There are, of course, many countries that you can focus on to expand your business empire and Singapore is a very attractive proposition. The most powerful South East Asian economy, Singapore has a very healthy economy and there are a number of business registration packages, each with its own unique properties.
Here are the business formation packages that are available in Singapore.
- Representative Office (RO) – Perfect for a foreign company that wishes to carry out extensive market research on the domestic Singapore market, the RO is a non-trading entity that allows for 1 corporate shareholder and 1 chief employee from your head office to oversee the business activities. If, for example, you would like to spend one year researching the domestic Singapore market to see whether or not it is worthwhile setting up a limited company, the RO package is perfect.
- Private Limited Company – This trading entity supports long-term business visas and when registering a Ltd company in Singapore, your liability is limited. With this package, you can have 1+ resident director, 1+ shareholder and 1 company secretary. There are no business restrictions in place when you set up a private limited company and you are compliant to local laws. The maximum number of shareholders cannot exceed 50 and the shareholders are not liable for losses outside of the invested capital. The business needs to be registered with the Accounting and Corporate Regulatory Authority (ACRA) and fortunately there are specialist companies that facilitate the business registration, advising you on the best type of business registration and processing the application on your behalf.
- Limited Liability Partnership – Perfect for equity funds with private investors and professionals such as lawyers, engineers and architects, the trading entity can have a manager and two partners; either individuals or corporations. Furthermore, there are no business restrictions or any capital requirements; if you would like to learn more about a limited liability partnership, search online for a business registration company located in Singapore and they would be able to advise you accordingly and facilitate the registration in a timely manner. Click here for info on business translation, which might be required.
When registering a business in a foreign country, it is critical that you comply with local laws and regulations and the best way to assure this is to engage the services of a specialist company. They can advise you regarding the best type of business to open, while making you aware of the tax benefits and also facilitating the acquisition of long-term visas for those involved.
To conclude, if you would like to explore the Singaporean markets and open a non-trading branch for research, the RO package is ideal. If, on the other hand, you have already done your market research and are ready to rock and roll, the PLC option is advisable, while a professional or group of private investors would be well-suited to a limited liability partnership.
If you seek out expert assistance, setting up a business in Singapore is quick and affordable, while the local company handles the registration process, keeping you informed every step of the way.