Several foreign companies choose Singapore to open a branch office for their existing successful business. This is in fact a very wise decision as Singapore’s thriving economy favors the rapid growth of a business and the transparency of the system makes the task risk-free.
Before you set foot into Singapore, have a look through the following tips and have a better understanding of the Singaporean way of welcoming foreign entities.
1) Understand the incentives and limitations of expanding your wings into Singapore
Before you get started with the process and go ahead with the Singapore company registration under ACRA, research deep to know about how the branch office will be considered for the purpose of tax incentives and exemptions. Learn about how to make the branch office a proper legal entity in Singapore and understand how the legal and economical liabilities of the branch office will be handled.
2) Take professional assistance from local experts
For Singapore branch registration, hire experienced business consultants from a local firm. The local experts would be well versed with the laws and regulations and can therefore best help with getting the process started. With the right help, the process becomes much easier and there will be no need for the company executives to travel down from the country of origin.
3) Follow the requirements with respect to hiring
Once the Singapore branch registration process is completed, it is time to find the right talent. In Singapore, a branch office from an overseas company must hire a minimum of one local (may be a Singaporean or a PR). While asking people to relocate from the original office to the newly formed branch, make sure all rules and regulations are followed and the required employment permits are applied.
4) Be prepared to handle the copious quantity of paperwork
For the smooth Singapore company registration of the new branch, all required documents must be in place at the right time. The business environment in Singapore is highly streamlined and shortcomings of any kind will not be entertained. Also, countries from non-English speaking background must ensure that the documents are translated into English.
When the above tips have been adhered to appropriately, the company would be all set for registration process. The last and final step would be to have the name of company approved (same as parent company) in Singapore. Once this is accomplished, the registration process can be completed in 2-3 working days,
The author is a renowned consultant, working in a law firm in Singapore that assists foreign and local entrepreneurs in the company registration processes. He frequently writes blogs and articles to help the budding entrepreneurs in Singapore. Visit https://www.singapore-company-registration.net to know more.