Singapore company registration specialist Rikvin has today published the “Entrepreneur’s Handbook: Singapore Company Registration.”
The Handbook, which complements the Singapore Entrepreneur Pass Guide, represents the first installment of compendiums for entrepreneurs evaluating the viability of doing business in Singapore. It highlights salient information for entrepreneurs namely:
- the legal requirements for Singapore company incorporation;
- key issues to note when registering a private limited company;
- the procedure to register a Singapore company;
- the documents required and
- ongoing compliance duties of a Singapore-registered company.
Commenting on the Handbook, Mr. Satish Bakhda, Rikvin’s Head of Operations, said, “The process of opening a business can be especially daunting for first-time entrepreneurs or those who are new to Singapore. This Handbook is succinct and serves as a digest that will equip an entrepreneur with key information required to begin a Singapore business journey without any hiccups.”
“Many entrepreneurs hope for the best but it is wise to prepare for the worst as well. Hence, in this Handbook, we focused on the Singapore private limited company as an ideal entity or vehicle not only because it affords a business scalability, but more importantly, it has a separate legal entity from its shareholders. This in turn renders the latter liable only for the amount of their share capital and not the debts and losses of their company, should the event arise. Hence, by choosing the right entity, an entrepreneur mitigates risks that could potentially be devastating if the business fails.”
“On the bright side, by incorporating a private limited company, the entrepreneur stands to benefit in two ways. Firstly, the gesture conveys a professional commitment which in turn increases the company’s chance of obtaining commercial loans from banks or financial institutions. Secondly, a private limited company is eligible for Singapore corporate tax exemptions and incentives. For instance, the first S$100,000 of taxable income is exempt from taxes and effective tax rates can be as low as 5.6% on taxable income of up to S$300,000. We anticipate that this Handbook will play a role in encourage more entrepreneurs to use Singapore as a business hub and launchpad to neighboring markets,” added Mr. Bakhda.