If you are planning to relocate your business from Hong Kong to Singapore for whatever reasons, then here are some simple facts that you should equip yourself before making a move.
The Shareholding Structure
When you are planning to shift your business from Hong Kong to Singapore, then you should reconsider restructuring the shareholders. Maintaining the same shareholders that your business had in Hong Kong will make the liquidation process complicated. Hence it would help if you worked towards acquiring completely new shareholders for your company.
Capitalization of the company
Singapore does not have a strict requirement on the amount of capital that is required when doing business. We can say that the minimum capital needed for doing business in Singapore is $1. But, this might not be practically sane since a company has a chain of activities that require finances for it to operate. Factors that determine the amount of capital that one requires to carry out a business include;
- The number of employers; Your new Singapore business will be obliged to pay all the employees their wages and benefits as per the requirements of the Labor Department.
- Suppliers; Depending on the type of business that the company you are shifting from Hong Kong to Singapore is going to conduct, you might involve suppliers. These are the stakeholders who are providing your business with relevant goods and products that you intend to sell.
- Products that the business is dealing; Every industry requires a given minimum amount of capital to enable you to operate smoothly. Besides, depending on the industry, you will have to acquire relevant licensing from the relevant authorities in Singapore. Again, PHP will help you obtain the relevant licensing and other permits to enable you to manage your business.
- Other stakeholders; Besides, other activities like seeking a bank loan will require that the business affords a certain amount of minimum amount of capital. Generally, the amount of capital that your new Singapore business requires will purely depend on the activities and stakeholders. Suppose you are wondering how much capital you will need when shifting your business from Hong Kong to Singapore. In that case, you should contact PHP services and get all the detailed information and advice on the exact capital requirement for your business.
Company Directors and Secretary
All Singapore companies should have a director who is a resident of Singapore and a secretary who resides in Singapore. A natural person must hold both positions. One person can act in the capacity of both secretary and director, and the person must be a Singaporean citizen. If you have trouble finding a professional who can suit your needs for the position, then PHP services can come to your aid to help you secure professional individuals.
Government Assistance available
One of the ways to plan a shift for your business from Hong Kong to Singapore is to have a conversation with the Economic Development Board (EDB). It is a government body that has roles of enticing foreign investors to venture into Singapore Market. Depending on the size of your company, your plans and business we can guarantee your assistance from the Singapore government in the form of tax incentives and cash grants available. PHP will again help you with plans and introduce you to the EDB since we have an excellent working relationship with the EDB.