Singapore Business Opportunities

Singapore is situated at the southern tip of mainland Malaya where it is ideally located for the transfer of shipped freight between the east and west and also has an airport that is well set-up for also dealing with these types of international freight. This means that any business which transacts east/ west trading would have a possible advantage being located or at least having offices in the country. However, due to the country’s low tax rates for businesses which are registered there, many businesses which don’t even have this type of trading also register there in order to take advantage of the tax laws. To register in Singapore though, a business must have an official Singapore address even if it is just an office, as long as that office is staffed and allows access to it during normal office hours. These are regulations which could make registering a business in Singapore difficult except for the fact that Singapore businesses like Singapore Incorporation Service (S.I.S) offer help and assistance to any foreign business wanting to register in Singapore. The process is not just one that requires an office in the country though as other requirements must also be met, such as having a nominee director that is a Singapore citizen, permanent resident or at least has an employment card. Also as Singapore regulations insist that records of the business are kept along with the accounts, a Singapore citizen must be named as the corporate secretary and it will be that secretary that will be responsible for the records needed by the Singapore government which means that the same secretary must have a full understanding of the business. A business will though be allowed a 6 month grace period before naming the corporate secretary which is ample time for them to get to know the business. It are the Singapore businesses which offer assistance to foreign businesses which can help with all these regulations, perhaps offering the services of a director or acting as the corporate secretary and maybe even acquiring an office premises. Of course, the Singaporean director would not have to take over the business, simply be a figurehead and so a business may have to name two directors, one as the figurehead and another that actually runs the business. An alternative to this though would be that the current business director acquire an employment card which as Singapore’s immigration laws are well suited for businessmen to be holders of these cards, is not too hard. The Corporate secretary though is a different matter as that has to be a full Singapore citizen. It may be necessary for a business to also hire other professional staff but as Singapore is well-known as the best country in the world for providing a well-qualified workforce, that too should not be a problem. As tax regulations for businesses across the world continue to get higher, Singapore becomes an increasingly popular choice for corporations and businesses and many are already feeling the benefits of registering.