A lot of foreign companies come to Singapore with the hope of expanding their market to this part of the world. They know that there is a very big market waiting for their products. These companies choose Singapore for their entry into South East Asia due to many reasons. Singapore has proved to be the best country when it comes to the convenience of conducting business. The formalities are very straightforward and there is no red-tape in government.
Setting Up Your Company in Singapore
Foreign companies can set up different types of companies in Singapore out of which the subsidiary company is the most preferred one. This country offers foreign companies a chance to expand there and also acquire assets in Singapore. The subsidiary company is a separate legal entity and has all the benefits that a local private limited company has. The subsidiary company can be fully owned by a foreign company. There is no need to have the same name as the parent company and can adopt a local name to suit Singapore market.
Incorporation of Subsidiary Company
Company incorporation in Singapore is done by the ACRA which is the authority that controls companies. The incorporation process is straightforward and quick. Foreign companies must get the work done through an agent. There are many agents in Singapore who assist the foreign companies in getting their company registered. You must be careful who you hand over the work to. If you get the right consultant then your incorporation work will be finished very soon and you can start your operation in Singapore.
Choosing the Right Incorporation Partner
The company you choose for the incorporation of the company must be able to take the job completely out of your hands. They must leave you to attend to your work without having to meet them quite often. Once you have signed all the documents it must be their responsibility. The consultant must also rightly advise you about everything and help you create the business profile and other necessary documents.
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They must also inform you about the various obligations you must fulfill to get your company incorporated. The subsidiary company will need to appoint one director and have a registered office address before you can get the company incorporated. The director needs to be a permanent resident of Singapore or holder of an employment pass. The registered office must be a physical address and not a post box number. Many companies find it difficult to fulfill these conditions as they are new to the nation. The consultant handling the company registration in Singapore must be able to help you fulfill these conditions.
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