Have you wondered why Singapore is leading in the world of business? Why many are considering Singapore as the hot destination for a successful business? It is all because of the full support extended by the Singapore Government that has on offer, a host of facilities for those who are entering Singapore, to do business. There are many types of business entities that can be formed and includes, Sole proprietorship, partnership, LLP (Limited Liability Partnership) and LLC (Limited Liability Company).
A Singapore LLC (Limited Liability Company) among all, is considered to be suitable for the beginners for a medium level of business set up. This can draw in Directors and shareholders and contribute together to set it up.
To give it the necessary strength and support to develop ahead, the Singapore Government has also come up with a number of tax benefits and lenient measures for doing business. Of this, the absence of GST and lower tax rate for personal IT Returns, Single Entry Tax system are a few to mention.
The major benefit of a Singapore LLC is that, it is considered as an independent organization and it is to bear the loss in the business. While the Directors and Shareholders too are liable, but that is only up to the level of their investment and the share holding. They will not be personally liable for the company's debts, unless and until one or more of the Directors have, personally taken responsible or agreed upon condition of repaying it personally.
Yet another related benefit is that, even if one of the shareholder is a company that is set up abroad and has invested in this company, neither of the company would be responsible for each other's debts and if so, it would be related only up to the amount of investment in the current Singapore LLC.
Even the formation and initial registration process has been so much simplified that, it would be somewhere beyond imagination. With the complete set of documents duly attached to the fully filled up application, the process of registration is a matter of few hours only in case of local company formation. And for those who's Directors are foreigners, it has to be channeled through a Professional Agent who are solely into it. In that case, the registration would take 1-2 week's time to be completed.
Singapore LLC doesn't require any work permits and can take up any type of business, barring a few sensitive ones like Finance, Travel, Education and Restaurants. It also doesn't make it mandatory to open a physical office in Singapore. Just a Registered Address for official correspondence would suffice. The Directors can operate from their own will from anywhere around the globe. And in case, they would like to oversee and want to visit Singapore for business purpose, they have the facility to do so, by getting a Singapore Employment Work Pass or a Singapore Entrepreneur Pass.
Owing to so much of liberalism,
Singapore LLC is becoming a popular way of doing business in Singapore, especially by foreigners who want to expand their business in safer zones.
