Singapore, Singapore, June 15, 2016 --(PR.com
)-- Richmond Business Consultants Pte. Ltd. (www.singaporeincorporationservices.com), a leading corporate services provider, announces the publication of its comprehensive guide to company registration in Singapore.
The Ministry of Trade and Industry Singapore reported that the country’s economy grew by 2 percent on a year-on-year basis in the fourth quarter of 2015, and by 2.1 per cent for the whole of 2015. “Although the economy has ended 2015 with a fairly healthy growth pace in the fourth quarter, overall GDP growth is still the slowest in six years,” said DBS Singapore senior economist Irvin Seah.
“Despite economic challenges, Singapore continues to be an ideal location for business setup due to its strategic geographical location, effective tax system, hardworking professional workforce, and political and economic stability,” remarked the Richmond’s Corporate Secretarial Manager.
A total of 15,948 business entities were registered with the Accounting and Corporate Regulatory Authority (ACRA) in the first quarter of the year according to the Department of Statistics of Singapore. This is a nearly 9% higher compared to company formation in the first quarter of 2015.
When starting a business, choosing the most suitable structure is an important first step. There are many things that need to be considered including tax implications, personal liability, statutory requirements, incorporation fees, amount of business capital and more. In the city-state, private limited company is the most preferred business vehicle. 52% of businesses registered in Q1 2016 are companies.
Among the advantages that make setting up a private limited company attractive to investors compared to sole proprietorship and partnership is the limited liability it offers shareholders and company directors. A company is considered a separate legal entity which means it can own properties, sue or be sued, and continue to exist even if one of its directors or shareholders resign from office, declare bankruptcy or die.
“The guide seeks to help fledgling entrepreneurs and startups that are considering setting up their business in Singapore. It provides essential details on what to do before, during and after the business registration process including the choosing between self-registering and hiring a professional service provider, preparation of documents and requirements, timeline and process of company registration, application for business licenses and permits, opening a bank account and more,” concluded the Corporate Secretarial Manager of Richmond.
To find out more about the process of company registration in Singapore, visit: http://www.singaporeincorporationservices.com/how-to-register-a-company-in-singapore
About Richmond Business Consultants Pte. Ltd.:
Richmond Business Consultants Pte. Ltd is one of the leading corporate solutions providers based in Singapore. With highly-skilled and experience specialists, the company assists hundreds of entrepreneurs in successfully setting up and operating a business in Singapore. Their full suite of quality and cost-effective services include company registration & offshore company formation, corporate secretarial services, accounting and taxation to small and medium-sized enterprises in Singapore.