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One belt, one road, China, as the core area of Southeast Asia and Asian financial center, has been increasingly recognized by Singapore's international springboard. How to choose the company type when registering in Singapore?
Singapore company registration
Factors to consider when registering a Singapore company
When choosing the type of registered company, it first depends on the specific needs of the enterprise owner. Only by choosing the type most suitable for your own needs can you get twice the result with half the effort. Enterprises should consider the following factors:
① How many owners will there be in the business?
② How much capital are you going to invest?
③ What risks are you prepared to take?
④ What are your responsibilities?
⑤ Which business entity is more suitable for itself?
As the offshore operation needs of non local operation, company is the type of business organization to be selected, which can basically meet the business needs from international trade, brand building, tax preference, investment projects and other aspects. The company can be divided into three main types: exempt private company, private company and public company. Private company and public company are common. The following is a brief introduction of these two types of companies.
Singapore Public Company
As an independent legal entity, Singapore public company is a company registered with acra as a public company limited by guarantee. Chinese can be understood as public Guarantee Co., Ltd. The name of this type of company generally includes foundation, and the company ends with limited. This type of company is primarily for non-profit organizations and does not participate in the distribution of interests, so Singapore public companies do not have equity distribution and share capital. A public company in Singapore requires at least two members of the company and at least one director must be a Singaporean or permanent resident.
Singapore foundation is a typical non-profit public company, which is easier to gain the trust of customers for blockchain enterprises. Moreover, there are successful projects in the early stage to pave the way, so the registered Singapore foundation is more suitable for blockchain projects than private companies.
Singapore Pte Ltd
Singapore Private Limited is an independent legal entity. The directors and shareholders of the company are not personally liable for the company's debts, and the shareholders are liable for the company to the extent of their capital contributions. Singapore Private Limited has at least one shareholder and at most 50 shareholders, which can be natural persons and companies; at least one local director and one legal secretary (not the same person).
The biggest difference between this type of company and the public company is that the private limited company is a profit-making organization, and the private limited company with an annual turnover of more than S $5 million needs to be audited. Singapore private limited enjoys special tax exemption, such as the tax exemption policy for sub start-up companies. In the three years prior to the establishment of the company, the company enjoys the tax exemption for the first 100000 Singapore dollars of profits. The company tax rate within 300000 Singapore dollars is 8.5%, and the tax rate for the part exceeding 300000 is 17%.
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