Singapore taxes support economic growth and that is by design. Whereas some countries use taxes merely as a way to collect revenue for government operations, Singapore has chosen to use taxes as a business incentive tool. The country has been so successful at managing its use of tax funds and attracting new business that taxes did not have to be raised during the recent economic crisis. Singapore boasts a large foreign reserves fund and its economic boom is testament to its successful management of money.
With Singapore company incorporation, there are many options to consider. There are also things that you must do. Here are some frequently asked questions on this matter.
1. Do I have to appoint a company secretary?
Yes, you are required by law to appoint a company secretary within six months of your original incorporation date. This law is part of the "Singapore Companies Act".
2. I understand that Singapore incorporation can be done and maintained by one person. Is this true and are there any stipulations?
There are many reasons to come to Singapore. Many people choose the stable business environment. It represents the perfect area to begin many different types of businesses, and you may decide on a Singapore relocation. Before you do, take these tips into consideration.
Make a Plan
Sit down and write your plan on paper. Are you 100 percent sure why you are relocating to Singapore? Write down your short term and long term goals that you wish to achieve by making the move.
The Singapore government recently announced that it intends to encourage a significant number of Permanent Residents to become Singapore citizens.
Recently, Singapore’s Senior Minister Mr. Goh Chok Tong is reported to have said that the Singapore authorities are planning to approach a selected group of Singapore Permanent residents to become citizens and should they refuse, they stand the risk of non-renewal of their PR status. To quote Mr. Goh,
Singapore’s financial market landscape will have a new player by the end of August – the Singapore Mercantile Exchange (SMX), the first pan-Asian multi-product exchange. The Monetary Authority of Singapore (MAS) granted ‘Approved Exchange’ (AE) status to SMX on 12 August 2010, the final approval needed to operate as a regulated and licensed exchange.
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