Business ethics can determine how well a country\’s economy is going to prosper. Business ethics work as the heartbeat of the heart of the country. What would happen to any country if their business firms did not uphold the ethical rules? It is probable to assume their economies would surely suffer. In Singapore, businesses work hard to work ethically. Recent reports seem to suggest that many Singapore business firms have conduct codes that govern their actions. A study taken from the National University of Singapore went more into detail, stating that more than 60% have a code of ethics and of the 60%, about 80% apply the code on a global scale. Singapore is the perfect example how ethics can affect any economy. Without ethics many countries would find themselves in trouble.

Company registration is an important part of any ethically running business. Most companies in Singapore register as private liability companies; this basically means the company will work separately from the shareholders. In Singapore, it is possible for anyone over the age of 18 to register, but of course they must first have a company. The private liability business model is the most tax efficient and this is why it is so important. But before you go and register there are something’s you need first. Like a company name that was approved before the application, at least one resident director (meaning either a Singapore resident over 18 or someone who is Entrepass certified), at least one shareholder, a company secretary, some kind of share capital, a registered address, and the knowledge of the taxation that will take place.

Company formation is another popular structure of ethically running businesses. This method is particularly used by foreign investors and multi-national companies. Business formation is especially important in Singapore and is very popular because of the positive business image. Singapore has upheld the formation functions as a marketing tool. Formation is advertised to customers, investors, governments and banks. When using this structure any company in Singapore can actually become tax exempt thanks to the Inland Revenue Authority of Singapore. One benefit that many companies will appreciate is financial audits are not required for companies who are in trouble after they finish the formation.

Company incorporation is the last aspect of Singapore\’s ethic business model. This will allow the owners to conduct their company without any stress. This is the best move any corporation can make and it comes with many benefits. For instance, the stockholders will have little liability. As previously mentioned, the company will be a separate entity. So, the shareholders will be safe against problems the company may face. Obviously this is only a benefit if you are a shareholder. However, the company will also always be around. This means if for whatever reason the owner is out of the picture, the corporation can continue to conduct business. It will also be possible to gain profits from selling stocks. Incorporation will be the best decision you have ever made.

Every country has its own approach to business. Some choose the ethical road because they know how it can affect their countries, others go a different path. Singapore has some of the best business ethics in comparison with their competitors.

Chris Tan writes on Singapore company formation, BVI company practices and nominee director prerequisites.

Chris Tan writes on Singapore company formation, BVI company practices and nominee director prerequisites. (http://www.bizcorp.com.sg)

Author Bio: Chris Tan writes on Singapore company formation, BVI company practices and nominee director prerequisites.

Category: Business
Keywords: setup a singapore company, form a singapore company,company registration singapore