Companies are all required to register somewhere but many today are opting to register in Singapore. Although registering in Singapore may be easier than it is in many countries due to the government there encouraging companies to register, probably the main reason why so many companies registering there is the lower taxation rates for businesses. A company registration Singaporeis not though an automatic process as certain criteria must be met in order for a company to qualify to register. The criteria are not difficult to meet if a company seeks the assistance of one of the businesses located in Singapore that especially specialize in assisting foreign companies with registration. If a company does not seek assistance, there are three requirements which they may find problems in meeting and those requirements are the need for a Singaporean director to be nominated, the need to maintain accurate records of transactions made in Singapore and thirdly the providing of a company address In Singapore. By seeking assistance, a company would discover that although a Singaporean citizen is preferred as a director, the government will also accept either a permanent resident of Singapore or a current director, if they have a valid Singapore employment permit.
The records of transactions are not really a problem but the problem is that the Singapore government requires that those records are kept by a corporate secretary that is a Singapore citizen. Once again, if a company seeks advice, they would learn that the government will allow them a 6 month grace period, from when they register, in order to find a suitable corporate secretary but, if the company were to seek advice from one of the businesses in Singapore that offer it, they may find that that same business may fill this post for them. Lastly, obviously providing a Singapore address should not be a problem but unlike many other countries, the Singapore address in these instances, cannot just be a PO Box number. It is a requirement of the Singapore government that any company wishing to register in Singapore must have a place of business in Singapore. This means that an address provided must not only be a genuine address but it must also, at that address, have an office which is open during business hours.
If a company does register in Singapore though, it can enjoy more benefits than just a lower tax rate as, among other things Singapore is the third wealthiest country in the world and that reflects in the fact that people that work or live in Singapore, enjoy the benefits of being in a country which is ranked top in Asia for quality of life. It will also enjoy the benefits that come with being registered in a country which is well-known for its stable political system. Perhaps another of the bigger advantages is that due to its location, Singapore is ideally situated to foster trade between companies of both the east and west alike as it is on the main shipping route between the two.