Helping Foreign Companies Set Up Their Operations in Singapore

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.

Read Also: Accounting and bookkeeping services

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.

Understanding the Singapore’s Growth Accelerates New Company Incorporation Activity

The Ministry of Trade and Industry (MTI), after the primary quarter monetary audit has detailed that the Singapore economy extended by 15.5 percent on a year-on-year premise in the principal quarter of 2010. The Ministry has additionally announced that it will keep up the GDP development figure for 2010 at 7.0 to 9.0 percent. The by and large monetary development has likewise emphatically affected the business rates with more organizations beginning to procure in the main quarter.

Read Also: How to Register a Company in Singapore

The main part of the development was accounted for from the assembling area which extended by 32.9 percent on a year-on-year premise. This was trailed by the development area and administration segment which extended by 13.7 percent and 10.9 percent separately. The Construction area will be fortified by the ongoing declaration to raise its profitability – a S$250-million store which will enable developers to apply for as much as 80% subsidizing for workforce preparing, innovation reception and grants.

The most effective method to Set Up a Limited Company

Numerous contractual workers or specialists who may at first have been umbrella, or sometimes ‘Sole Trader’ may find that setting up a Limited Company can offer the best long haul answer for various reasons.

Prerequisites for Limited Companies

A constrained organization will require somewhere around one organization chief – anyone can satisfy this job as long as they are not an un-released bankrupt. One investor is required – a base prerequisite of one investor owning an offer of £1.00 is all that is important and the investor can likewise be the chief. The necessity for an organization secretary is never again set up for a restricted organization (just a PLC).

Read Also: We Help Setting Up a Company in Singapore

Three principle reports will be required to set up a constrained firm and these are as per the following:

– The Certificate of Incorporation: This is the organization’s introduction to the world testament and makes the organization as a legitimate substance.

– The Memorandum of Association which incorporates the location of the organization and characterizes what it will do; standard record layouts are accessible to make this archive.

– The Articles of Association which depict how the organization will be run.

Who can set up a constrained organization?

Anyone can shape one in the UK, paying little mind to their very own nationality – recollect the organization turns into a legitimate element in its own right. Any name can be utilized as long it isn’t as of now being used. They are enlisted in the UK at Companies House and the procedure is moderately straight forward and should be possible by a person. Numerous contractual workers utilize the administrations of a bookkeeper or organization arrangement expert to do this, in any case, as utilizing an accomplished proficient can guarantee that issues are not experienced later – vital especially in the intricate zone of expense duties.