Working in Singapore

Singapore is considered to be the third wealthiest country in the world which means that among other things, people that live and work in Singapore can enjoy a standard of living which is the highest in all of Asia. This is a fact which has been appreciated by foreign workers that may have had to move to Singapore after the company they work for registered there. There are already many companies which have either started in Singapore or moved so that they could register in Singapore but it is expected that many more will soon also do so. Apart from a high standard of living its employees could enjoy if a company registered in Singapore, the company itself can enjoy a lower rate of taxation than it would almost anywhere else, with the exception of course, of some countries which are ‘tax havens’, which Singapore is not considered as being. Added to those benefits a company can benefit from, by registering in Singapore there are the added benefits of knowing that the country has a very stable political system, one which is unlikely to change in the near future and so can be relied on to provide a unchanging tax rate. Although Singapore welcomes foreign companies to register there, they do still maintain that in order to do so, a company must agree to certain criteria. That criterion includes a director being nominated that is either a Singaporean citizen or a permanent resident in Singapore. The director nominated of course, does not have to have a say in company policy or even in financial matters but must, as far as the Singaporean government is concerned, be the ‘face’ of the company in Singapore. This is one criterion however which companies have been able to get around by ensuring that a current director receives an official employment permit for Singapore before registration, as that then negates the need for a Singaporean director. The Singapore government also requires that a company agrees to keep records and accounts for any business transactions they make in Singapore and that for that purpose of keeping those records, a corporate secretary with Singaporean citizenship is employed. Although there is no getting around this requirement, there are businesses in Singapore which specialize in helping companies to register and so may, among other things, offer their services in this regard. A third thing that the Singaporean government insist on is that the company maintains a presence in Singapore and by presence, they do not mean just a P.O. Box address; they require that the company maintains an office in the country and that that office is open during normal business hours. This is also an area where businesses like, which specialize in assisting companies to register in Singapore, can help as they maintain lists of office space which is available for who so ever may need it. The businesses that assist companies in registering, make registering a company in Singapore fairly easy, certainly worthwhile considering the benefits the company will receive after registration.