Incorporating your business is one of the first steps to take as an entrepreneur. It is advisable to incorporate your business when you have the capital and the time because it has long-term implications for your company.
If you’re still not convinced, here are three reasons why your company should incorporate in Singapore. As an entrepreneur, you must keep things simple and focus on growing your business and gaining traction without worrying about taxes or audit processes. You can make company incorporation in singapore with our expert team.
Incorporating in Singapore can help you streamline your operations and reduce compliance costs. In this blog post, we will explore why incorporating in Singapore is beneficial and what are the pros and cons of setting up a private limited liability company (PLC) there.
Reduce compliance costs
As an entrepreneur, you will have a lot on your plate since you are the one who is responsible for making things happen. One of the reasons why you should incorporate in Singapore is to reduce compliance costs.
With Singapore’s easy tax compliance, you can focus on growing your business rather than spending your time worrying about taxes.
In Singapore, the tax rate is 17% for a company and it is 19% for a company that has a turnover of more than $100 million. Tax rates may vary depending on your industry and the size of your company, but these rates are lower compared to other countries.
Protect your company and your assets
When you incorporate in Singapore, you have the option to set up your company as a PLC. A PLC is a private company that has limited liability. If a PLC is sued and the company is unable to pay, a PLC’s shareholders are not liable to pay the company’s debt.
There are different types of companies that you can set up in Company registry in Singapore, such as a Private Company, Public Company and a Limited Liability Partnership (LLP). You can make the register singapore company directly online from home.
A Private singapore registration of company is one that is set up by a group of shareholders and limited by shares. A Public Company, on the other hand, is a company that is traded on the Singapore Exchange (SGX) and it can be bought or sold by investors. Setting up a PLC in Singapore can protect your personal assets from getting attached in case your company gets sued.
Streamline operations with a holding company
Another reason why you should incorporate in Singapore is to set up a holding company for multiple subsidiaries. A holding company is a parent company that owns the shares of other subsidiaries.
Setting up a holding company in Singapore can help you to streamline your operations and manage your company’s assets. These include human capital, cash flow, and assets.
Holding companies can have a single contract with suppliers, which is beneficial as it can reduce procurement costs. Moreover, a holding company can hold trademarks and intellectual property (IP) and license it to the subsidiaries.
Conclusion
Incorporating in Singapore can help you to protect your assets, reduce compliance costs, and streamline operations. With Singapore’s competitive advantages, it is one of the best places to incorporate your company.
Read more,
- Myths of Company Registration
- Company Registration in UAE Get Started
- Overcoming the complications of registering a company in Singapore
