Before planning to register a company in Singapore, one must be a resident of Singapore and if not then he or she cannot self-register the company. As per the law of Singapore, a company must have a professional firm, and that must be in use to be competent in getting self-registered. In case a person tries to self-register a company then he will be turned down according to the rules of the Government. Thus it is best to take help of a professional as they can guide in the best way in the process of registration. Moreover, they will clear all doubts and questions in their client’s mind.
According to the type of business a company will have to apply and get the necessary business licenses in the country. If a company is working as a travel agency or is a restaurant or a financial service agency, then they have to get a license. After a business is incorporated, it has to file its financial information once in a year as per the law set by the Singapore Companies Act. This file will include information about income tax. An accountant or an attorney has complete knowledge about this, and one can talk about the filing with any of these individuals. There are several rules associated with running a company in Singapore apart from kits registration rules.
The company owners who have their set up in Singapore must have a good knowledge and understanding about tax obligations in the country. There are several benefits of registering businesses in Singapore, and the best part is a business does not have to pay any dividend taxes or any capital gains. In terms of taxes, a company has to pay taxes, but it is less than 9 percent for the first three lakh Singaporean Dollar from the annual profits. This rate is followed by a fixed rate of 17 percent after the first slab of the initial amount. This tax collection structure can be of significant advantage to the young business owners in Singapore.
Singapore virtual offices are no different from virtual offices in other countries. Employees can work from any location wherever they feel comfortable. They can work from a convenient location thus not restricting the hiring process to a local area. The employees can be placed in any part of the world, and there is no need of hiring employees residing only locally. Thus one of the most important benefits of the virtual office is job expansion for employees and also offers a huge variety of hiring options to businesses.
The process of registration is often found to be very tough by people who do not have much knowledge. But this can be made easy with the assistance of people and agencies who offer help in applying for the registration number and also in the entire process of getting the registration done. They are experienced in this field and are ready to help at any time of the day.
