endwimpyinsurance singapore business

Doing Business in Singapore

There are today many businesses that do business in Singapore as due to its location, it is the hub of east west trade. It is perhaps Singapore’s location which has helped it to become one of the most important countries in trading between the east and the west as it is located directly on the main shipping route and has a large port. This location has helped to make Singapore wealthy and today it enjoys, what Forbes has ranked, the position of third wealthiest country in the world. That wealth is reasonably shared among all the country’s citizens as it is said to have the highest quality of living standards in all of Asia. Singapore’s political system is stable and that also encourages businessmen to use the country as either a branch of their company or as its headquarters. These factors have all contributed for many companies wanting to register in Singapore and for those that do;Singapore Incorporation Service (SIS) can help.

This is a Singapore based business which specializes in assisting foreign companies to meet the requirements needed in order to register in Singapore. Among the requirements is an agreement that records and accounts for business conducted in Singapore will be recorded and they will be recorded by a corporate secretary that is a Singapore citizen. Another requirement is that a director will be nominated that is a Singapore citizen, a permanent resident in Singapore or a foreign national that has a valid Singapore employment card. A third major requirement is that the company must set up an office in Singapore. This regulation insists that it is an office and not just a box office affording a postal address. The office must be staffed and open for business during all regular Singapore office hours. Depending on the company seeking registration and their intentions, these regulations may or may not be problematic but SIS can help either way. If a company does not have a director that has an employment card, SIS can recommend someone to be a nominal director.

This director of course is one in name only for purposes of satisfying the needs of the Singapore government and so does not have to have any authority as far as setting future plans for the company or even to have a say in the company’s financial matters. SIS can also provide someone to fill the corporate secretary position or, in some instances offer to fill that position themselves. They can also assist a company in finding suitable office space and once again provide staff for the office if needed. One of the advantages companies have if they opt to move to Singapore is that the country is known to be the best in the world for being able to provide, suitably qualified staff which is not the case in most countries. Most companies that have already registered in Singapore enjoy a taxation rate that is one of the lowest for businesses in the world and yet is not considered as a tax haven.