Learn About Singapore Company Formation

in Singapore

If you are interested in setting up your business in an excellent business environment, you should seriously think about taking your business to one of the best Asian country - Singapore, that is. Singapore company formation is made easy for foreign entrepreneurs by many providers. The tourism industry there is conducive to being profitable. Visitors from all over love to go to Singapore to experience its diverse culture. Furthermore, the political structure is sound and open to visitors. The People's Action Party is the dominant party in the country, and is highly involved in planning, managing, and administering socioeconomic development in the country.

Singapore's infrastructure is also state-of-the-art, making for an efficient and enjoyable visit. Their communication systems are modern and the road systems intricate and well thought out. The seaport is one of the most widely used seaports in the world. It is a free port with no customs or excise duties on most items.

Major international banks, financial institutions, accounting firms, investment management firms, and law firms thrive in the business district thanks to encouragement from the government. They have created generous tax and financial incentives for investors there. The Singapore government has been successful in attracting companies in media & communications, shipping, financial services, and technological industries. English is also the most widely used language there, which makes Singapore company formation conducive to a worldwide business.

The Singapore Companies Act allows for foreign persons or entities to be 100% shareholders, and there are no restrictions on the types of companies that can be formed there. There are also no specific approvals required of foreign persons, which makes it just as easy for a foreign investor to own a company in Singapore.

The Singapore government has made creating a company there logistically easy by computerizing the process. The two major factors which take time in forming a company are name reservation and signing incorporation documents. Signing documents overseas adds a few days time to the incorporation process.

To incorporate, the government requires a resident director, but not for the company to actually operate out of Singapore. The resident director must be a permanent resident, a Singapore citizen, or an Employment Pass or Entrepreneur Pass holder for the company for which he or she will represent as the resident director. The Employment Pass and the Entrepreneur Pass are types of work visas.

In order to start a company in Singapore, it is not even necessary to ever go there. However, it may make the process easier for your company. Incorporation documents can all be transmitted electronically or in the mail, but many banks in there require face-to-face interviews with company stakeholders. Many companies who will help you form your company will set up this meeting for you.

A company incorporated in Singapore, Singapore company formation, can hire foreign staff, as well. Employees will need work passes, and each type of employee may need a different type of work pass. However, companies which specialize in forming companies in Singapore will help you sort out these details as well.

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This article was published on 2010/12/23