Singapore  or  HongKong?                     A  Better  Place  to  Setup  a   Business    www.e-­‐sandhurst.

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Your  Guide  in  Registering  Your  Company  in  Singapore  

 

Singapore Company Incorporation
Singapore or Hongkong: A Better Place to Set Up a Business
There has been a lot of talk about the best places to start up your business considering the environment, cost and a lot of potential for growth. In Asia, the dominant players have always been Hongkong and Singapore and it’s still an ongoing the debate on which offers more advantages especially for foreign businessmen. Is company incorporation in Singapore better and easier than in Hongkong or the other way around? Let’s have a quick analysis. Here are the noteworthy differences between the two countries although both of them absolutely allow foreigners to own their own businesses. It seems that for minimum statutory requirements, Singapore requires less which means that basic expenses in setting up a business is lower. A minimum paid up capital of SGD 1 is required in Singapore without an authorized capital requirement unlike Hongkong that charges a capital of a mere HKD 1 with an authorized share capital of HKD 10,000 on top of it which is represented by 10, 000 ordinary shares costing HKD 1. Moreover, company incorporation only takes a day in Singapore while its rival could run between 4 to 7 days which may not be a lot of waiting time but it says something about the efficiency of the process. Fees for company incorporation are SGD 315 in Singapore and HKD 1, 720 with an additional HKD 1,000 capital fee (capped at HKD 30,000). Company registration certificate is also being paid in Hongkong for HKD 2,450/yr and HKD 6,550 for 3 years while you don’t have to worry about anything concerning it in Singapore because it’s for free. Corporate tax rates between Singapore and Hongkong also varies as Singapore’s effective tax rate for profits up to SGD 300,000 is below 9% and beyond that is already 17% while Hongkong’s fixed corporate income tax rate is 16.5%.

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Singapore Company Registration
Requirements For Private Limited Singapore Company Registration
Two types of businesses can be registered in Singapore. The first and the easier to register is the sole proprietorship, which, as the name indicates, is owned by only one person. The other type is the private limited company which must have less than 50 shareholders, and which needs to fulfill several Singapore company registration requirements. Singapore company registration, both for single proprietorship or for private limited companies, requires a business name to be registered and the application of incorporation. The paid-up capital for both types of business is the same—S$1. This is what most green horns in establishing a business appreciates in Singapore’s pro-business environment. Singapore company registration is filed with the ACRA, or the Accounting and Corporate Regulatory Office of Singapore. ACRA plays the role of the regulator of all the businesses and of the accountancy profession in the country. For private limited companies, Singapore company registration has the following requirements: 1. Business name and application of incorporation. The business name should not be an existing and already registered name, should not contain any vulgar expression, and should not be restricted by the Minister for use by the public.

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2. The company has to have at least one shareholder and one director, who can be the same persons, although most financial institutions require two signatories so it is best to elect a separate shareholder and director among all shareholders which can be up to 50. 3. One of the directors must be at least 18 years old, a Singapore citizen or permanent resident, an Employment pass, Approval-inPrincipal Employment pass, or a dependant pass holder. 4. A physical business address must be provided. A P.O. Box is not accepted. 5. The private limited company has to have a dedicated and competent secretary within 6 months of the registration. He or she is supposed to be knowledgeable of the administrative requirements of the business. As with any application, Singapore company registration can be simplified, seamless, and stress-free if all the requirements are in order. Service providers facilitate this in sure-fire ways. This will then assure business owners of a timely processing at agreed-upon service fee, something that is important especially for those who have a conservative beginning capital and who desire to start operating as a legal business entity the soonest time. Related posts: 1. Company Registration ACRA 2. Company Registration Singapore 3. Company Registration 4. ACRA Company Registration 5. Incorporating A Company In Singapore

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Company Registration Singapore
Company Registration Singapore: Water Business Seen To Boom In 2015
Singapore clinched the fourth spot in the recently released report on the Global Financial Index, which still maintains London, New York, and Hong Kong on the top three posts. Tokyo has the fifth spot. Interestingly, both Singapore and Hong Kong do not come far off London and New York in the long-held top two positions as the world’s biggest financial centres. No wonder, many businesses are keen on launching their headquarters in Singapore. This is especially because company registration Singapore offers is in an environment that is not averse to innovation or risk-taking. Instead, the Singapore government’s corporate regulatory body, the ACRA, plays a facilitative and not a forbidding role for businesses seeking to be established in this Asian power economy. Company registration Singapore requirements are streamlined. A sole proprietorship or private limited company only needs to register a business name and apply for incorporation for a minimal fee. If all documents are submitted in order, the two processes can be accomplished in less than one hour. Moreover, businesses need only a paid-up capital of S$1 to be registered. Corporate secretarial firms which are experts in fulfilling company registration Singapore requirements also help with the speedy filing of application, even for businesses which have peculiar requirements usually involving the approval by another government agency apart from ACRA. These firms have the experience necessary for a speedy filing, especially for highly competitive and new business ventures which promises great returns for the innovators.

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One such business to give careful consideration to is the water business. Currently, Singapore is dependent on reclaimed water for 30% of its requirement. To supply the rest of the requirement, the government imports water from Malaysia. The Singapore government seeks to be self reliant when it comes to its water requirements and is embracing all innovations leading to its proposition to become a hyrdohub by 2015. This need provides a steady platform to launch businesses in the water treatment and reclamation industry. Related posts: 1. Company Registration ACRA 2. Company Registration 3. ACRA Company Registration

Incorporating A Company In Singapore
Guidelines In Incorporating A Company In Singapore
Incorporating a company in Singapore is fairly easy. The country has been named the easiest place to do business by the World Bank for four consecutive years. That should be an indication that it is a preferred location for those who wish to start a business. But while incorporating a company in Singapore is a straightforward process, there are certain guidelines one must diligently follow.

