Equity Plaza, Singapore -- (SBWIRE) -- 11/18/2010 -- The history of Singapore tells of a story beginning in the 1819 when it was discovered by Sir Stamford Raffles, a British who was also instrumental in the success of Great Britain’s Far Eastern empire. Raffles’ knack in politics and economy was evident in Singapore’s participation in commerce with countries like Celebes, Philippines, Malay Peninsula, Bali and other neighboring islands since his discovery of the island. Raffles was a great influence into what Singapore is known today—a financial center in Asia Pacific.

“In almost every benchmark set by regional and international business ranking,” says a business consultant of Rikvin, a company based in Singapore and which has been designed to extend professional services to entrepreneurs and foreign companies to incorporate a Singapore company or register a new company, “Singapore maintains high scores in ranges such as investment potential, investment incentives, and workforce productivity.”

One reason to Singapore’s impressive ranking is its free enterprise policy posing reasonable restrictions on foreign ownership of business, repatriation of capital, and employment of foreign talents.

“There are also tax and financial incentives awarded to certain business enterprises,” beams the business consultant.

In taxation, Singapore has among the lowest corporate and personal income taxes in Asia Pacific. For Singapore private limited companies earning a profit of up to S$300,000, the corporate tax rate is set at 8.5%. Effective 2010 year of assessment, the corporate income tax rate for companies accruing profits more than S$300,000 is set at 17%, a point lower than the previous.

When it comes to personal income tax rate, Rikvin divulges a single tier system beginning at 3.5% to 20%.

“In Singapore and with the cooperation of the private sector, the government devised programs to assist companies improve their efficiency,” explains Rikvin on the city-state’s financial assistance, “and strengthen their capabilities as well as explore new opportunities.”

Depending on the type of business an entrepreneur has, the businesses may be entitled to business start up assistance or to establish a regional headquarters in Singapore for certain offshore corporations. Business entities can avail of grants, loans, equity financing, and tax incentives.

Companies such as Rikvin acquire extensive knowledge on the Singapore Company Act and the rules governing taxation, accounting, and payroll preparation. Before their establishment, Rikvin confessed, “they had to undergo trainings and seminars regarding the procedure on company registration, incorporation, and compliance with other requirements.”

About the Publisher
Rikvin has been assisting clients from all over the globe in their Singapore immigration and company registration services. Rikvin operates to offer assistance both to local and foreign business professionals to register a Singapore company. The firm provides a complete corporate solution under one roof for which includes incorporation, opening of corporate accounts, business registration, tax, immigration related to work passes visa such as Personalised Employment Pass and compliance services in Singapore.

Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you are in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.

http://www.rikvin.com
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com