Singapore Branch Office: A closer look for starting entrepreneurs
Subsidiary of Singapore drive for foreign companies doing business in that country
and have more flexibility in the implementation of community activities.
Basic features of an Singapore Branch Office
* Act as an extension of its foreign parent company. Being a legal extension, a branch office should only conduct commercial activities that are also performed by its main headquarter.
* There is a separate legal entity from its parent company. A foreign company is directly responsible for all financial losses debts, liabilities and its subsidiary in Singapore.
* Must have the same name of its parent company. Being a legal extension, it is expected that the branch office will also use the name of its main headquarter unless it is deemed vulgar and indecent or another business organization in Singapore is using it.
* Treated as a non-resident for tax purposes. As a foreigner, a branch office is not included in incentives and exemptions from local taxes, as opposed to local firms.
Important Aspects Before Applying for a Branch Office
Foreign companies are required two staff members to be appointed to act as agents for the activities of the branch in Singapore. In addition, they are also personally imposed sanctions against the establishment in case of misconduct and violations of the law.
These funds can be an individual or a foreign citizen needs a visa apply for a work permit (EP) allows movement in Singapore. In the meantime, others who wander the country to guarantee their work.
Being an extension of its parent company, a branch office should abide with the provision stating that it should also submit the audited accounts of its main officea requirement in which some foreign entrepreneurs are not comfortable with.
Another important requirement is to have a registered office address in Singapore. In strictly legal terms, the company headquarters, where he says, and keep your legal records.
Requirements During the Application Process
Since the Companies Act of Singapore prohibits foreign entities and individuals to help themselves their own recording company to hire a professional recording company to act on their behalf.
There is a basic requirements for foreign companies have to provide to the Accounting and Corporate Regulatory Authority (ACRA) during the application process for their branch office:
* Registration of a foreign company or a certified copy of the certificate of incorporation
* A certified copy of his stature, Memorandum and Articles, or charter
* The list of directors, including personal information, such as identification number, address, nationality, passport number, etc.
* A memorandum stating the powers of the local directors, if there is any
* Memorandum of the appointment stating the names and addresses of two (or more) residing in Singapore, which serves as an agent
* Registered office details
* Statutory declarations by the company's agents
Singapore Branch Office: A closer look for starting entrepreneurs
By: daniel yio
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