Frequently asked questions
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
Yes you do. You get unlimited number of bank accounts under the virtual business. All accounts are created only virtually or
Yes you do. You own the virtual business that you create 100%. You do not need to share ownership unless you want to.
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.
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).
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.
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.
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.
Yes you can. You can nominate your family members as beneficial owners of the virtual business so that the assets ultimately go to them.
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.