Singapore Company Registration: Choose Lower Taxation
You may think that, "Why anyone would like to retain an agent for their Singapore company registration?" It is such a straightforward and simple process. "Why waste money?", especially, when you are yet to start earning them. However, the ground reality is that a large number of entrepreneurs use the services of these services providers.
However, a company registration in Singapore is not just filling forms & filing it to the Company Registrar of Singapore. Incidentally, a government agency, named, Accounting and Corporate Regulatory Authority (ACRA) acts in this capacity. The whole process has so many aspects and angles to it.
Singapore Company Incorporation Services Employ Experts
The employing Singapore company registration services come really handy. They have incorporation experts have industry-wide experience. They have a huge store of knowledge of the Singapore marketplace and are well aware of the market trends. These are the professionals who deal with all kinds of business owners and their ideas.
They have the privileged access to inside-knowledge about what is working in the market and what is not. You can discuss the problems related your business ideas, business plans, funding, etc. with them. They are the people who are familiar with the teething problems of the startup owners and how to put them on the right path towards a successful company registration in Singapore.
Choose the Right Business Structure
It is a must for the foreigners & first-time entrepreneurs to appoint one of the experienced Singapore company registration services. They can guide you to the right legal structure that is most conducive to your business needs. You have to be really careful in what you select to register. The tax rates that may apply to your business may vary depending on whether it has a legal identity or not.
Corporate Tax for Private Limited Company in Singapore
A large majority of the entrepreneurs choose to register a private limited company in Singapore. It is a dynamic business structure that scales as per the needs of the company. It is preferred because it limits the liability of its shareholders to the amount they have invested in shares.
Most importantly, a Pte Ltd has a separate legal identity from its shareholders. It pays corporate tax on its income. Singapore corporate tax rate ranges from 0%-17%. However, with the tax rebates, exemptions, & incentives that the local companies get, the effective tax rate applicable comes down to 8.5%-9.5%
Personal Tax for Sole Proprietorship or Partnership Owners
The business owners also have the option of registering a sole proprietorship or one of the types of partnerships. However, neither of these have a separate legal identity from their owners. The income generated through their business activities is considered as that of the owners. The owners have to pay personal income tax on it. Currently, Singapore personal income tax ranges from 0%-22%.
It is a heady and stressful time when you are trying to achieve a successful Singapore business registration. It is especially true when you have limited time at your hand. It may happen especially if you are a foreigner scooting in and out of Singapore just to get the task done. It is a solid reason why you should hire one of the professional Singapore company registration services providers to get your brand-new company without any hassle.
SBS Consulting Pte Ltd
High Street Center,
#17-02, 1 North Bridge Road,
179094 - Singapore
Phone: +65-6536 0036