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Benefits & Important Features to Know before You Register a Company in Singapore

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When you want to relocate or create and register your business in Singapore, it is essential to first know all the things that are concerned with it, especially the laws, ordinances, and other limiting factors. Thus, it is also very important to know that almost all Singapore based companies are registered as private limited companies. This only means that your company should have a separation of the legal entities and shareholders for them not to be held liable for any debts the company will accumulate beyond what they contributed (share capital). By doing this it helps lower the tax which makes it very good for any business or company.

Singapore Company Registration

With this guide, you will know the overview on how to set up a business and the requirements needed in registering and setting up a business in Singapore. Like any other country, there have already been ordinances and laws that have been laid in Singapore when setting a business. There are strict requirements that must be accomplished. So, in order for your business to flourish then it is advised to seek the services of accounting firms for the mentioned purposes.

Singaporean companies are required to have a resident director and secretary. That means that you need to have a local citizen, or someone who has a permanent residence there to be a director or a secretary. There is where the “EntrePass” comes into play; it is an employment pass that allows you to set up company in Singapore without being a permanent resident.

When you want a business set up in Singapore, it is recommended to hire accounting companies to form a company for you. They set up company in Singapore by using their very own staffs as the directors and secretarial positions. This means that they are the one that are going to hire you as one of their employees. With this it only means that you will need to apply for a normal EntrePass or employment pass. You need the Pass before you can become an employee of your own company, and a director or a shareholder as well.

Temporary Employee and Secretarial Fees

As you are waiting for your EntrePass to be accepted, you are not allowed to be involved in any meetings and proceedings until you are properly employed in your company. Additional fees are most likely to be required for the secretarial services, which mean they are the ones that you have control off. They will provide you with all of your queries and business related decisions. While most of their service might be useful in such extent, it is still a big sum of money to pay their salary, which will burden you in the end.

Conclusion

In the end, having financial or accounting services in Singapore is needed to allow you to have a smooth going business. If you don’t want to have any complications when you set up business in Singapore, then opting for those auditing firms is a must.


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