Rikvin Offers Singapore Company Setup Services

by Wood John Friday, January 07, 2011

The Statistics Singapore reported a GDP upturn of 12.5% in the fourth quarter of 2010. Overall, year 2010 recorded a 14.7% growth on Singapore’s GDP, while its total Trade in November went up to 12.9%, and the Industrial Production increased by 39.8% also in November, compared to the same period of the preceding year.

Singapore remains to be the favorite investment destination among international bank consortia, traders, and shipping lines. Singapore taxation policy is among the world’s most attractive. Almost all types of business structures can be registered in Singapore.

Say Hun, a business consultant in Singapore says that the government expects additional businessmen to flock the city-state in the current year. Among the business structures popularly registered is the sole proprietorship.

“Many entrepreneurs favor the Singapore sole proprietorship because it is very convenient it allows a single individual to operate a business,” exclaims Say, saying in addition that the sole proprietor exercises full authority and control over the business.

“A sole proprietor makes business decisions without having to seek the approval of anybody. When the business is earning, the sole proprietor maintains full discretion on the revenues,” Hun continues.

The revenues of sole proprietorships, however, are not regarded as an income of the business. Instead they are treated as personal income of the trader and are thus subject to personal income tax rates. An explication to this is the legal status of the business. Say utters that sole proprietorships are not cloaked with legal personality.

“Thence, a sole proprietorship enterprise cannot be engaged in a lawsuit in case a liability may result to a legal proceeding, but its owner can be.”

Likewise, the business itself cannot be named as legal owner of assets and properties the owner may wish to purchase using the business’ revenues. When it comes to liability, everything is shouldered by the owner.

Double Taxation is avoided by sole proprietorships because all their revenues are classified as personal income of their owners.

Singapore allows foreigners to own all shares of a business, import their capital, and repatriate their profits. Hun explains that a foreigner must obtain an Entrepreneur pass should he wish to hold the position of a local manager, which is among the requirements of the Business Registration Act of Singapore.

Rikvin bestows corporate solutions such as registration of a business, incorporation of a company, and handling application of necessary labor visas. For existing companies, Rikvin provides accounting services including preparation of Financial Statements, Director’s Report; bookkeeping and payroll management.

About the Publisher:
Rikvin provides corporate solutions to investors and entrepreneurs in the local and abroad. Among its specializations are Singapore company registration, Singapore company setup and providing professional services relating to finances and administrative. Rikvin specializes in processing working visas and providing services such as nominee director, nominee shareholder, nominee agents, accounting, payroll, and secretarial.

Since 1995, Rikvin serves hundreds of companies managing and rendering Singapore accounting service using sophisticated payroll software system to handle even the most complicated payroll account. In its payroll services, Rikvin assures its clients of confidence in dealing with every transaction. Its accountants maintain competence. Above all, Rikvin’s principles adhere to the laws and share the same vision such as the inevitability of innovation. Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.

For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Website: http://www.rikvin.com/

Rikvin provides Singapore Company Regisatration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.