The Importance of Singapore Company Setup
Singapore is considered as one of the biggest financial hubs in the world. It is a huge player in world trade and has the world’s fifth busiest seaport. Singapore is considered the most attractive location when it comes to establishment of corporate presence. The easy and manageable procedure for setting up a Singapore offshore company adds to its attraction power with investors. It is strongly recommended to have an advice from an expert if planning to have a business in Singapore. By doing so, you become guided with the legal issues and other financial matters.
In the first place, why is it recommended to establish a company in Singapore? One important thing is that there is an intention to live in Singapore by the individual concerned. Among the cities in Asia, Singapore is widely known to be one of the best countries to live in. This results to Singapore becoming recently one of the most expensive places to live in.
In Singapore, there is increased cost of living as well as a reliable taxation regime for Singapore offshore companies. This attractive tax regime caters not only to individuals but to companies as well. An example of which is that there is no local tax liability on profits gained from non Singaporean sources which is subject to certain conditions. Included in these conditions are dividends and income coming from sources abroad. Companies which are well-structured and incorporated in Singapore are exempted from tax on their profits earned abroad.
Singapore provides a very easy process when it comes to company set up, but still the authorities implement some guidelines to make sure that everything would be legal so as to maintain the reputation of Singapore.
The law permits a low capital. Indeed the Republic is regarded as one of the easiest places in which to operate a company from the point of view of regulatory obligations. Main requirement is that the director should be from Singapore or a Singapore resident. There is a need to hire a professional service firm in order to aid you in the whole process of setting up the company.
Singapore is known as a “tax haven.” This is because Singapore has a low tax jurisdiction which is most viewed by revenue tax authorities with much suspicion. No worries in putting up a business in Singapore since the country is very stable, politically and economically.
The Singapore government is very much friendly and accommodating to business. There are local consultants ready to help in office services. Restrictions are lessen when it comes to fund transfers and international financial transactions. When it comes to fund transfers and international financial transactions, there are less restrictions. The World bank has voted Singapore as the world’s “easiest places to do business” in 2010. All documents should be in the English language at all times. An annual financial statement shall be submitted to the Inland Revenue Service by every company with a total sales of S$5 million. Sixty countries have entered into an agreement with Singapore with respect to double taxation. Some priorities such as a strong legal framework and strict protection of intellectual property of companies is given by Singapore to its investors. When it comes to information technology, Singapore is one of the top three countries in the world. Singapore is now ranked as the third largest country in terms of foreign direct investment. Singapore offshore company set up is now the main attraction for investors worldwide.
Rikvin has effectively facilitated Singapore company setup and form a Singapore company for both non-resident and resident financiers build business firms in Singapore.
Incoming calls in our phones are answered by live persons and not by an answering machine. We recognize the importance of your time and we are aware that technology cannot replace a person most especially, when we need to make vital business moves. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887.
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