Registering a Company in Singapore

Registering a company in Singapore is becoming an increasingly popular thing to do and has already seen many companies register. The biggest reason for a company to register in Singapore is, although Singapore is not considered to be a tax haven for businesses, it does still offer businesses a very low taxation rate. As well as Singapore offering very reasonable tax rates today, it can be relied on to keep those rates long into the future as its political system is very stable, therefore devoid of turbulent financial variations. The government of Singapore encourages companies to register there as it is business which has created Singapore’s wealth, making it the third wealthiest country in the world today. That wealth that Singapore enjoys can be enjoyed by anyone that moves there as it is known to have the highest standard of living rating in Asia. The wealth also contributes in ensuring that the country is well-educated and qualified in many aspects of business, so much so that it is rated number one in being a country which can provide a good quality, qualified workforce for whatever business decides to move there. Even though the government does encourage companies to register there, they still maintain certain criteria which a company must agree to in order to register and as some of these criteria may be a little tricky for some companies to meet, there are businesses in Singapore that will assist them. Known as a company incorporation business, these businesses will assist a new or foreign company to find suitable staff or to find suitable premises from which to place an office. This is of great help to foreign companies as some of the regulations which are to be agreed to before a company can register are:
• Nominated Director – This is a requirement that a company must agree to nominating a director that is either a Singapore citizen or a permanent resident in Singapore. Although this nominated director may not play an active role in deciding which direction the company should go or what to use its finances on, it is this director that the government will turn to for any answers they may seek about the company.
• Corporate Secretary – This is a position that must be held by a Singapore citizen and is the post that will ensure that the governments requirement of keeping records and accounts for any business transacted in Singapore, are kept correctly and accurately.
• Office Space – There is a need for any company seeking registration in Singapore to have an office there. This must be an office which is open during regular office hours and so cannot be just a Post Office Box number.
With the assistance of a business based in Singapore, none of these criteria are hard to meet and so there is no delay in a company being able to successfully register in Singapore and start to enjoy the benefits that come with it. This probably means that many more companies will register in Singapore again this year.