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A person who wants to incorporate his company should obtain approval for the company’s name first. All business names must conform to guidelines laid down by the country’s Accounting and Corporate Regulatory Authority. The proposed name should not be undesirable, identical or nearly resemble another company name, undesirable, or have names or trademark similar to established names. It usually takes a week for the proposed name to get approved if it does not present any of the mentioned problems. If you are incorporating a company in Singapore, you need to decide which legal form it belongs to. Almost all of the companies in the country are incorporated as limited liability because of its advantages over the other forms. Singapore Companies Act requires a minimum of one corporate or individual shareholder and a maximum of fifty for a Private Limited Company. A company must also have at least one director who must be a Singapore citizen, a permanent resident, or one who holds an Employment Pass or EntrePass. Those who wish to incorporate a company also need to appoint a company secretary within six months of incorporation. The minimum paid-up capital required for incorporating a company in Singapore is S$1. Keep in mind that authorized capital no longer applies in this situation. The company should also have a local registered address. A P.O. box address is not permitted. Necessary documents should be prepared and submitted to the Accounting and Corporate Regulatory Authority or ACRA. Those papers include: • Memorandum and Articles of Association • Statutory Declaration of Compliance • details of the company’s shareholders, secretaries, directors, etc. • Certificate of Identity

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• Notice of Situation of Registered Office and Office Hours at time of Incorporation • Consent to Act as Secretary • and Consent to Act as Director and Statement of Non Disqualification to Act as Director Singapore offers many benefits for those who want to incorporate their company in the country. Not only is it practically simple to register, it also provides an equal opportunity for everyone. One must just follow the guidelines and rules set up by the government. Related posts: 1. Incorporating A Business In Singapore 2. Company Registration 3. Company Formation

Incorporating A Business In Singapore
Incorporating A Business In Singapore Made Easy For Foreigners
Incorporating a business in Singapore is made easy for everyone, even for foreigners. The Southeast Asian nation not only has a very good strategic location, it is also one of the fastest growing economies in the world. Unlike the conditions in most countries, incorporating a business in Singapore can be done by non-residents as Singapore allows a hundred percent foreign shareholding. Relocation is not mandatory for foreigners who wish to incorporate a business in the country. They just need to manage their business in Singapore from overseas. According to the Singapore Companies Act, they must appoint a resident director in the country. A resident

director can be a citizen, permanent resident, or holder of an EntrePass. But for those who wish to live in Singapore, they must apply for a work pass. There are two types of work pass that are suitable for foreigners who are incorporating a business in Singapore. The first is the Employment Pass, which is best for foreign entrepreneurs, professionals, shareholders, and managing directors who possess a degree or professional qualification. This is considered the preferred choice for most foreigners. The other type is the Entrepreneur Pass or also known as EntrePass. This is suitable for those who lack the qualifying educational attainment or do not qualify for an Employment Pass but has proven track record of successful business ventures. EntrePass also requires a minimum paid-up capital of S$50,000. While Singapore is listed as the easiest place to transact business in the world, keep in mind, though, that foreigner individuals or entities are not allowed to self-register a company. Their only option is to engage the services of a professional services firm to handle their business incorporation and statutory administration. All the other steps are the same as those required to take by local residents. World Bank’s annual “Doing Business” 2010 report has listed Singapore as the easiest place to do business for four consecutive times already. It just shows that incorporating a business in Singapore is an opportunity equally granted to everyone, whether you are a local resident or a foreigner who wants to try his luck in the country. Related posts: 1. Company Registration 2. Employment Pass | S Pass 3. Company Incorporation Singapore

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Company Formation in Singapore
Company Formation – Contractors’ Option In Carrying Out Business
Company formation is probably the best option contractors can do to carry out their business. Contractors, who are self-employed individuals who work on a specific project for companies on a fixed term, may find themselves with no clients if they don’t have a company to represent them because large organizations prefer to work with other companies and not individuals. To rectify this situation, some contractors choose to get hired using umbrella companies, which act as middlemen of the contractors to find work from large companies. Umbrella companies basically acts as an agency for individuals. They bill companies for the contractors’ work while they charge the contractors for finding them work. This type of company makes contractors’ job in finding work and billing large companies, but it also takes away some of the profits contractors would have earned directly from companies. Company formation is another option contractors can do. If they have their own company, they don’t need to depend on umbrella companies to find work. Company formation allows contractors get bigger share of the profit because they can pay themselves in dividends. Carrying out a company formation is subject to a lower tax threshold. This is because the contractors, or the business owners, pay themselves dividends as opposed to a pay system if they are registered as self-employed.

Other advantages of company formation for contractors are security and protection. A private limited company is a separate legal entity from its shareholders and directors. Its existence does not depend on whether its owners quit or stay so employees under them can rest assure that their company is not going anywhere. With company formation, contractors can be easily recognized by large organizations. Big companies don’t recognize individuals but they recognize other companies. No matter how good one is with his job, big companies won’t hire him as an individual, but may hire the organization that he is employed under. Company formation offers contractors more security and protection than by just trusting organizations to find work for them. A few disadvantages that it carries certainly do not outweigh the advantages it can bring. Related posts: 1. Company Formation

   

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