Tag Archive: incorporate

Incorporate Company in Singapore The Best Profitable Option

One of the most essential thing needed for any entrepreneur to setup company in Singapore is to have the approval of ACRA or the Accounting and Corporate Regulatory Authority. One can easily discover that the ACRA plays a very important role in the setup of a foreign company incorporative in Singapore. However, it should also be kept in mind that the Singapore jurisdiction welcomes foreign company incorporation and offers several tax benefits. The options of a company formation in Singapore include the setup of a new Private limited company, a subsidiary company, a branch office or a representative office. In fact the immigration policies of Singapore are also quite liberal and foreign talents are always welcome into the country. Therefore, if you are an entrepreneur they it is certain that you will feel much relaxed under the jurisdiction of Singapore during a Singapore company setup. These feature are farther enhanced with the availability of several special initiatives for Singapore registered companies for growing their business locally as well as their expansion overseas.

However, there are also some rules and requirements that should be followed to setup an incorporate Singapore company. First of all the most important thing needed is the name of the company. The point is that it is essential to match the name of the branch office with the foreign office and the name must get approval from ACRA before the Singapore company incorporation. This is a mandatory fact for any Singapore company registration. Other than the name of the company there are also some other factors that should also be fulfilled as well. Here follows a brief discussion on these factors. To start with there is the requirement of a Singapore resident director of at least 18 years of age and with no bankruptcy or criminal malpractice records. There is also the need of at least one resident shareholder of the company. However, the director and the resident shareholder of the company can also be the same person. Other than that there is also the need of a resident secretary as well. This secretary must be a natural resident of Singapore. Along with these there is also another crucial requirement that one must meet with before the setup of an incorporate Singapore company. This is the requirement of a registered address. This means that every company getting registered in Singapore is required to have a registered office address. However, in this respect it is essential to note that this registered address must be a physical address and cannot be a post box number. However, the use of a residential address in this respect is limited to certain types of business only.

However, once you have met these requirements it is a lot easier for anyone or any company to setup an incorporate company in Singapore. And can avail all the facilities provided by Singapore government for the incorporate companies in Singapore. However, being the world’s fourth most important and leading financial centre and a cosmopolitan world city Singapore plays a key role in the international trade and finance. Therefore it is always profitable to setup an incorporate company in Singapore.

The Five Best States to Incorporate Your Business

If you have decided to incorporate, chances are good that one of your first considerations is where it would be best to file. Despite the fact that you can legally incorporate in any state, most people first think of three options: their home state, Nevada or Delaware.

Nevada and Delaware are popular choices right now for different reasons. Many businesses incorporate in Delaware because it has some of the most pro-business statutes available anywhere. The other popular choice is Nevada, which has a notable lack of state corporate income taxes, franchise and personal income taxes. The filing fees in the state of Nevada are also very low.

Despite these obvious advantages, most experts agree that as a rule of thumb a business should incorporate in the state where it has its physical presence. Plainly put, forming a corporation in another state unnecessarily complicates matters, a lot of matters. Say, for example, that you form a corporation in the state of Delaware, but your business is actually located in California. What many people might not realize when starting out is that their home state might have stringent rules governing the setting up of out of state accounts, so even if you have a local bank next door, you might find it very difficult to get a local bank account.

On the Other Hand

Each state has its own incentives and penalties for setting up shop on their turf. If despite all of this you decided you want to incorporate in a state other than where you are located, below as some guidelines for setting up a corporation in the best states and why.

South Dakota

Many experts list the state of South Dakota as the best place in the nation to start a corporation, and for good reason. Incorporating in South Dakota offers protection for owners of their personal assets from those seeking settlements for debts against the corporation. Filing fees are also very low.

Wyoming

A big advantage to forming a corporation in Wyoming is that there is no corporate or personal income taxes whatsoever. Owners in Wyoming must pay their federal taxes and that is all. Wyoming also has several big exemptions to sales taxes such as materials used in production and business to consumer transactions on gasoline.

Nevada

Nevada is another state that many recommend highly for filing for incorporation. This is due primarily to the lack of corporate or individual income taxes. The state’s commitment to privacy as well as their permissive business laws are also very attractive.

Florida

Florida also ranks high for corporate filings since it has no personal income tax. Another advantage is the exemption the “S” corporations enjoy from income taxes.

Alaska

Alaska is popular for filing of corporations due to the fact that there is no sales tax. Neither does the state have individual income tax.

New Hampshire

There state of New Hampshire has no income tax on earned income. The only income tax that is enforced applies only to dividends and interests.

Delaware

The state of Delaware, despite being one of the smallest, has a disproportionate number of corporations that call it home. This number stands at 850,000 at most recent count, mostly due to a lack of sales tax as well as a number of pro-corporation incentives.