How to go about a Branch Office Setup and Foreign Company Registration in Singapore?
Branch Office Setup and Foreign Company Registration in Singapore have got a lot more simple and convenient now. There are many reasons as to why you should strive to set up your business in Singapore. One of the most important reasons behind such a decision is the fact that Singapore has the right mix of excellent infrastructure and reach resources. Apart from that, Singapore has been consistent in welcoming Aspiring businessmen from all over the world to establish their businesses in Singapore. This makes Singapore one of the most favorable places for any business in the world.
Now if we see it from the perspective of a businessman, it is always wise to try out a particular set up before you actually set up your business. This holds true for anyone who is planning to start a business in Singapore. One important way that you can go about it is by setting up a branch office in Singapore before you actually set up your business. This will help you comprehend how well things are going to work with your business in Singapore.
This is a pretty innovative approach and has been paying off really well over the years. Many businesses have been largely benefited by this approach as with this approach, many flaws in a strategy are magnified and at the same time, it helps you explore more opportunities.
Now if you are not already aware of what a branch office setup is like, it is not very difficult to understand and in fact, it is a very innovative approach. As a matter of fact, when you have a foreign company and you plan to set up your operations in Singapore, you have three ways to go about it. You can choose from either of the 3 options:
A representative office
A branch office
While a subsidiary is more ideal for small and mid-sized companies, a branch office is most suitable for big companies. The head office will have full ownership of the branch office. A branch office is treated as a non-resident entity and this is the reason that there are no local tax benefits available for branch offices and at the same time, branch office does not even qualify for group relief and cannot have a claim on the foreign tax credit.
Besides, there are several compliances that a branch office will need to fulfill. One is, of course, the preparation of financial reports. Most importantly branch office will have to file the audit reports of its own and the parent company.
Information that you require to provide in order to set up a Branch office in Singapore
If you are up to setting up a branch office in Singapore you are the few things you need to bear in mind and, of course, information that you will need to provide:
The name of the branch office which should be the same at the parent company’s name
Details of the activities involved in the business.
The financial year and for the parent company.
Latest financial statements of the parent company.
Incorporation certificate of the parent company.
Important documents that define the constitution of the parent company and this document should be certified by the Registrar of Companies.
Details of parent company directors including residential address, nationality, date of birth, date of appointment, etc.
Power of attorney or Memorandum of appointment
Details of local Singapore authorized representative NRIC
The registered address of the Singapore office
The main activities of the business along with the relevant SSIC Code.
As far as the time and money factors are concerned in the setting of the branch office, you certainly don’t have much to worry as there are many reliable Agencies these days to help you with this and at a very affordable price. Things are no longer as difficult as it is to be in the past.
Even if you are a person with no knowledge of how to set up a branch office in Singapore, there should be no difficulty in setting up one as long as you choose one reliable incorporation agency. If you are wondering as to how you can go about it and choose the most suitable and Corporation agency in Singapore, you can browse it online.
It will take about 20 to 30 minutes of your valuable time and all you have to do is go through their websites, compare prices, the range of services that they provide and, of course, check the various online reviews relating to their services so far. How difficult is that?
How long does it take to set up a branch office in Singapore?
As long as you choose a competent incorporation agency in Singapore, there should not be any difficulty in setting up a branch office and most importantly, you can rest assured of smooth and running a branch office in a few hours. This is because most of the incorporation Agencies have the most competent lawyers and Accountants in their team and this cuts down on every chance of going wrong with the process.
Since there is the slightest chance of things to ever go wrong in the process, you can expect a very fast and accurate process. Most importantly value and of this responsibility to the experts you can actually have more time to focus on your core business and this also helps you can put a lot of burden off your shoulders.
Why should you choose a professional agency and not do it on your own?
A lot of people have made the mistake of playing things on their own in the past. When they tried things on their own, this has led too many errors and the process of registration had got unnecessarily lengthy. Consequently, they ended up being frustrated and they had to finally, back off from their dream of setting up an office in Singapore.
On the contrary, when you hire a professional agency to take care of the incorporation of your company, there will be hardly any space for any errors and in addition to that, having a professional agency by your side will always keep your business on the right track. Most of these agencies have the most competent people in their team which is why you can always rest assured of the best piece of advice relating to any aspect of your business from them.