Doing Business In Singapore
Singapore has always prided itself to being a safe financial haven given its stable and peaceful existence. Therefore, in order to boost its status as a finacial centre, it has become easy and beneficial to form or set up a company in Singapore:
1. Enjoy tax exemption on first $100,000 Full tax exemption is granted on the first $100,000 of Chargeable Income for qualifying new companies for the first three years of assessment consecutively.
2. Do not mix your personal assets A sole proprietorship or partnership does not accord such benefits at all. In both cases, the individual owners will need to bear any costs of failures or lawsuits, personally. Hence, the main advantage to incorporate as a 'Private Limited' company is to avoid personal liability for debts and in the event of lawsuits.
3. Transferring of ownership is easy The operations of a company will not be disturbed in the event of the death of a shareholder or director. The shareholding will be easily transferred to another owner.
4. Credibility in the eyes of your clients An incorporated company enjoys better standing in the eyes of the public and amongst the overall business fraternity.
Incorporate a businesses to protect your personal assets, such as family, car or family savings. In the event of litigation or business failures, the personal assets of directors can not be touched. This limited liability protection is a key characteristic of the private limited liability company, and this protections is not available in sole-proprietorships or partnerships, where the individual or partners are personally responsible for all business debts.
Therefore, we would encourage anyone wanting to start a business, to consider incorporating or setting up a company, in particular a 'Private Limited' company. Call us to find out more. We would be glad to assist you in making the incorporation of your new company as seamless and smooth as possible.
About the Author
Incorporating a Singapore company can seem like a daunting task. However, you may contact us at +(65) 9271-7739 or email us at incorporate@maplecommerce.com or visit our website http://incorporate.maplecommerce.com to get expert help on how to incorporate a Singapore company or business.
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