the requirements are in order. Service providers facilitate this in sure-fire ways. This will then assure business owners of a timely processing at agreed-upon service fee, something that is important especially for those who have a conservative beginning capital and who desire to start operating as a legal business entity the soonest time. For more information, visit www.e-sandhurst.comSingapore Incorporation Services - Incorporating a Company in Singapore
Guidelines In Incorporating A Company In Singapore
* Statutory Declaration of Compliance
* details of the company's shareholders, secretaries, directors, etc.
* Certificate of Identity
* Notice of Situation of Registered Office and Office Hours at time of Incorporation
* Consent to Act as Secretary
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Guidelines In Incorporating A Company In Singapore
* Statutory Declaration of Compliance
* details of the company's shareholders, secretaries, directors, etc.
* Certificate of Identity
* Notice of Situation of Registered Office and Office Hours at time of Incorporation
* Consent to Act as Secretary
* and Consent to Act as Director and Statement of Non Disqualification to Act as Director
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* undesirable
* identical to another existing company name
* or has name or trademark similar to established names
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Singapore Business Formation Procedure and Guidelines
Countless foreign companies are nestled in Singapore's Central Business District, ranges from banking, insurance and law offices, to style and art companies, to bar and restaurant chains. Based on the Singapore Economic Development Board, greater than 7,000 multinational companies have registered an organization in Singapore like a regional or global headquarters up to now. Singapore company registration is also a very popular selection for international entrepreneurs, and SME's, desperate to register any type of business. The key reason for this appeal may be the quick and efficient procedure of registering a company in Singapore.
A typical Singapore company registration procedure with the aid of a service firm is really as follows:
(i) A Singapore company name and corporate structure are determined. The service firm chosen to assist register your organization in Singapore presents the application for the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The approval/rejection normally comes quickly unless the pending name must be reviewed by an external authority, which might then take 1-3 weeks for notification to be received.
(ii) If the details are approved, a minimum of one resident individual director (corporate directors are not allowed) is appointed. A resident is classified as a Singapore Citizen, a Permanent Resident, a person with an Entrepass, Employment Pass or Dependent Pass.
(iii) At least one shareholder needs to be appointed. The most number of shareholders a private limited company can have is 50. A director and shareholder can be the same person.
(iv) The minimum authorised share capital for any Singapore registered company is S$1.
(v) A Unique Entity Number (UEN) is given to the company as its identification number.
(vi) A certificate of incorporation is provided by ACRA and the company details can be seen in the ACRA online public register.
Foreigners wishing to register a company in Singapore need to consider several impacting factors. Included in this are:
(i) You have to be 18, or maybe more, yrs . old.
(ii) You can not be an undischarged bankrupt, otherwise, permission should be gained in the High Court or official assignee.
(iii) Unless the foreigner is really a Singapore Permanent Resident, they must make an application for an Entrepass in order to take part in operation of your business in Singapore.
(iv) Alternatively to an Entrepass, a foreigner may appoint a local resident director to finish their Singapore company registration. This means the foreigner may then still live outside of Singapore.
The business will benefit from many factors once you have registered in Singapore, such as tax exemptions and incentives, Singapore's sophisticated transportation system, Singapore's key convenient location in Asia, the influx of investment opportunities, Singapore's protection of Intellectual Property Rights, and more. Singapore isn't only an easy spot to register an organization, but, based on the 2010 Doing Business Report, it's also easy and simple place to do business on earth.Singapore Business Set-up Guide for 2011
Two types of businesses may be registered in Singapore. The first and the easier to register is the sole proprietorship, which, like the name indicates, is ran by a particular person. The other one type is the private limited company which should have below 50 shareholders, and which should satisfy numerous Singapore company formation specifications.
Singapore company setup, both equally for sole proprietorship or for private limited companies, needs an enterprise name to become registered also, the application of incorporation. The paid-up capital for both sorts of organization will be same-S$1. This is what most green horns in establishing a small business appreciates in Singapore's pro-business environment.
Singapore company registration is filed with the ACRA, or the Accounting and Corporate Regulatory Office of Singapore. ACRA plays the duty of the regulator of each of the businesses and of the accountancy sector in the nation.
For private limited companies, Singapore business incorporation has the following requirements:
1. Business enterprise name and application of incorporation. The small business name really should not be a current and already documented identity, can not contain any vulgar name, and should not be restrained by the Minister for use by the common public.
2. The business must have one or more investor and one director, who could be the very same persons, although a great number of financial institutions need two signatories therefore it is advisable to choose a separate shareholder and director among all shareholders that can be up to 50.
3. One of the directors should be not less than 18 years of age, a Singapore citizen or permanent resident, an Employment pass, Approval-in-Principal Employment pass, or a dependant pass holder.
4. An actual enterprise address have to be presented. A P.O. Box can not be authorised.
5. The private limited business ought to have a dedicated and knowledgeable secretary within half a year of the registration. He or she is assumed to become well-informed of the administrative specifications of the enterprise.
As with every application, Singapore busines setup tend to be simplified, smooth, as well as stress-free if or when all of the requirements are in order. Service providers enable this in sure-fire approaches. This will then assure small business owners of a prompt processing at agreed-upon service fee, something which is vital for individuals who have a conservative beginning capital and who want to start out running as a legal small business business the soonest time possible.
Get more information about Singapore Company Formation at http://www.e-sandhurst.com.
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Requirements For Private Limited Singapore Company Registration