Why Incorporating A Singapore Company Is A Great Idea
There has never been a better time than now to incorporate a Singapore Company. This article discusses the key benefits of doing so.
1. Tax exemption for the first 3 years A newly incorporated company will enjoy full tax exemption on the first $100,000 of Chargeable Income for qualifying new companies for the first three years of assessment consecutively
2. Safeguard your personal assets As being legally separated from its individual owners, a private limited company accords a certain level of protection for the owners in the event of company closure or lawsuits. This is the main reason individuals choose to incorporate their business in order to protect their personal assets.
3. Smooth transfer of ownership The operations of a company will not be affected in the event of an event such as death of an owner which requires a change in shareholding. The shareholding can be easily transferred to another owner.
4. Enjoy a better standing when doing business An incorporated company enjoys better standing in the eyes of the public and amongst the overall business fraternity. Ability to raise funding is another plus point.
Incorporate a businesses to protect your personal assets, such as family, car or family savings. In the event of litigation or business failures, the personal assets of directors can not be touched. This limited liability protection is a key characteristic of the private limited liability company, and this protections is not available in sole-proprietorships or partnerships, where the individual or partners are personally responsible for all business debts.
Therefore, we would encourage anyone wanting to start a business, to consider incorporating or setting up a company, in particular a ‘Private Limited’ company. Call us to find out more. We would be glad to assist you in making the incorporation of your new company as seamless and smooth as possible.
Filed under: Business