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Table 2

Supplier checklistYour Selection
Engagement costing 
sdds
Did I contact local suppliers in the country, including i) 5 lawyers ii) 5 accountants and iii) 5 small local boutique consultants (just like Healy Consultants)?

 

Did my manager approve my excel spreadsheet of cost comparisons from 5 different suppliers?

 

What percentage discount did Client give Healy Consultants?

 

Supplier selection 
Does my preferred supplier timely answer my email requests?

 

What is your specific supplier staff name and cell phone number?

 

Over the coming months, is your specific supplier due to go on extended leave?

 

What is the name and cell phone number of the backup staff of your specific supplier?

 

Did I speak at least once on phone or through skype with my preferred supplier?

 

Does my preferred supplier give accurate and complete answers to my emails requests?

 

Does my preferred supplier provide complete engagement costs?

 

Is my preferred supplier experienced in engineering the specific corporate structure I want?

 

Is the supplier senior partner involved in the engagement?

 

Does my preferred supplier provide all services including bank account, nominee, accounting and tax?

 

Do I have a quality back up supplier ready to go, if my preferred supplier does a poor job?

 

Did the supplier follow us on our blog?

 

Is the supplier a lawyer or accountant?

 

Supplier due diligence 
  
Was my preferred supplier transparent and open to my due diligence request from Healy Consultants?

 

Did I receive at least a i) copy of passport ii) recent proof of address iii) certificate of incorporation and iv) the latest annual return from my supplier?

 

Will your specific supplier contact receive cell phone calls over their weekend (relevant for Middle East)

 

Did I receive evidence that my preferred supplier has a license to conduct his business?

 

My supplier is regulated by what Government body?

 

Did Cai Xin do a due diligence Google review of my preferred supplier?

 

Complete the attached and answer each question re social media linx from supplier

 

Supplier email template

Signature of the exclusive service agreement 
  
Did the supplier complete and sign each page of the service agreement and its appendixes?

 

Did supplier review our country webpage and provide feedback as to how we improve that page?

 

Did the supplier follow us on Facebook?

 

Did I the IT Department add a reciprocal link to supplier business web site?

 

Did Xin review and approve the service agreement?

 

Did my supplier sign off the detailed project plan?

 

Did I request multiple suppliers to sign off the detailed project plan? (for complex engagements only)

 

Did the supplier confirm we can pay i) 100% after the engagement is complete or ii) 50% before and 50% after completion of engagement?

 

   
CRODirectorLegal and Compliance Dept.
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Summary100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Best use of company?TradingFast business setupExport companyMarketing and researchProfessional ServicesIndustries closed to foreigners
Also known as?PMAPT-PMA conversionKPB companyKPPACVPT
Legally tax exempt if properly structured?NoNoYesYesYesNo
Corporate bank account location?SCB Indonesia DBS IndonesiaHSBC IndonesiaANZ IndonesiaCitibank IndonesiaANZ Indonesia
How soon can you legally invoice Clients'?3 months6 weeks3 monthsNever6 weeks6 weeks
You need a local Indonesian citizen as a sponsor?YesYesYesYesYesYes
Wholly foreign owned entity?YesNoYesYesNoNo
Must appoint an Indonesian resident as bank signatory?YesYesYesYesYesYes
Security deposit to be kept with Government?NoNoNoNoNoNo
Client must travel to Indonesia?NoNoNoNoNoNo
Can secure trade finance?YesYesYesNoNoYes
Limited liability entity?YesYesYesNoYesYes
Average total engagement costs?US$18,100US$60,200US$18,100US$19,250US$18,100US$39,350
Average total engagement period?4 months5 months4 months4 months2 months2 months

