Singapore is always open for start-ups and new branch offices. It is a city that welcomes professionals, entrepreneurs, and investors; it offers a straight forward and easy way to set up business. With more than 7000 MNCs and 110000 expatriates, Singapore is a land of opportunities. If you are planning to open up a branch office in Singapore, then this is the right article for you. You will get all the basic information that you need for registration of your branch office.
What is a branch Office?
A branch office, by definition, is a company's outlet or an organization that doesn't constitute a totally separate legal entity. In simpler terms, it can be considered as a company's extension. It's not a very unusual thing; the most common industries that have branch offices are financial and banking institutions. Branch offices can make your office work much easier as the need to offer a more personalized and quick service becomes much easier.
Different countries will have different rules and criteria for allowing branch offices in their country. Today, we will discuss the registration process basics for opening a branch office in Singapore. Read the full article.
What do you need to set a branch office in Singapore?
The companies’ act of Singapore doesn't allow foreign companies or organizations to self-register their branch office in Singapore. The best and easy option for you to get your branch office open is to get in touch with us. We will assist you throughout the process of registration at the ACRA. The good news is with the right documents you can set up your branch office in Singapore in less than a day.
The three crucial factors that you will need to open up a branch in Singapore are:
- A registered office in Singapore
- A corporate shareholder
- A Singapore resident agent
Things you need to know before registration
- Name: The branch office that you are planning to set up in Singapore must have the same name as your main company. Keep in mind, the name must get approval from ACRA before you register the name. The name of the branch office will be rejected if the name is same as another existing name of another business, or similar to any established company names.
- Shareholders: Your company must own the 100 percent of the new branch office that you are planning to set up.
- Resident Agents: While setting up a branch office in Singapore you must ensure that you have one or more than one agent who is a resident of the country. The agent can be a permanent resident or a citizen of Singapore. You can even get an agent who holds a pass of a dependent or an employment pass. The agent or the staff member of management can be your local agent for your branch office upon Employment Pass application's approval.
- Company Secretary: The branch office that you plan to set up in Singapore doesn't require a company secretary, necessarily. However, it is highly recommended that you get a company secretary who will help you to stay in compliance with all the statutory regulations.
- Registered Address: Any business that plans to get registered in Singapore, must have one registered physical office address. It must be a prominent address, not just a PO Box! However, there are certain kinds of business that allows the use of a residential address.
- Articles and Memorandum of Association: The articles and memorandum of the parent company must be lodged with the ACRA. The articles specify the regulations or rules that govern the company's internal management, whereas the memorandum specifies the company's engaging activities.
Wrapping it up!
Singapore is a country that has a highly effective infrastructure, flexible tax regime, free market economy, and a stable socio-political environment. For many years, Singapore is considered as one of the easiest places for setting up a business or a company. In Singapore, it is possible to set up a business or a branch office in less than a day! As a country, Singapore is classified as one of the greenest and clean cities in the world. Singapore is a thriving cosmopolitan city suitable for setting up a business or opening a branch office.