Four basic foreign company registration options to explore in Singapore - PowerPoint PPT Presentation

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Four basic foreign company registration options to explore in Singapore

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Singapore has been a business hub for a few decades now. Here, You can explore various foreign company registration options that are available in Singapore. – PowerPoint PPT presentation

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Title: Four basic foreign company registration options to explore in Singapore


1
Four basic foreign company registration options
to explore in Singapore
Bestar Services Pte. Ltd
2
Four basic foreign company registration options
to explore in Singapore
  • Singapore has been a business hub for a few
    decades now. Therefore, it has seen a significant
    rise in company registrations from foreign
    investors. But a successful establishment
    requires you to understand various options.
  • This article explains various company
    registration options that you can explore in
    Singapore before you actually get a registration.

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1. Private Limited Company
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The documentation required
  • Approval for the companys name
  • Description of the business activity
  • Shareholding structure
  • Shareholder agreement
  • Registered and valid address
  • Identity proof of shareholders, directors, and
    company secretary
  • All the associated articles.

5
2. Limited Liability Partnership (LLP)
  • An LLP happens to be a very convenient business
    structure to conduct certain business types in
    Singapore. LLP is the right choice for
    professionals like accountants, lawyers, or
    architects. Also, it can include private equity
    funds with a very specific number of investors.
  • Foreign individuals should book a firm like
    Bestar Services to understand and wade through
    the registration procedures thoroughly. With this
    type, you can operate as a partnership firm while
    having separate legal conduct.
  • This means, it may look like a private limited
    company like a corporate structure and has a
    legal persona different from its partners. The
    partners within the LLP are not accountable for
    liabilities or debts thus incurred. But a partner
    can be held liable for claims if he has conducted
    wrong actions.

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The documentation required
  • The proposed name for the LLP
  • All the details and particulars of the LLP
    partners/managers. This should be in accordance
    with the foreign passport/Singapore
    identification.
  • Residential address details of all the LLP
    partners.
  • Declaration of the compliances
  • Details of the registered address for the LLP.
  • Permission to work as a manager and statement of
    non-disqualification to act as a manager.
  • If the partner happens to be a company you will
    need registration of the company.

7
3. Foreign Company Branch Office
  • Branch offices are generally set up by the
    offshore companies. The sole reason for doing
    this is to address tax implications based on the
    companys home jurisdiction. The branch is not a
    resident of Singapore solely for tax purposes.
  • Therefore, it cannot derive the benefit of
    Singapores double tax treaty network. It does
    not get the tax concessions granted towards
    Singapore incorporated companies. This structure
    is slightly complicated to establish in
    Singapore.
  • Because, you have to provide all the details
    about the branch office as well as the parent
    company to ACRA for successful registration.
    Also, you will need an Authorised Representative
    for the respective branch.

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The documentation required
  • Name and registered office details of the foreign
    company.
  • Certified copy of the foreign companys
    incorporation certification.
  • Certified copy of the foreign companys
    constitution.
  • Notice of the foreign companys registration
    number, business description, and type of legal
    entity.
  • Particulars of the foreign companys directors.
  • Details of one Singapore resident who serves as
    branch companys authorised personnel.
  • The consent statement from the branch companys
    authorised representative who consents to the
    appointment.
  • Details and working hours of the branch office in
    Singapore
  • Latest financial statements of the foreign
    company after they underwent the audit process.

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4. Foreign Company Representative Office
  • A foreign company representative office is
    generally built to see whether they would be able
    to venture into the new market in Singapore. It
    also determines the viability of establishing a
    successful business venture. The representative
    office can stay for a minimum of three years.
  • Within these three years, it should get converted
    into a private limited company. It could either
    work as a branch of the foreign company after
    this conversion or should close itself down.
    Every year, it will have to undergo an evaluation
    and re-approval process within these three years.
  • A representative office can only collect market
    statistics and other information required to
    establish the business. It cannot conduct
    business in the name of an offshore foreign
    company. It cannot negotiate a business deal or
    define contracts on the behalf of the parent
    company.

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The documentation required
  • Completed application
  • Copies of parent companys certificate of
    incorporation or registration.
  • Copies of parent companys latest annual report
    and audited accounts.

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Conclusion
  • Bestar helps you start and establish a successful
    business venture in Singapore. We offer a
    thorough understanding of all the business
    structures and we guide you to adopt the right
    structure for your business type. Our team can
    handle your company incorporation and
    registration process starting from scratch. We
    ensure that we offer everything you need while
    you start and acclimatize to your new business in
    Singapore.

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