Company formation in Singapore is very popular among foreign companies who are looking into growing their operations in the East, and it is no surprise at all given how much Singapore has developed during the past years. With favorable tax schemes and tax treaties, Singapore is absolutely a business-conducive environment for companies.
If you are a corporate entity and looking into the ways to register a business in Singapore, then you have come to the right place. Found below are a few sound advice the things you need to consider before laying out your company registration plan:
1. If you're a Singapore local dweller and would like to put up a small enterprise and be declared as its only proprietor, then you should register it as a Sole Proprietorship. Keep in mind, however, that when the business crumbles, the owner would be held liable for accountabilities and his personal assets are at risk to pay off debts and such.
2. If you're offering your services according to the type of profession you hold, and partnering up with investors in the same field, or would like to establish a joint practice, then the best business structure for you is a Limited Liabilities Partnership. Launched in 2005 through the Limited Liability Partnership Act, the mentioned structure offers company owners flexibility with regard to management duties and the division of profits. LLP is very detailed and complicated and requires the services of a lawyer for establishing the terms of accord of the parties concerned.
3. A private limited company is acknowledged to be the best choice for would-be Singapore business owners. While the necessities for PLCs are more intricate than other types of corporate arrangement, it is very beneficial in the long term. That is because a private limited company enjoys lucrative tax incentives and schemes, does not have to pay for capital gains tax, and has flexible terms for raising money. A PLC is also a separate legal entity from its founders, protecting the latter's assets from accountabilities.
If you are a corporate entity and looking into the ways to register a business in Singapore, then you have come to the right place. Found below are a few sound advice the things you need to consider before laying out your company registration plan:
1. If you're a Singapore local dweller and would like to put up a small enterprise and be declared as its only proprietor, then you should register it as a Sole Proprietorship. Keep in mind, however, that when the business crumbles, the owner would be held liable for accountabilities and his personal assets are at risk to pay off debts and such.
2. If you're offering your services according to the type of profession you hold, and partnering up with investors in the same field, or would like to establish a joint practice, then the best business structure for you is a Limited Liabilities Partnership. Launched in 2005 through the Limited Liability Partnership Act, the mentioned structure offers company owners flexibility with regard to management duties and the division of profits. LLP is very detailed and complicated and requires the services of a lawyer for establishing the terms of accord of the parties concerned.
3. A private limited company is acknowledged to be the best choice for would-be Singapore business owners. While the necessities for PLCs are more intricate than other types of corporate arrangement, it is very beneficial in the long term. That is because a private limited company enjoys lucrative tax incentives and schemes, does not have to pay for capital gains tax, and has flexible terms for raising money. A PLC is also a separate legal entity from its founders, protecting the latter's assets from accountabilities.
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