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Summary100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Best use of company?TradingFast business setupExport companyMarketing and researchProfessional ServicesIndustries closed to foreigners
Also known as?PMAPT-PMA conversionKPB companyKPPACVPT
Legally tax exempt if properly structured?NoNoYesYesYesNo
Corporate bank account location?SCB Indonesia DBS IndonesiaHSBC IndonesiaANZ IndonesiaCitibank IndonesiaANZ Indonesia
How soon can you legally invoice Clients'?3 months6 weeks3 monthsNever6 weeks6 weeks
You need a local Indonesian citizen as a sponsor?YesYesYesYesYesYes
Wholly foreign owned entity?YesNoYesYesNoNo
Must appoint an Indonesian resident as bank signatory?YesYesYesYesYesYes
Security deposit to be kept with Government?NoNoNoNoNoNo
Client must travel to Indonesia?NoNoNoNoNoNo
Can secure trade finance?YesYesYesNoNoYes
Limited liability entity?YesYesYesNoYesYes
Average total engagement costs?US$18,100US$60,200US$18,100US$19,250US$18,100US$39,350
Average total engagement period?4 months5 months4 months4 months2 months2 months
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Summary100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Best use of company?TradingFast business setupExport companyMarketing and researchProfessional ServicesIndustries closed to foreigners
Also known as?PMAPT-PMA conversionKPB companyKPPACVPT
Legally tax exempt if properly structured?NoNoYesYesYesNo
Corporate bank account location?SCB Indonesia DBS IndonesiaHSBC IndonesiaANZ IndonesiaCitibank IndonesiaANZ Indonesia
How soon can you legally invoice Clients'?3 months6 weeks3 monthsNever6 weeks6 weeks
You need a local Indonesian citizen as a sponsor?YesYesYesYesYesYes
Wholly foreign owned entity?YesNoYesYesNoNo
Must appoint an Indonesian resident as bank signatory?YesYesYesYesYesYes
Security deposit to be kept with Government?NoNoNoNoNoNo
Client must travel to Indonesia?NoNoNoNoNoNo
Can secure trade finance?YesYesYesNoNoYes
Limited liability entity?YesYesYesNoYesYes
Average total engagement costs?US$18,100US$60,200US$18,100US$19,250US$18,100US$39,350
Average total engagement period?4 months5 months4 months4 months2 months2 months
Accounting and tax considerations100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Statutory corporation tax payable?25%25%25%0%0%25%
Must file an annual Indonesian tax return?YesYesYesNoNoYes
Must file annual financial statements?YesYesYesYesYesYes
Must appoint an auditor?YesYesYesNoYesNo
Access to double taxation treaties?YesYesYesNoYesYes
Withholding tax on dividends to parent company?20%20%20%0%0%20%
Legally tax exempt entity, if properly structured?NoNoYesYesYesNo
Company registration100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Resident director/manager required?YesYesYesYesYesYes
Minimum number of directors/managers?111111
Resident shareholders/partners required?VariedYesNoNoYesYes
Minimum number of shareholders/partners?222Parent company22
Minimum paid up share capital?US$200,000US$200,000US$200,0000US$1From US$3,745
Government foreign investor approval required?YesYesYesNoNoNo
Shelf companies available?YesYesNoNoNoYes
Time to incorporate a new entity?3 months6 weeks3 months3 months6 weeks6 weeks
Can have preference shareholders?YesYesYesNoNoYes
Business considerations100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Can invoice local customers in your company name?YesYesNoNoYesYes
Can hire local staff in your company name?YesYesYesYesYesYes
Can rent local office space in your company name?YesYesYesYesYesYes
Secures a residence visa for business owner?YesYesNoNoYesYes
Good entity for trademark registration?YesYesNoNoYesYes
Other useful information100% foreign owned LLCFast solutionFree Zone LLCRepresentative OfficeLLPLocal owned LLC
Languages: 
Singapore Company RegistrationFor over a decade, Healy Consultants has been efficiently and effectively assisting our Clients with i) business registration ii) business licensing iii) Singapore business banking solutions iv) visa options and staff recruitment strategies and v) workspace rental solutions.

Steps to register your company in Singapore

  1. Register company name;
  2. Ownership structure and allotment of shares;
  3. Find nominee director;
  4. Appoint local company secretary;
  5. Get a registered office in Singapore;
  6. Prepare standard Memorandum & Articles of Association;
  7. Prepare documents and forms for incorporation;
  8. Filing registration forms and documents;
  9. Incorporation approval.
For a more detailed guide to registering your company, please visit our complete steps to incorporate in Singapore.

