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Company Formation Singapore

In cooperation with: Healy Consultants' Singapore

 
A properly-structured Singapore company is an attractive, tax-efficient corporate vehicle through which international business can be conducted. The following will help you determine whether Singapore company formation is the optimum solution to fulfill your international business objectives:
Advantages of Singapore Company Formation
1.
A Singapore company is not perceived to be an offshore company in an international tax haven. Singapore is a reputable, highly regulated, international trading jurisdiction. Singapore is positively ranked  as the fourth least corrupt country in the 2007 Corruption Perceptions Index by Transparency International, a global measure of corruption amongst public officials and politicians.
2.
Because of the positive image of Singapore company formation, it is an excellent corporate vehicle to promote to customers, suppliers, investors, venture capitalists, governments and banks etc.
3.
A properly-structured Singapore company is legitimately tax-exempt on profits earned outside Singapore, as outlined by the Inland Revenue Authority of Singapore. Furthermore, the first S$200,000 (US$142,000) of corporate profits earned in Singapore is tax exempt for the first three years of trading.
4.
A Singapore company enjoys access to double taxation treaties with 54 countries including Japan, China, Germany, France, the UK and Canada to support Singapore company formation.
5.
Singapore is a highly competitive economy. Singapore is positively ranked as the world's second-freest economy in the Heritage Organisation’s 2007 Index of Economic Freedom, a measure of freedom enjoyed in  business, trade, monetary, financial, investment and labour markets.
6.
Singapore company formation is simple and cost-effective. According to the World Bank's Doing Business 2008 Survey, Singapore is the world's easiest place to do business. The survey measures factors including business start up procedures, time, cost and minimum capital required to start a business.
7.
Singapore company formation is popular with foreign investors looking for a regional or global headquarters, thanks to financial assistance and incentives provided by the Singapore Economic Development Board (EDB). According to the United Nations Conference on Trade and Development (UNCTAD), business-friendly Singapore remains the third-largest recipient of foreign direct investment (FDI) in Asia, after China and Hong Kong.
8.
Following Singapore company formation, an annual statutory financial audit is not required if corporate turnover/sales is less than S$5 million (US$3.54 million).
9.
It is easy to open global corporate bank accounts to support Singapore company formation. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services.
10.
Singapore boasts strong client confidentiality laws and refuses to exchange customer banking information with other Organisation for Economic Cooperation and Development (OECD) members.
11.
According to the Inland Revenue Authority of Singapore (IRAS), a Singapore company is obliged to register for goods & sales tax (GST) if annual sales exceed S$1 million (US$708,000). GST registration by a non-resident Singapore company enjoys GST refunds from the Singapore government.
12.
According to the 2007 Quality of Living Survey by Mercer Human Resources, Singapore offers the highest quality of living in Asia. Following Singapore company formation, Healy Consultants assists clients to obtain Singapore residence and employment visas.
13.
Singapore is technologically advanced and positively ranked as the top country in Asia in the World Economic Forum's 2006-2007 Network Readiness Index. This index measures the ability of a country to adopt and benefit from information and communications technology (ICT).
15.
Singapore is the most cost-competitive nation listed in KPMG's 2006 Competitive Alternatives survey, which provides a comparison of business costs in the world's major economies.
Disadvantages of Singapore Company Formation
1.
In accordance with Section 145 (1) of the Singapore Companies Act 1963, every Singapore company must appoint at least one director who is ordinarily resident in Singapore.
2.
Annual financial statements must be submitted to the Inland Revenue Authority of Singapore (IRAS) following Singapore company formation.

 

 
 
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