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Asiabizservices Offers Singapore Company Incorporation Services
Asiabizservices Offers Singapore Company Incorporation Services
The authorities of Singapore allow businessmen to deduct their losses from their accumulated revenues, which may result to lower taxes.
Telok Ayer Street,
Singapore,
Singapore
(prbd.net)
04/01/2011
Singapore is in the heart of Southeast Asia. It is a crossroads between the East and West. Its political system is one of the world’s least corrupt and the strongest. The economy it maintains is the world’s second best in harboring the best investment potential for 16 consecutive years. With its second largest container seaport in the world, Singapore is dubbed as the world leader in foreign trade and investment.
Small time businessmen can take advantage of Singapore’s entrepreneurial landscape by engaging in business firms such as a sole proprietorship, partnership, and limited liability partnership. These business structures feature unique characteristics fitting for diversified business standards of investors.
Asiabizservices having served hundreds of clients in the past years claims that these three are the common structures registered with ACRA because of their simplicity. And although both in a sole proprietorship and partnership structures, the liability is unlimited, Han says that businessmen exercise much care and conservatism in operating their business and making decisions.
“A Singapore sole proprietor can be owned 100% by foreigners who are at least 18 years old,” Chi Han says, saying in addition that foreign corporate or entities may also register a sole proprietorship business.
“They should appoint a local manager of 21 years of age, and a permanent resident or citizen of Singapore,” cites Han of the eligibility requirements for sole proprietorship owned by foreign individuals and business enterprises, “foreigners themselves may also take the local manager’s position by holding a labor pass such as Entrepreneur, Employment, and Dependant pass.”
A similar requisite is said of a partnership, a structure formed by two partners which may be natural persons or another corporate entity.
Han describes the consequences of not having a legal personality: “Partners and sole proprietors are personally liable for their business’ accountability and losses because they maintain the legal status, and not their business. Thus, any activity carried out by the business reflects the personal decisions of their owners who innately take full responsibility.”
On the other hand, these business structures are not subject for Double Taxation as commonly associated with corporations. Han continues elaborating, “The authorities of Singapore allow businessmen to deduct their losses from their accumulated revenues, which may result to lower taxes.”
Meanwhile, a limited liability partnership is a combination of characteristics of a partnership and a corporation.
“It needs an appointment of a local manager for foreign-owned LLP, but it does not hold a partner liable for the commission or omission of another partner,” says Han in a matter-of-fact tone, implying that the partners are protected from liability as a consequence of another’s unwise decisions because the LLP is bestowed with its own legal personality.
Han says further that foreigners must hire a professional company to spearhead the registration of any of these business structures as they are yet to obtain eligibility to engage in legal transactions by obtaining a labor pass.
Asiabiz Services provides solutions to business and corporations including application of labor pass as a package of company or business registration, accounting and payroll management services.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.
For more information visit:
AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614
Email: sales@asiabizservices.com
Website: http://www.asiabizservices.com/
About
AsiaBiz is a company that provides Singapore Company Registration services to local and foreign entrepreneurs and investors.
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