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Fun statistics about China and Singapore GDP and company set up!
As at 2022, China and Singapore ranked 2nd and 33rd respectively in terms of GDP of a total of 177 countries surveyed.
Singapore's strong economic position saw, as at the end of August 2023, a 4% year-on-year increase in the number of companies set up / operating. On top of this, foreign direct investment increased in Singapore by USD 35.7 billion as at June 2023.
China continued to grow during Q2 2023 with inflows of around USD 27 billion dollars as at July 2023. At the end of 2022, foreign investment onflows into China were valued at USD 189 billion. This trend has slightly decreased during 2023. However, with China’s recently introduced foreign direct investment measures, this is expected to pick up towards the end of 2023 and moving forward to 2024.
Procosec Asia assists clients worldwide for company incorporation and compliance services in China, Hong Kong and Singapore.
Contact us today at: info@procosecasia.com to find out more.
What Documents do I need prepare when setting up a Singapore Company?
When setting up a business in any country, there will be a number of documents to be prepared and decisions made on the set up of the company.
Whilst Singapore is no exception compared to a number of other Asia countries, Singapore has an enviable reputation for its convenience and efficiency in the set up and operation of Singapore companies.
In fact, a Singapore company can be set up within 24-hours which is almost not possible anywhere else in Asia.
So, what needs to be prepared when setting up a Singapore company?
1. Director appointment documentation (this includes formal documents such as consents and declarations of interests forms);
2. Rules for the Singapore company (this is a known as the ‘Constitution’); and
3. Company Resolutions (these are documents signed by the directors and/or shareholders governing the conduct of the company).
Contact us at: info@procosecasia.com or visit our website: www.procosecasia.com to find out more about our company incorporation and maintenance services.
What is a Nominee Director and do I need one for a Singapore Company?
When setting up Singapore companies for our clients, we are often asked whether they can be the sole director of their company.
This question would seem to simply be ‘yes’. However, this is not always the case especially with foreign companies incorporating a company in Singapore!
This is because when setting up a Singapore company, there is a requirement that the Singapore company appoints at least one (1) locally resident director: a citizen or permanent resident.
Therefore, if an overseas resident person wants to set up a Singapore company, they need to appoint a local nominee director.
We firm offers nominee director services to a variety of clients post KYC of your business as risks, obligations and liabilities come with this role.
Contact us at: info@procosecasia.com or visit our website: www.procosecasia.com to find out more about our Singapore company incorporation and maintenance services.
Zero consideration for Issuance of Shares in Company?
When setting up a company in Singapore, a common question is:
“what is the minimum amount of funds I have to contribute into a Singapore company under law.”
The common reply to this question is: a company can be set up in Singapore for as little as S$1.00.
However, what many people do not realise is that it is actually possible to issue shares in a Singapore company for 0!
At Procosec Asia, we provide bespoke advice to all of our clients to ensure the most appropriate corporate structure is in place.
Please contact us at info@procosecasia.com for more information today!
Seal: an archaic concept?
Singapore Company doing Overseas Transactions may want to use a seal to use abroad…
Once a company has been set up, it is not uncommon for the company to have individuals in other countries who are authorised to enter into contracts for the Singapore company.
These are known as company agents.
To ensure your company has entered into important documents, such as legal transactional documents properly, it is advisable for the Singapore company to create a Seal for Use Abroad.
This seal will be identical to the seal of the Singapore company with the added wording of the country to which the agent has the right to affix the seal, for example:
For more information on the above or our services please contact: info@procosecasia.com