Foreign company registration in Singapore provides an amazing great opening for SMEs and entrepreneurs from all over the world. Depending on their business domains and objectives, they can choose to launch a Subsidiary Company, a Branch Office and Representative Office
Incorporating a subsidiary company
Incorporating a subsidiary company is most advantageous to overseas corporates. A subsidiary company is a type of limited liability company. The parent company can own cent percent of its shares. A subsidiary company is a discrete unit from its parent company and the parent company’s accountability is inadequate to its share capital. The parent’s assets are not used to pay the arrears and losses of the subsidiary. After launching a subsidiary company, the parent company will have to reposition one of its staff to Singapore to take its responsibility. The worker will need an Employment Pass to execute business in Singapore.
Registering a branch office in Singapore
Mostly foreign SMEs desire to register a branch office in Singapore. A branch office is a legal unit post the registration. It is merely an extension of its parent company. The parent company is accountable for all the debts and liabilities sustained by its branch office.
The branch office must recruit at least one original resident Singaporean to work there.
Launching a representative office in Singapore
A foreign company can launch a foreign representative office in Singapore. Its drive is to research the business probabilities of the Singaporean marketplace. It executes feasibility studies.
A representative office does not have a legal individuality separate from its foreign parent company and must not hire more than 5 employees. Moreover, it cannot engage in any profit-making business deeds. The parent company should be a recognized company for more than 3 years, with yearly revenue of more than S$250,000.
In case it gets abolish, the representative office is de-register as per the law. In other words, the documents need for registering companies in Singapore. These are an E-certificate of incorporation and the business profile of the company. In addition, this is in the procedure of an electronic document dispense by an authorize email and entails a Unique Entity Number (UEN) and the official date of integration.
The credential can be use to open a bank account and in directing dealings with other corporations. In other words, this is known as a BizProfile or Company Extract and issue in the PDF format. The BizProfile contains chief details about the company like the director and stockholder details, share capital and acquiescence status, registration date, and address.
Corporate Service Platform (CSP) for representative office
Once the owner confirms the decision to engage ACRA’s service. After that, there will be an account create in the Corporate Service Platform (CSP). In other words, one will be closely collaborating with the service delivery team through the platform to get the company unify rapidly and professionally. For instance, all tasks for the company combination including info input, announcement, electronic signatures, and file exchange, etc will be implement through the online system. In other words, this safeguards that no time is waste in posting paper documents and no data is lost in back-and-forth emails.
Registration for a new company or representative office
It is usually a normal TAT that the registration for a new company is complete within 1-3 days in Singapore. If the case is refer to as some other Government agencies, the process may get slightly delay. The delay will take maximum of up to 1-2 weeks.