This Singapore Company page was last updated on May 17, 2012
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Introduction to Singapore Company
Getting your Singapore Company up and running can be -
Surly Singapore has risen the last 3 decades, but so did almost every country in Asia. There was hardly any country left behind that hasn’t capitalized or "cashed in" from the globalization boom. Before you make a move, however, you need to clearly ask yourself some very important, strategic questions
What is it that your company focuses on; Finance, Banking, Insurance, than Singapore can be interesting, maybe. If you were to invest several million US dollars, it would certainly help to incorporate your company in Singapore.
On the other hand, if your business is about trading, importing/exporting, manufacturing, distribution, etc. you need to ask yourself where your main markets are and then again, why not going right into your market? Wouldn’t that make more sense? Besides, you need to still take port, loading and storage into account, too and Singapore being a "city-country" that space is limited. Hong Kong is still and will remain the Trade-Hub harbour for South-East Asia, escpecially with Guangzhou just in the next room! So, there are for sure many questions you need to find a justifyable answer to before jumping at Singapore.
So what options do you have in Singapore anyway? Not many. And the options which are dished up are quite a funny flavour, too. Singapore is not like Hong Kong where the Company Ordicance is very straight forward (similar to the English System)
Therefore, we can only stress, and stress again, whoever you like to engage to assist you with your company registration in Singapore, ASK the question and DEMAND the papers. If you hear excuses or twisted explanation, it’s your call, we warned you! If you neglegct these simple, yet utmost important rules, your business can be out of business faster than you’d wished for.
Second, most "Singaporean Business Registration" companies will try to get around the need for you to apply for an EntrePass, by offering you a so fugitive, or so called "Nominee Resident Director"... SG$ 2000.00 may sound cheap enough but that’s exactly what it is. Fact is, the law requires you to apply for an EntrePass and if you think you can get around this by having someone in Singapore representing your company, well, think not twice but trice, who is this Director and why should he/she be willing to accept such a high responibility for "Your" company and for so little money? There you have it. When it comes to money, that’s where the friendly smile and friendship ends. And just the same, short way, may your business end, too.
Besides, you need to keep in mind that any such "NOMINEE" director can do whatever he/she wants to do without even having to consult the other director, ...? It all depends how little value you put on your business to allow any person to take over your business, for SG$ 2/3K? The questions is, unless you really want to reside in Singapore and really need to have your bsuiness in Singapore, why put up with so much extra hassle, if you could have it all so much easier, untwisted, in Hong Kong, instead?
Hence, the only alternative you really have is you really immigrate to Singapore yourself (or one of your overseas partners, if you have any), or, register a "partnership" company instead. This, however, requires just as much careful consideration and planning and more importantly ... trust-building first, before you shall even think about.
Then, of course, there is still the legal definition of the partnership and on that, you may find yourself rather surprised on how easy things could be for your partner. You really need to get the facts on many issues here before you could make any decision. Once sealed, it’s sealed and that can easy be the end of story.