Corporate Registration in Singapore

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Singapore is perhaps one of the most popular countries for corporations or businesses to register in and there are many reasons for that. Not known as a tax haven as such, Singapore does though have very low tax rates for businesses and corporations and may even offer further reductions in those rates for the first 3 years a business is registered in the country. This makes for a very attractive option for many businesses especially as Singapore is strategically located for easy trading between east and west and is the hub for much of the east west traded goods. Unlike some other countries that may also offer lower tax rates, Singapore is considered an easy place to find a qualified workforce and is in fact considered the best in the world for doing so. It is a wealthy country, being ranked 3rd wealthiest in the world by Forbes magazine and quality of life is considered to be the highest in all of Asia. These are all certainly good reasons why a business should consider registering in Singapore but in order to do so, a business must comply with certain regulations which have been put in place by the Singapore government. Although registration is now really hard as Singapore welcomes foreign businesses, one or two of the requirements a business may need assistance with but thankfully, in Singapore, there are businesses like which specialize in assisting foreign businesses registering in Singapore. Some of the points which a business looking to register in Singapore may need assistance with are; finding an office, finding a nominee director and finding a corporate secretary.
Finding an Office – Even if a business had not particularly planned on having an office in Singapore, regulations require that they do have one and that that office is open during regular business hours. This will be the official address of the business as far as the Singapore authorities are concerned.
Nominee Director – A business will of course already have a director but even if it does, if that director is not a Singapore citizen or permanent resident, it will have to nominate an additional one that does meet these criteria. The nominee director does not have to actually run the business or have a say in any of the financial matters as the other director or directors can do that but, one director at least, the one whose name is given to the Singapore government, must meet the criteria.
Corporate Secretary – Any business which is registered in Singapore must keep records and accounts which the Singapore government may wish to look at and so those records must be kept by a corporate secretary that is a Singapore citizen and knows about both keeping records and the business.
Most foreign businesses when first registering will need assistance in these 3 things and perhaps others too and so Singapore businesses, like the one mentioned above, are often indispensable for a smooth and easy registration process and so are well worth finding.