Company registration

  • Time to incorporate: One week
  • Cost to set up: US$6,980
  • Minimum capital: 0 (no par value)
  • Physical office required: No

Required appointments

  • Shareholders: 1
  • Directors: 1
  • Company secretary: Yes
  • Resident director: Yes

Key facts

  • Corporate tax rate: 17%
  • Corporate tax base: Territorial
  • Shelf companies: Available
  • Main company type: LLC

Frequently asked questions

Download the full Singapore country report here

—————————————————————————–END—————————————————————————————–Healy Consultants has been assisting Clients with registering their businesses in Hong Kong for over a decade. Our services include assistance with i) company incorporation ii) government license registration iii) opening the corporate bank account iv) hiring strategies and visa applications and v) office space rental solutions.

Steps to register your company in Hong Kong

  1. Register company name;
  2. Ownership structure and allotment of shares;
  3. Find nominee director;
  4. Appoint local company secretary;
  5. Get a registered office in Hong Kong;
  6. Prepare standard Memorandum & Articles of Association;
  7. Prepare documents and forms for incorporation;
  8. Filing registration forms and documents;
  9. Incorporation approval.
For a more detailed guide to registering your company, please visit our complete steps to incorporate in Hong Kong.

Company registration

  • Time to incorporate: One week
  • Cost to set up: US$6,550
  • Minimum capital: 0 (no par value)
  • Physical office required: No

Required appointments

  • Shareholders: 1
  • Directors: 1
  • Company secretary: Yes
  • Resident director: No

Key facts

  • Corporate tax rate: 16.5%
  • Corporate tax base: Territorial
  • Main company type: LLC
  • Shelf companies: Available

Frequently asked questions

Download the full Hong Kong country report here

—————————————————————————–END—————————————————————————————–

Business entities in Singapore

There are several types of companies our Clients can set up, the most common being the private limited company (LLC), branch office and representative office.Singapore LLCSingapore branch officeSingapore offshore company

New company/
separate entity

Expanding your existing
company (not a separate entity)

Tax-free
entity

  • The private limited company (Pte. Ltd.)

      Singapore company setup requirements for different business entity types
    • The most commonly set-up company in Singapore is the private limited company, which is abbreviated to “Pte. Ltd.”. This company type is functionally equivalent to the LLC in other jurisdictions, with shareholders’ liability being limited to the amount unpaid on their shares;
    • Thanks to the relaxed rules on opening a private limited company, requiring only one shareholder, one director, a company secretary, a registered address and no minimum share capital, foreign investors overwhelmingly favour the Pte. Ltd. when entering the Singaporean market. This entity can engage in any commercial or industrial activity, and there are no restrictions on foreign investment;
    • Singaporean private limited companies may have up to 50 shareholders. If there are likely to be either i) more than 50 shareholders or ii) regular share transfers, then an unlisted public limited company is a better option;
    • This entity can be incorporated within one week without the need for our Clients to visit Singapore or contribute any share capital. However, at least one of the company’s directors must be resident in Singapore.
    • Best uses: General purpose – A private limited company fulfils the needs of almost every application for doing business either within or outside of Singapore. These entities have low administrative requirements and can be turned to almost any use as long as share liquidity is not required. These attributes of the Singapore LLC make it ideally suited for use as a subsidiary or as an entrepreneurial vehicle. The private limited company’s flexibility also means that it can be used in the following ways:

      Special Purpose Vehicle (SPV)

    • SPVs can be used to i) hold designated assets on behalf of its investors while insulating the shareholders from liability and ii) raise funds from the market;
    • Holding company

    • This vehicle is used to hold and manage long-term investments including debt, real estate, and shares in other businesses. Holding companies derive their income primarily from dividends, interest payments and rental fees, depending on the types of assets held;
    • In Singapore, a holding company can be incorporated as a paper company (offshore company) to manage international investments in a tax-efficient manner.
    • Singaporean companies can be used as private wealth vehicles to manage family assets. Visit Healy Consultants’ page on family wealth vehicles to learn more and compare different structures that can be used to run a family office.
  • Branch office

