Who We Are
Business Setup Worldwide is a platform to help you set up your business. Right from incorporation, registration and licensing to establishing your office space, we facilitate the formation of your enterprise through expert counselling and incubation.
Strong commitment to professionalism, comprehensive capability across various segments of disciplines, proactive and continuous learning in ever changing global environment, and the ability to conceive innovative strategies and provide comprehensive support in executing such strategies distinguish Business Setup Worldwide, and provide the competitive edge in ensuring business growth.
Business SetupWorldwide's proprietary business design techniques, combined with its specialized regional know-how and global reach, enable companies to anticipate changes in customer priorities and the economic market, and then mould their businesses and improve operations to make use of opportunities created by those changes.
Business in Singapore
Singapore is a sovereign city-state in Southeast Asia. Known for its multicultural arts and cuisine, Singapore is a global financial hub that ranks on top of the world’s easiest places to do business by the World Bank, consistently. Singapore has a stable government and a systematic financial system. Consequently, several company headquarters can be found in Singapore.
Based on company structure and governance, Singapore offers a variety of options for the type of legal entity a company is to be.
- Sole Proprietorship: This is a type of company in which no legal distinction is maintained between the business owner and the company, i.e., the owner and company are one and the same entity. The individual owning the business is referred to as the sole proprietor, has unlimited liability, and can be sued in his/her or the company’s name. The sole proprietor must be ordinarily resident in Singapore.
Such a legal entity is ideal for small businesses.
- Partnership: Partnership is similar to sole proprietorship, except in that a partnership can have more than 1 owner or partner, subject to a maximum of 20. For a partnership, a local manager must be appointed. Such a manager should be at least 18 years of age, ordinarily resident in Singapore, and not an undischarged bankrupt. Like sole proprietorship, a partnership is not considered a separate legal entity, implying that all partners are personally liable for its losses or debts.
A partnership is suited for small businesses with multiple owners.
- Limited Partnership: A limited partnership can comprise two or more partners, with there being no limit on the maximum number of partners. A limited partnership provides for a certain degree of limited liability: one of the partners, a general partner, would bear unlimited liability and be personally liable for debts and losses of the company, while the other partners may be limited partner, not personally liable for debts or obligations of the company. The general partner and limited partners can be either individuals of at least 18 years of age or a corporate entity. In case the general partner is not ordinarily resident, a local manager who is ordinarily resident of Singaporemust be appointed.
- Limited Liability Partnership: A Limited Liability Partnership (LLP) is a legal entity wherein the company is considered a separate legal entity from its partners, and where the liability of each partner is limited. Although the partners are held personally liable for debts and losses, this liability is restricted to debts and losses resulting from their own torts, not that of other partners.
- Private Limited Company: A Private Limited Company is considered a separate legal entity, distinct from its shareholders and directors. Partners are not held personally liable for the debts or obligationsof the company. Unlike the aforementioned business entities, a Private Limited Company qualifies for tax exemption schemes, setting the corporate tax at a rate of 0-17%.
Advantages of Company Incorporation in Singapore
Incorporating a business in Singapore brings with it the following benefits:
- The personal and corporate tax rates in Singapore are very business-friendly. Corporate tax is capped at 17%, with new firms getting considerable tax breaks in their first 3 years – as low as 0% up to an income of 100,000 SGD. Personal tax rate varies from 0% to a maximum of 20%.No taxes are imposed on capital gains from the sale of a business. Similarly, no tax is levied on dividends paid to the shareholders.
- Singapore has avoidance of Double Taxation Agreements (DTAs) with more than 50 countries. This allows international companies to save on taxes.
- Singapore allows for 100% foreign ownership, and complete repatriation of capital and profits. Also, there are no restrictions on the movement of foreign currency.
- Singapore has one of the simplest and most bureaucracy-free business regulatory frameworks the world over. Incorporating a company here is so easy and straightforward in fact that it could be done within a day in most cases.
Setting up a business in Singapore envisages huge earning potential, tax exemptions, world-class infrastructure, modern amenities, liberal government policies and free trade barriers. BusinessSetup Worldwide helps businessmen, entrepreneurs and investors establish their company in Singapore while availing all the advantages that a developing economic trading hub provides. Our experts take care of the entire Banking, Visa, Legal, and Licensing formalities, and allow corporates to enjoy their company formation process without worrying about the bureaucratic red tape and legal formalities. We guide you through your company formation, with your business objectives at the centre of our ecosystem, all the way.