How to open a company in Singapore in 24 hours?
With its trade potential and favourable climate for investment, Singapore has become one of the most attractive countries for business development. The country has a low level of corruption. It has now entered into an agreement with many countries to avoid double taxation of fees.
Foreign companies are operating in different ways. The most profitable fields are considered to be tourism, information technology, communication and education activities. The country offers investment opportunities in other sectors as well.
Advantages of registering a company online
There are many advantages to opening a company in Singapore remotely. Entrepreneurs are attracted by the favorable climate conditions; you can use the firm for further immigration.
The tax system assumes the availability of benefits, there are tax incentives and discounts. For some types of businesses, there are grants, and overhead costs are quite low. Singapore is not in the official list of offshore zones; there is a bilateral agreement on avoidance of double taxation.
The country has an advantageous geographical location. Singapore is the largest logistics centre in the region. Jurisdiction occupies the first place in the ratings on conducting business activity and business environment development.
To register a company, you must first develop a business plan, analyze the risks, determine competitiveness, potential customers, and establish sources of funding. The second step is to collect documentation and the required data for company registration.
It is necessary to make up a name for the company. It is recommended to prepare several options in advance. It is important to draw up the structure of the company, appoint directors, shareholders, allocate responsibilities, amount of capital, and register the legal address.
If you need to start business immediately, it is recommended to pay attention to the ready-made companies. The re-registration of documentation takes 24 hours. To learn more about buying a ready-made business, consult our specialists at IT-OFFSHORE.
Main legal forms for conducting business
The basic organizational form for entrepreneurship is Sole-Proprietorship. The founder of the company is one person. The form is not considered an independent legal entity. The owner of the FE is responsible for the risks, liabilities and debts of the company. This form is relevant for small businesses with low risks and low income.
Owners of the partnership can be from 2 to 20 individuals or companies. Legal form is not a legal entity - each partner is personally responsible. An alternative option is to open a Limited Liability Partnership. A partnership with no limit on the number of partners is a legal entity.
In this case, the partners are personally responsible for the loss of the company, which occurred due to their actions, but are not responsible for the improper actions of other owners.
When registering a limited partnership, at least two partners are required, one of which must be general and the other limited. There are no restrictions on the relative maximum number of partners. The form is not a legal entity in its own right.
One of the common forms of business organization is the company. This form of business organization is relevant for most types of business. The main requirement is the presence of at least one director, who has the status of resident or citizen of Singapore, and one shareholder. The existing address is required.