Much like all the other regional markets around the world, Singapore has some specific rules…
Singapore often called as “Business Paradise,” is known for its business-friendly attitude and highly revered by the global entrepreneurs for its openness towards foreign companies and talents. If you are ready to take your foreign-based business to the next level of success, then, establish a branch office in the most sought after destination of Southeast Asia i.e. Singapore. The business policy of the country is extremely friendly, unbiased (in the case of domestic and foreign companies), liberal and open. So, gear up for Singapore branch office registration to build a strong foothold in Southeast Asian Market.
Why is Singapore Best for Your Business Expansion?
1. Singapore has long been an attractive business destination for people of the both East and West region. You get access to global market.
2. The process of company incorporation Singapore is easy, simple and straightforward. It does not take much time to get the company registered as long as you adhere to the regulations of the authority.
3. The honest and supportive government of the Singapore promotes a healthy and versatile startup ecosystem.
4. An attractive taxation regime drives businesses to flock to the island nation and start a business.
5. Strong & protective Intellectual Property (IP) Rights is an added advantage.
6. State-of-the-art infrastructure of the nation provides the world-class facilities to the business.
7. Availability of talented workforce ensures high quality and productive services.
8. Above all, Singapore continues to receive many prestigious awards and accolades for being one of the easiest places for doing business.
Singapore Company Registration Process: Branch Office
The branch office is one of the options available for foreign companies for expanding their business into the soil of Singapore. The other two being subsidiary company and representative office.
A branch office is a mere extension of the foreign-based parent company. It is perhaps the easiest and fastest way to expand their foreign base into Singapore.
When you decide to expand your business, make sure to register the branch office of your foreign-based company with the ACRA (Accounting & Corporate Regulatory Authority). It is worth mentioning that any business activity carried out in Singapore with a motive of profit-making needs to be registered under ACRA.
Requirements for Singapore Branch Office Registration:
a. Name of Branch Office: The name must be similar to the parent company. Precisely, the name must coincide or correspond with foreign-based parent company’s name. The company name must be approved by ACRA.
b. Authorized Representative: There must be at least one authorized representative who is ordinarily resident in Singapore. The authorized representative can either be a citizen, PR (Permanent Resident) or bearer of a valid working pass (employment pass). He/she must be at least 18 years of age.
c. Registered Office Address: As per the Singapore Companies Act, it is mandatory to have a local registered address in Singapore. It must be a physical address and not a P.O. Box address.
The List of Necessary Documents Required for Branch Office Setup:
1. A copy of Certificate of Incorporation of the parent company.
2. A copy of the Memorandum and Articles of Association of the foreign-based parent company.
3. Particulars of Directors of the parent company.
4. A memorandum of appointment of the local representative in Singapore branch office.
5. A memorandum stating the extent the power of the representative by the parent company.
6. Details of the registered address of the branch office in Singapore.
7. Details of audited financial statements of the parent company.
Singapore Branch Office Registration:
Once you are done with the documentation work, it is the time to take the final plunge i.e. Singapore branch office registration with authority. A professional firm such as SBS Consulting can carry out all the formalities on your behalf.
The Two Key Steps are: Name Approval & Business Registration
Name Approval: You ensure that the name of the branch office corresponds to the parent company’s name. It must be unique, meaningful and decent.
If everything is in order, assuming that all the documents are ready, the process should not take much time to accomplish.
Business Registration: Upon the submission of application form and necessary documents with authority, you will receive an email notification about the successful registration of the branch office. The soft copy will be treated as the official certification of registration.
So, you have successfully expanded your business venture in Singapore, the city-state best known for its vibrant business culture. It is the time to focus on your core activities and explore new opportunities to keep your entrepreneurial journey moving.
Latest posts by SBS Consulting (see all)
- GST Filing Singapore: Do It Efficiently with the Help of a Third-party Firm - July 6, 2017
- Singapore Government Grants for Start-ups Drive Global Aspirants to Venture into Entrepreneurship - June 12, 2017
- Company Incorporation Services for Singapore Residents: What are the Popular Options? - May 30, 2017