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Tel：+86 400 118 5939As more and more Chinese entrepreneurs go overseas and target the global market, the number of entrepreneurs and institutions registering Singaporean companies has also increased significantly. The reason for attracting global entrepreneurs to register companies in Singapore comes from Singapore's status as the world's third largest financial center and one of the countries with the lowest comprehensive corporate tax rates in the world, as well as Singapore's efficient, business friendly, and humane government services.
So, whether it's conducting international trade or as an investment entity, entrepreneurs often take the first step in starting their business by choosing an advantageous registration location and registering a company. However, one aspect that is often overlooked or not given enough attention is the type of registered company. Choosing the type of company registration not only affects the costs, procedures, and time required for registration, but also has a significant impact on the future development, innovation, risk management, closure, and cancellation of the enterprise. Different types of companies have vastly different operational and risk levels. Next, Hongyuan International will take you to learn about the types of companies registered in Singapore?
1. Singapore sole proprietorship
A sole proprietorship is the simplest form of business entity, with only one owner who has absolute autonomy over the operation of the enterprise and unlimited liability for all assets and debts of the enterprise.
Singaporean citizens, residents, and employment permit holders can register sole proprietorships; Foreigners and companies can also register sole proprietorships, but must appoint a Singaporean resident as the manager.
2. Singapore Limited Liability Partnership
A limited liability partnership (LLP) is a perfect combination of a partnership and a private limited company, providing owners with greater flexibility and the ability to act as a separate legal entity similar to a private limited company.
This model is very suitable for individuals engaged in professional services, such as lawyers, architects, accountants, and management consultants; Singaporean citizens, residents, and employment permit holders can register limited liability partnerships; Foreigners and companies can also register limited liability partnerships, but must appoint a Singaporean resident as the manager.
3. Singapore Private Limited Company
Private limited companies are the most popular commercial entities in Singapore. Unlike commercial entities such as sole proprietorships and limited liability partnerships, shareholders and directors of private limited companies have separate legal personality and are limited liability for the company's debts and losses.
The name of a private limited company usually contains the words "Pte Ltd" or "Ltd". In European and American countries, it is often referred to as a limited company.
In the first three assessment years, Singaporean startups have a taxable income (profit) of 4.25% for the first 100000 Singapore dollars, and a 50% tax exemption for the next 200000 Singapore dollars of taxable income (profit).
The specific type of registration for a company should be determined based on its own business needs. If you are unsure about which similar company to register, please feel free to consult Hongyuan International.
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