    • Foreign companies may do business in Singapore without setting up a separate legal entity, although they must register with the Accounting and Corporate Regulatory Authority (ACRA) to do so. Doing business in this manner is known as establishing a branch office in Singapore;
    • A branch office can conduct business only within the scope set by the parent company. A Singapore-based branch can invoice local customers, sign sales contracts and receive income from customers;
    • As an extension of the foreign company without its own legal personality, a branch does not have limited liability. Any liabilities incurred by the branch are therefore attributed to the parent company. Consequently, using a branch introduces greater risk to your business;
    • Since a foreign company with a branch registered in Singapore requires two resident agents, the branch actually has higher administrative requirements than the private limited company, which needs only one resident director;
    • Branch offices may only be registered by foreign corporations, as stipulated by Singapore’s Companies Act;
    • Branches are treated as non-resident for tax purposes. This means that they do not benefit from Singapore’s double taxation avoidance treaties, nor the tax incentives for new companies.
    • Best uses: Not recommended – Although there are some limited advantages to using branches in other jurisdictions, Healy Consultants recommends incorporating a local company rather than establishing a branch in Singapore. Since the company has no minimum capital requirement, limited liability, a lower number of mandatory resident agents and allows 100% foreign ownership in all fields, the traditional benefits of a branch do not apply. No time is saved in registering a branch either, as Singaporean companies can be set up in under a week.
  • Representative office

    • A representative office can be used if a foreign company does not intend to carry on revenue-generating business activities in Singapore. Annual filings are simplified since the lack of revenue means that taxes do not need to be filed or assessed;
    • These entities cannot make direct sales. Instead, they may only carry out “auxiliary activities”, for example i) promoting the business of the parent company ii) market research iii) after-sales support or iv) research & development;
    • The scale of representative offices’ operations is limited by a rule requiring fewer than five members of staff;
    • Representative offices’ limited scope brings with them a limited lifetime, as they may only operate for up to three years before being required to convert to a branch;
    • New foreign businesses may not set up representative offices in Singapore, as the law requires that the foreign entity i) has annual sales of more than US$250,000 and ii) has existed for at least three years;
    • Best uses: Market research – If your business wishes to send a small delegation of staff to investigate the Singaporean market, a representative office is a good short-term solution with simpler financial reporting than for a company. For other activities or long-term establishments in Singapore, a company is usually preferred due to greater flexibility in the activities it can carry out and more freedom to generate value for the business.
  • Offshore company

    Offshore company is tax free entity
  • Table of comparison for Singapore entities

    Summary at a GlanceLLCBranchRep officeOffshoreLLPFree zone companyFast solution
    Operations and logistics
    Do you visit Singapore for company setup?NoNoNoNoNoNoNo
    Bank signatory must travelNoNoNoNoNoNoNo
    Is doing business in Singapore permitted?YesYesNoNoYesYesYes
    Allowed to sign sales contracts with local ClientsYesYesNoNoYesYesYes
    Allowed to invoice local ClientsYesYesNoNoYesYesYes
    Can rent office in SingaporeYesYesYesNoYesYesYes
    Tenancy agreement required before incorporation?NoNoYesNoNoNoNo
    Allowed to import raw materials?YesYesNoNoYesYesYes
    Allowed to export goods?YesYesNoNoYesYesYes
    Corporate bank accountHSBCCitibankSCB SingaporeHSBC Hong KongHSBC Hong KongCitibankSCB Singapore
    Accounting and tax
    Corporate tax payable17%17%0%0%17%17%17%
    Statutory audit requiredNoNoNoNoNoNoNo
    Annual tax return to be submittedYesYesYesYesYesYesYes
    Access to double tax treaties YesYesNoNoYesYesYes
    Company law
    Issued share capital requiredUS$100US$1US$1US$1US$1
    Resident director/manager required?YesYesYesYesYesYesYes
    Resident shareholder required?NoNoNoNoNoNoNo
    Minimum number of directors1111111
    Minimum number of shareholders1Parent companyParent company1211
    Resident company secretaryYesYesNoYesYesYesYes
    Individual shareholders allowedYesNoNoYesYesYesYes
    Corporate director(s) allowed?NoNoNoNoNoNoNo
    Corporate shareholders allowed?YesNoNoYesYesYesYes
    Public register of shareholders and directorsYesYesYesYesYesYesYes
    Immigration
    Singapore employment visa feesUS$2,950US$2,950US$2,950US$2,950US$2,950US$2,950US$2,950
    Can the entity hire expatriate staff?YesYesYesNoYesYesYes
    How long to get work permit approved3 weeks3 weeks3 weeks3 weeks3 weeks3 weeks3 weeks
    Fees and timelines
    How long to set the company up?1 week1 week1 week1 week1 week2 weeksNo
    How long to open company bank account?4 weeks4 weeks4 weeks4 weeks4 weeks4 weeksNo
    Estimate of engagement costsUS$6,980US$8,750US$6,800US$7,940US$6,980US$8,790US$11,560
    Draft InvoiceSingapore LLC setup costsingapore branchsingapore rep officeSingapore offshoreSingapore LLP invoiceSingapore freezone invoiceSingapore turnkey invoice
  • Investment company

