Registering a Foreign Company
There are a few ways a foreign company can establish a presence in Singapore. The most suitable option depends on your specific business goals:
Incorporating a Subsidiary/Local Company: This creates a new, independent company in Singapore that's wholly owned by your foreign company. It's the most common choice and offers the most flexibility for operating in Singapore.
Registering a Branch: This establishes a branch office of your foreign company in Singapore. The branch isn't a separate legal entity and has limited liability protection. It's suitable for representative purposes or limited activities.
Process for Registering a Foreign Company
The process for registering a foreign company in Singapore involves two main stages: choosing a business structure and completing the registration itself. Here's a breakdown:
1. Choosing a Business Structure:
Incorporate a Subsidiary: This creates a new Singaporean company fully owned by your foreign company. It's independent and offers more flexibility for operations.
Register a Branch: This establishes a branch office of your existing foreign company. The branch isn't a separate legal entity and has limitations on its activities.
2. Registration Process:
Once you've chosen your structure, the following steps apply (using a subsidiary as an example):
Name Reservation: Check for and reserve a unique business name with the Accounting and Corporate Regulatory Authority (ACRA).
Prepare Documents: Gather required documents like your foreign company's Certificate of Incorporation, Constitution, details of directors, and a registered office address in Singapore.
Appoint an Authorized Representative: This local resident will represent your company and handle legal matters.
Submit Application: File your application electronically through BizFile+, ACRA's online portal. There are associated fees.
Processing and Approval: ACRA will review your application. Processing time typically takes a few days.
Additional Tips:
Research any additional licenses or permits required for your specific business activity in Singapore.
By following these steps and utilizing the provided resources, you can effectively register your foreign company in Singapore.
Requirements for registering a foreign company in Singapore
Here are the key requirements for registering a foreign company in Singapore, specifically focusing on incorporating a subsidiary:
Company Structure:
Minimum One Director: At least one director must be a Singapore citizen, permanent resident, or Employment Pass holder. This ensures local representation.
Local Registered Office: You'll need a physical office address in Singapore to receive official documents and serve as your company's legal address.
Company Secretary: Appointing a locally-based company secretary is mandatory. They handle legal and administrative tasks for the company.
Registration Process:
Approved Company Name: Your chosen business name must be unique and approved by the Accounting and Corporate Regulatory Authority (ACRA).
Company Constitution: A document outlining your company's rules and regulations, similar to a bylaw, is required.
Foreign Company Documents: Prepare certified copies of your foreign company's Certificate of Incorporation and Constitution for submission.
Financial Information: While not always mandatory, depending on your industry, you may need to submit your foreign company's financial statements.
Additional Considerations:
Minimum Paid-Up Capital: There's no minimum paid-up capital requirement to register a subsidiary in Singapore.
Business Activities: Ensure your planned activities in Singapore comply with local regulations and any necessary licenses or permits.
By meeting these requirements and utilizing the provided resources, you can increase your chances of a smooth registration for your foreign company in Singapore.
Fees for Registering a Foreign Company
The government fees associated with registering a foreign company in Singapore are relatively minimal. Here's a breakdown:
Name Application Fee: S$15 (Singapore Dollars) - This fee applies to reserving your desired business name with the Accounting and Corporate Regulatory Authority (ACRA).
Registration Fee: S$300 - This is the main government fee for registering your foreign company in Singapore.
Additional Costs to Consider:
Registered Office Address: While not a direct fee, you'll need to secure a physical office space in Singapore to act as your registered address. Costs will vary depending on location and size.
Company Secretary: Appointing a company secretary usually incurs a professional service fee.
Corporate Service Provider: Using a corporate service provider to handle the registration process often comes with associated fees.
By keeping these factors in mind, you can get a clearer picture of the total expenses involved in registering your foreign company in Singapore. Remember, even though the government fees are low, additional costs can add up depending on your chosen approach.
Resources:
Here are some resources to get you started:
Foreign Company Registration Options: This offers a brief overview of the various ways a foreign company can set up in Singapore
ACRA - Registration Fees: This webpage on ACRA's website details the specific registration fees
How Bestar can Help
Bestar, a corporate service provider, can help you with various aspects of registering a foreign company in Singapore, especially if you're looking for a smoother and more efficient process. Here's how we can be of assistance:
Streamlined Registration: Bestar, as a corporate service provider familiar with Singapore regulations, can handle the registration process for you. This saves you time and ensures all the necessary steps are completed accurately.
Expertise and Guidance: We can provide expert advice on choosing the most suitable business structure (subsidiary vs. branch) for your specific needs and ensure compliance with Singapore's legal requirements.
Preparation and Submission: Bestar can help gather and prepare the required documents, such as your foreign company's certificates and your subsidiary's constitution, for submission to ACRA.
Liaison with ACRA: We can act as your liaison with the Accounting and Corporate Regulatory Authority (ACRA), handling communication and ensuring a smooth registration experience.
Local Representation: Bestar can assist you in finding a qualified company secretary, a local resident who fulfills a mandatory role for legal and administrative tasks.
Additional Services: Bestar provides additional services such as opening a corporate bank account, applying for business licenses, or assisting with bookkeeping and tax matters.
Benefits of Using Bestar:
Save Time and Effort: By outsourcing the registration process, you can free up your time to focus on other aspects of establishing your business in Singapore.
Reduced Risk of Errors: Bestar's expertise can help ensure your application is complete and compliant, minimizing the risk of delays or rejections from ACRA.
Peace of Mind: Having a professional handle the legalities can provide peace of mind knowing the registration process is in good hands.
By leveraging Bestar's services, you can potentially streamline the registration process for your foreign company in Singapore and gain valuable guidance from a corporate service provider familiar with local regulations.
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