Asiabizservices Explains Singapore Private Limited Company Setup

Singapore leads the world in providing robust and effective entrepreneurship policies. Evidence to this is the thriving economy it maintains and its strong political governance. The city-state takes pride on its peaceful living conditions for residents and foreign individuals.

It created the Action Community for Entrepreneurship, an organization that provides information resources such as a link to a library of archived articles, feature stories, reports, press releases, and speeches. Its portal also features news and activities, and a calendar of events.

Its business policy is friendly and attractive allowing 100% ownership of company shares by a foreign investor or a foreign company. Businessmen from around the globe flock to Singapore to expand their business or to explore its business potential.

Incorporating a company takes simple steps with straighforward requirements. Asiabizservices elaborates on this matter with foreigners as the primary investors.

“Foreigners can incorporate a private limited company or limited liability partnership,” says Asiabizservices in an opening statement, “both structures are clothed with legal personality and thus, treated as a legal entity separate from their owners.”

A private limited company is ideal for investors who have substantial development and growth plans. It requires a minimum of 1 shareholder and a maximum of 50, with a local resident director as the head.

“A local resident director is essential should the investors opt out for relocation,” explains Swee, “nonetheless, if investors prefers for relocation either for themselves or for their staff, a labor pass suffices for appointment of a resident director.”

Asiabizservices continues saying that a private limited company needs a company secretary that holds principal residence in Singapore, a local business address that is not a Postal Office box, and a minimum paid-up capital of S$1. Its business name must also be unique, without infringement and unsuggestive of obscenity.

“It is recognized as a resident company hence too, it is eligible for tax exemptions,” Asiabizservices adds specifying that for newly incorporated companies, a zero-tax policy is implemented for the company’s first S$100,000 accumulated revenues for its 1st 3 years of assessment. On the next S$200,000 company profit, an additional 50% exemption on corporate tax is awarded.

Moving forward, a limited liability was introduced to investors in Singapore in 2005 to address the needs of chartered professionals with the intention of working together. It protects co-partners from liabilities that may emerge from misconduct or negligence of other partners.

Its minimum requirement for partners is 2 and does not have a limit on the numbers of partners appointed. Also, partners who may be a natural living person or a corporate entity can own and run the business without the need to appoint directors, shareholders or a company secretary. Nevertheless, there should be a local manager if the investors are of foreign nationality.

About the Publisher:Since its inception, Asiabizservices has served the community by taking charge of Singapore company registration, incorporation of a company, processing the necessary working visas of entrepreneurs or employees, and providing services such as accounting, secretarial and statutory compliance with certain requirements.

AsiaBizservices is a company that provides Singapore company incorporation services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law,

Singapore accounting services and book keeping requirements, and other compliance matters stated under the Singapore law.

For more information:AsiaBizServices.comaddress: 120 Telok Ayer Street Singapore 068589phone: +6563034614email: sales@asiabizservices.comwebsite: http :// www . asiabizservices . com /