    An investment company will allow our Clients to pool their investors’ capital and invest this money on their behalf. However, this business activity will require the owners of the company to file an application with the Monetary Authority of Singapore (MAS). For fund management, the application will take one of two forms: either i) an application for a registered fund management company or ii) an application for a Capital Markets Services license.Registered fund management companies are limited to 30 accredited or institutional investors, up to 15 of whom may be other funds invested in by accredited individuals. Investors qualify as “accredited” under Singapore’s Securities and Futures Act if they have either i) net assets of more than S$2,000,000 or ii) annual income greater than S$300,000. There is a cap of S$250,000,000 on assets under management for this kind of fund manager.Capital markets services (CMS) licences, on the other hand, are much more flexible. Although further accreditation is required from the MAS to offer services to retail investors, CMS-licensed fund managers have no limits on the assets under management or number of investors.CMS-licensed fund managers must maintain core capital levels of at least S$250,000, of which at least S$100,000 must be deposited with the MAS. Annual audits are required to ensure that this and other compliance requirements are met.All registered and licensed fund management companies must have two directors resident in Singapore with at least 5 years’ experience in financial services to establish a track record. They also require two local employees, one of whom must be the CEO and the other an Executive Director, with each of these staff having at least 5 years’ experience. If the CMS-licensed manager has authorization to work with retail investors, a third staff member is needed and the CEO requires 10 years of experience.

Frequently asked questions

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Advantages of Limited Liability Company transfer

The process of company incorporation depends on the jurisdiction where the company is being registered. Healy Consultants will discuss with our Clients the international tax and legal implications, along with processes involved in incorporating their company. This will include highlighting the advantages and disadvantages of formation of a company in different corporate jurisdictions, including emerging markets. In summary, our firm assists Clients to identify the optimum corporate jurisdiction for company registration, the optimum corporate structure to legally protect assets and gain access to worldwide markets, while legally minimizing local and international taxation.

Advantages of Limited Liability Company transfer

The process of company incorporation depends on the jurisdiction where the company is being registered. Healy Consultants will discuss with our Clients the international tax and legal implications, along with processes involved in incorporating their company. This will include highlighting the advantages and disadvantages of formation of a company in different corporate jurisdictions, including emerging markets. In summary, our firm assists Clients to identify the optimum corporate jurisdiction for company registration, the optimum corporate structure to legally protect assets and gain access to worldwide markets, while legally minimizing local and international taxation.

Advantages of Limited Liability Company transfer

The process of company incorporation depends on the jurisdiction where the company is being registered. Healy Consultants will discuss with our Clients the international tax and legal implications, along with processes involved in incorporating their company. This will include highlighting the advantages and disadvantages of formation of a company in different corporate jurisdictions, including emerging markets. In summary, our firm assists Clients to identify the optimum corporate jurisdiction for company registration, the optimum corporate structure to legally protect assets and gain access to worldwide markets, while legally minimizing local and international taxation.————————————- Contact us form testing—————————————————————————————-

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