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Mon-Fri: 9 a.m - 6 p.m SGT
Weekends: 12 p.m - 4 p.m SGT
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Frequently asked questions
What is a virtual business?
Virtual business is a legal business entity created usually in a less volatile economy such as Singapore. It comes complete with the financial accounts and payment solutions that allows the Virtual business to collect capital around the world and all the appointments of officers, directors, shareholders and beneficial
Do I get financial accounts like bank accounts under the virtual business?
Yes you do. You get unlimited number of bank accounts under the virtual business. All accounts are created only virtually or
Do I own the virtual business 100%?
Yes you do. You own the virtual business that you create 100%. You do not need to share ownership unless you want to.
Do I make all the final decisions if I am director of the virtual business?
Yes, you make final decisions if you have controlling interest, as shareholder or beneficial owner, in the virtual business. So to make a decision, such as opening a financial account, you can propose a virtual board session, which is attended by other directors under the virtual business. You and the other directors will evaluate the decision together and ratify (sign-off) on the decision. This process allows you to be informed on the pros and cons of any decision.
I am majority shareholder of the virtual business but not a director. Do I still have decision-making power?
Yes, you will be participating in executive general meetings (EGM) virtually which are held whenever there is a major decision, such as appointment or removal of a director, legal issues and any issue (such as evaluating an offer for shares).
How are business decisions initiated and made?
This is one of the main difference between kimbocorp and other providers. We cultivate the decision-making process, as much as you desire, so that all decisions big and small, especially decisions where you require advise in, are made suggested, evaluated, approved and ratified, during virtual board sessions.
So whenever you feel you need advise, suggestions or brain-storing, we always want to hear from you (our motto) and you only need to schedule a session with the board members of your virtual business and discuss during that session. No topic is too big or small.
Ratification can be done via ordinary resolutions or extraordinary resolutions, carried out during the virtual board sessions, which are categorised as Ordinary general meetings or Extraordinary general meetings.
How do I move money into the financial accounts under the virtual business?
You can deposit capital into the bank details under the virtual business or utilize kimbocorp.com’s share capital service to do so. You can also sell products or service under the virtual business, as per the business activity of the virtual business, and receive capital in the form of revenues. Note that there could be a tax exposure when receiving capital in the form of revenues.
Can I appoint directors into my virtual business?
Yes you can propose and appoint directors into your virtual business if you are also a majority shareholder of the virtual
business. There is no limit in the number of directors, local or foreign, under your virtual business, except that they must be at least 18years of age, not a bankrupt or convicted for any criminal malpractice.
Can I nominate my family members as beneficial owners?
Yes you can. You can nominate your family members as beneficial owners of the virtual business so that the assets ultimately go to them.
I am based in India. How does virtual business help me?
Virtual business allows you to hold international currencies from the sale and monetization of assets, usually intangible assets, under the virtual business.
You get to sell products or services and hold revenues and its retained earnings safely in the virtual business, with the least possible exposure to local economic volatilities, so that the amounts you keep under the virtual business always hold its value. This means you can pay yourselves salaries or pay expenses and enjoy the myraid of business deductibles for tax purposes.
You can also benefit from simply holding financial assets under the virtual business, in the form of share capital or paid-up capital, and use it as a family office for the benefit of yourselves and your descendants. All entities and accounts are created and managed virtually and carries the same legal recognition internationally as any Pte Ltd entity.
Best of all, you benefit from the pro-business environment and wealth hub status of a safer economy like Singapore and enjoy first-hand Singapore’s tax residency statuses like any other formalised business.
Why should I incorporate a Private Limited Company in Singapore?
Along with being one of the world’s top financial centres with wide availability of funding and assistance schemes for start-ups or established companies, the city-state of Singapore is also known for its ease of doing business and pro-business regulatory environment, along with a very attractive corporate tax framework.
Singapore also has comprehensive trade agreements with over 100 regions of the world, excellent connectivity, strategic geographical location, proximity to world’s largest emerging markets including India and China, and robust IP protection.
What is the major advantage of incorporating a private limited company in Singapore?
Apart from the huge tax advantage, and benefits of over 100 comprehensive trade agreements, one of the major advantages of incorporating a private limited company is that it is a separate legal entity and is limited by shares. As a result, shareholders of a Singapore company are not liable for its debts and losses beyond their amount of share capital.
What are the different types of business structures in Singapore?
There are five different structures to choose from – Sole-Proprietorship, Partnership, Limited Partnership, and Limited Liability Partnership (LLP), and the most common and flexible business entity – the Private Limited Company (applicable for non-Singaporeans and permanent residents). Do note that all companies in Singapore must be registered and abide by the country’s Companies Act.
What are the key requirements to incorporate a company in Singapore?
- at least one shareholder which may be an individual or a corporate entity
- one resident director (either a Singapore citizen, permanent resident, Employment Pass holder or a Dependent Pass holder)
- one resident company secretary
- initial paid-up share capital of at least S$1, or equivalent in any currency
- a physical Singapore office address, and cannot be a PO Box