“It’s
not about ideas. It’s about making ideas happen.” - Scott Belsky,
co-founder of Behance.
When
we talk about Singapore company registration, a few things matters.
The most critical among them is whether you are a dreamer or a doer
who is ready to back his business idea with some meaningful action.
Your
first meaningful action could be that of making a detailed business
plan and then, taking it to your mentor for his or her opinion on its
viability. You also need to think about the type of business
structure you are going to choose for your company registration
Singapore.
Liability
of the Shareholders of a Pte Ltd
A
Singapore private limited company (Pte Ltd) is a very powerful
business vehicle. A Pte Ltd is a legal person and is responsible for
its losses and debts. It means the liability of its shareholders is
limited to the amount they have paid to buy its shares. Their
personal assets are not used to pay the debts of the company and
remain unharmed.
Singapore company registration |
Singapore
is not a Tax Haven, it's value-adding Hub
Contrary
to the belief held by a few individuals, Singapore is not a tax
haven. It is true that the country has lower tax rates with headline
corporate tax of 17% and personal income tax of 20%. It also applies
no taxes on the capital gains obtained through the dividends
disbursed by the Singapore companies.
According to the Company Act, at the time of Company Incorporation Singapore you need to provide details of at least one local director who is a Singaporean Citizen, Permanent Resident or an Employment Pass or EntrePass Holder. It also needs a local company secretary.
Though
the Singapore authorities are pro businesses, there is no laxness in
implementing the laws and punishing the offenders. All of these
factors make a company incorporation Singapore, both attractive and
reputable to the honest and hardworking business owners.
Pte
Ltd: Why Incorporate a Company in Singapore?
As
a startup entrepreneur, you have the option of registering a Sole
Proprietorship or one of the types of partnerships in Singapore.
However, these are considered as the business firms and not as the
incorporated companies.
The
general public considers incorporated companies more credible. That
is why it is relatively easy for the Pte Ltd companies to establish
their brand name. It helps them in raising funds from the banks and
investors. They are legal persons and can buy and sell real estate in
their name.
Singapore
Taxation
Singapore
tax authorities give substantial support to the startup and existing
businesses. They offer a variety of tax benefits, incentives, and
rebates to bring down the operating costs of the businesses.
- For the first three years, a Singapore startup's taxable income of up to S$100,000 is tax-free. Next, S$200,000 is taxed at 8.5%, and its income above S$300,000 is taxed at 17%. subject to comply of certain conditions.
- The existing Singapore registered companies get partial tax exemption. For the YA 2016 and YA 2017, they will get a 50% Corporate Income Tax Rebate which is capped at $20,000 for each YA.
- To ease the cross-border trade for its companies, the Singapore has signed more than 60 comprehensive DTAs and 7 limited DTAs1 with other countries.
It
is easy to set up a company in Singapore. The incorporation process
is simple and can be completed online using the website, BizFile,
provided by ACRA (Accounting and Corporate Regulatory Authority).
Normally, Singapore company registration takes only 1-3 days. The
foreigners are advised to take the assistance of Singapore
incorporation services as the process needs SingPass ID at the time
of logging on the website.
Contact
us:
SBS Consulting Pte Ltd
High Street Centre,
17-02, 1 North Bridge Road,
179094 - Singapore Phone: (65) 6536 0036 Email: info@sbsgroup.com.sg
SBS Consulting Pte Ltd
High Street Centre,
17-02, 1 North Bridge Road,
179094 - Singapore Phone: (65) 6536 0036 Email: info@sbsgroup.com.sg
Bestar gives counselling, monetary advisory, hazard advisory, tax, and related administrations to choose customers. Are u looking for accounting firms in Singapore? Visit our website
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