Saturday, February 26, 2011

Procedure for Setting up a Branch Office in Singapore


Specialties of Singapore Branch Office
  • The name must match that of the parent company.
  • It must appoint two staff members who can be Singapore residents or foreign individuals, to act as agents to support the business administration of the Branch Office.
  • It is an extension of the foreign parent company; therefore it does not have a separate legal identity.
  • The foreign parent company is liable for the acts, losses and debts of its branch office.
  • Foreign staff relocating to Singapore to be the agents must obtain an Employment Pass.
  • The constitution of the company and its activities are directed by the foreign parent company’s Memorandum and Articles of Association.
  • Must have a registered office address in Singapore
  • It is considered a non-resident for tax purposes, and therefore not eligible for any tax exemptions or incentives for new start-ups in Singapore.
  • It does not have separate legal identity, and therefore the foreign parent company is responsible for all its debts, losses and liabilities.
  • The foreign parent company is required to submit annual report and audited accounts within two months of the Branch Office's annual general meeting.
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Minimum Requirements for Setting up a Branch Office in Singapore
 
If you choose to set up a Singapore Branch Office, you will need to take the following steps:
  1. Register a Singapore Branch Office.
  2. Appoint two resident agents to represent the company in accordance with the Singapore Companies Act. The agents can be Singapore residents or appointed staff members from the foreign company who have secured the Employment Pass.
Application for an Employment Pass for the appointed staff member to relocate to Singapore can only be submitted after the successful registration of the Branch Office.

Subsidiary Company vs Singapore Branch Office

A Singapore Branch Office is considered a non-resident company for tax purposes. Non-resident companies are not eligible for tax incentives for new start up or resident companies; and therefore most foreign companies prefer to set up a Subsidiary Company rather than a Branch Office. 

R.V.Seckar

rvsekar2007@gmail.com

919848915177

4 comments:

  1. Hey, nice site you have here! Keep up the excellent work!

    How to register a branch office in India

    ReplyDelete
  2. Great thoughts you got there, believe I may possibly try just some of it throughout my daily life.



    Branch office Registration

    ReplyDelete
  3. "The foreign parent company is required to submit annual report and audited accounts within two months of the Branch Office's annual general meeting"

    Dear Sir

    Does the above mean, we have to print separate Annual Report and to conduct a separate AGM for that Branch Office?

    ReplyDelete
  4. This blog look so good and the company good for businessRegistration Singapore Branch

    ReplyDelete