David Paulson, CEO of Swiss Financial Yard in Switzerland is expert for company incorporations in Singapore. Find 10 tipps to incorporate a company in Singapore.
The Republic of Singapore is an island city and state. In terms of area it is the smallest in Southeast Asia. The Singapore parliamentary democracy is built on the Westminster model. As a hub for Asia, Singapore offers a highly attractive location for European companies – both incumbents through a branch as well as for start-ups. David Paulson of Swiss Financial Yard gives 10 tips for your company formation in Singapore.
Tipp 1
The perfect provider
Choosing the right provider is very important for a successful implementation of a new business venture. Both the temporal and the physical distance to Singapore leave many providers of business start-ups do not appear tangible than locally – and often they are. Select one European supplier with excellent contacts to Singapore and ideally a representative office in Singapore.
Tipp 2
Personal contact
Serious vendors will always invite you to an initial consultation for free. Personal contact is important for both sides to ensure successful cooperation.
Tipp 3
The right legal form
The usual form of a company in Singapore is the Pte. Ltd. This legal form is similar to the European limited liability company (GmbH). The Pte. Ltd. requires at least one resident director in Singapore. Every serious provider will provide this service to you. The shareholder may either a natural or a legal person.
Tipp 4
Pure Offshore-Companies
Companies in Singapore are not classified as offshore thorugh their legal status or registered address. In Singapore, there are no free zones . If your company does not engage in business in Singapore is released from taxes. This needs to be pointed out in the financial statement.
Tipp 5
The right bank
Choosing the right bank often raises many questions. Almost all major banks in the world have a branch in Singapore. Big names such as HSBC or Standard Chartered are certainly a good choice. But in the meantime also many European banks have a branch in Singapore. According to your needs you can be supervised by a German speaking manager and at European time – as for example with Julius Baer Singapore.
Tipp 6
Official Language
The official language in Singapore is English. Ensure that all documents are in English or translated into English.
Tipp 7
Travel to Singapore
A trip to Singapore is not necessary for the incorporation. However, banks in Singapore require a personal identification. During an appointment with your future banker, all documents are signed and the future investment strategy will be discussed. Get away from vendors that promise you to open an account without travelling.
Tipp 8
Visa and Residence
If you want to immigrate to Singapore, you should consider some things. The creation of a Visa does not happen overnight. You should therefore allow plenty of time. Furthermore, you should have a perfectly working business idea as well as a technical background. Fulfilling these criteria and there is nothing in the way for your immigration!
Tipp 9
Accounting and Financial Statement
Every company in Singapore must keep accounts and prepare financial statements. Make sure that your provider offers you profesionell assistance with tax and fiduciary experts.
Tipp 10
Taxation
In Singapore, a tax system exists. The tax rate for companies based in Singapore is generally 17%. However, this applies only to transactions that may be made within Singapore. If your company has only transactions outside of Singapore, it is exempt from tax.
www.swissfinancialyard.com (expert for singapor incorporations)
Internationale Firmengründungen, Kontoeröffnungen, Verwaltungen von Firmenstrukturen,
Kontakt:
Swiss Financial Yard AG
David Paulson
Grabenstrasse 32
6300 Zug
+41417406020
d.paulson@swissfinancialyard.ch
http://www.swissfinancialyard.ch
