Singapore Company Registrar: Foreigners Information

in Singapore

The Accounting and Corporate Regulatory Authority (ACRA) is the Singapore company registrar which regulates business entities and public accountants in Singapore. In addition, it plays a serious role in smoothing the progress of the roll-out of business entities as well as the profession of the public accountancy.

ACRA's mission is "To give a responsive and trusted regulatory environment for businesses and public accountants. ACRA's role is to achieve synergies involving the monitoring of corporate compliance with disclosure requirements and damaging public accountants performing statutory audit."

Listed here are the basic considerations in starting a company in Singapore:

  • Business applicants needs to be a minimum of 18 yrs . old
  • Business applicants should have no history of bankruptcy. Permission from High Court or Official Assignee is required for those who have bankruptcy records and about to incorporate an organization in Singapore.
  • You need to meet the qualifications stipulated on Sections 149, 149A or 154 of the Companies Act.
  • EntrePass in the Ministry of Manpower (MOM) should be secured if you are planning being actively linked to overseeing the company's operations.

There are three available business structures for a Singapore company registration which are all ideal depending on the company's business plans and goals. A brief description of each business structures is provided below:

  • Singapore subsidiary: A Singapore subsidiary is a locally incorporated private limited company. This can be a separate legal entity distinct from the foreign parent company, irrespective of the foreign parent company being the only shareholder. A Singapore subsidiary has limited liability it does not extend to its foreign parent company. In case of debts or liabilities suffered by the subsidiary, the foreign company in fact it is assets remain protected. Since a Singapore subsidiary is generally a Singapore private limited company it's taxed as being a local resident entity.
  • Singapore Representative Office: Foreign companies that have an fascination with testing the Singapore market just before investments or companies that would want to perform liaising activities only can pick to set up a Representative Office in Singapore. Since Representative Office is not a third party legal entity, liabilities extend around the foreign parent company. The question of taxation doesn't arise, as representative offices tend not to generate any profits. They are often only for the purpose of general market trends or coordinating activities.
  • Singapore Branch Office: A branch office is regarded as just as one extension with the foreign parent company. Because of this, it's not another legal entity and liabilities extend on the foreign parent company. A Singapore branch office is known as a non-resident for tax purposes and cannot get tax incentives or exemptions. Moreover, the foreign parent company must submit its annual accounts to Singapore authorities.

 

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Rikvin is an ACRA Singapore Company Registrar registered service bureau. We provide a complete corporate solution under one roof for Singapore company registration of private limited companies, formation of offshore companies with opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.

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Singapore Company Registrar: Foreigners Information

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This article was published on 2010/10/06