Singapore Business Registration for Foreign Companies Business registration specialist Rikvin believes that due to the strategic location of Singapore, this country has been considered by the international community as one of the most ideal business hubs in the Asia Pacific especially with its proximity to major markets including China, Malaysia, Taiwan, India, and Australia. In addition with the citystate’s strategic location, it also boasts favorable corporate and taxation laws to foreign companies, worldclass infrastructure, and pragmatic government. But before any foreign companies or entrepreneurs setup a Singapore company, they should first consider the following information stated below, in this way, they will not overlook important provisions stated under the corporate law, according to Rikvin.
Under the Singapore Companies Act, foreign companies and entrepreneurs are prohibited to selfregister their own business in the country. With this provision, they need to hire a Singapore business registration firm to do the processes involved in the application. Foreign companies can register or incorporate their business without physically handling the process since this will be performed by their hired business registration firm. However, it is important to note that most banks in the citystate require the physical presence of a company’s principals before they can open their bank accounts.
Foreign businessmen can setup a business in Singapore without relocating in the country as long as they will hire at least one local resident director who may be a natural citizen or foreigner who holds Employment Pass, EntrePass, PR Status, or Dependant Pass.
For foreign individuals who want to relocate in the country to personally operate their business, they should secure any of these visas: Employment Pass which is usually given to foreign businessmen with a college degree, or EntrePass which is issued to individuals who lack college diploma but have entrepreneurial skills and professional qualifications. If they have secured one of these permits, they can act as a local resident director.
Foreign companies and businessmen can relocate their workers as long as the latter will apply for a work visa. In addition, documented foreign businessmen and workers are generally allowed to bring their “direct family members” (e.g., children under 21 years old and spouses) in the country.
Foreign and international companies can have a presence in the country by adopting any of these three business structures: 1.) Singapore Representative office that is allowed to conduct feasible studies and market research but is prohibited to engage in revenuegenerating activities. 2.) Singapore Branch office that is treated as a legal extension of its parent company. 3.) Singapore Subsidiary company that is considered as a separate entity from its main headquarter. With this, it is treated as a local business, thus eligible for all the local tax benefits and exemptions.
For more information: Rikvin Pte Ltd 20 Cecil Street, #1401, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887 Fax : (65) 6438 2436 http :// www . rikvin . com /