Relocate your company in Singapore following some rules
Asian countries are developing quite fast competing with the rest of the world; among several of these Asian countries, Singapore is one of the leading countries which has made huge progress in business and commerce. It is often considered that Singapore has got one of the best business environments in the world and each and every company based in Singapore has attained huge success. If you are planning to establish your company in Singapore and spreading your business in there, then it is no doubt a very brilliant idea and can help you to a large extent to reach your goal. The popularity of the business environment of Singapore has reached such a limit that the entrepreneurs of several well renowned companies have started their business in this country. There are several reasons which have made Singapore such an ideal place for any sort of business; the favorable business environment, minimal amount of corporate tax, helpful government policies etc have helped the newly established companies to a large extent. It is always for any company to start a business in any other country; but it has been noticed that the problem is the least in Singapore.
There are several things which a company owner requires to setup company in singapore; it is impossible to reach their goal if they do not meet these minimum requirements. Some of the most essential things needed to setup company in Singapore are,
1. The company must have a director, at least 1 shareholder and a company secretary. The director whom you are going to choose must be permanent resident of Singapore or must be a Singapore employment pass holder. Besides, the person whom you are going to choose must have a clean police record.
2. The business law of Singapore allows the companies to have maximum of 50 shareholders, but if you are going to start a new business in Singapore, you should have at least 1 shareholder and gather the rest shareholders within the first 6 months.
3. The minimum initial paid-up share for the newly established companies in Singapore is $1 and your company must meet this requirement to incorporate company in singapore. However, once a company becomes an entrepass holder, the paid-up capital reaches $50,000.
4. Your company in Singapore must have a permanent office address which registered to Singapore.
5. One of the most important steps is obtaining a bank account in Singapore; it will make paying bills and receiving payments from the customers and clients easier for the company.
6. If you are bringing employees with you to Singapore, then those employees must have employment passes to carry on with their work in Singapore.
7.The goods and services tax in Singapore is quite low, but you must have GST registration to continue your business without any interruption. However, if your annual sales exceed a million, then you have to pay quite a good amount of GST.
You can consult and appoint any well-known incorporation specialist in Singapore to incorporate company in Singapore.
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