Most businesses find Singapore an ideal location to begin a new venture. It’s hardly surprising with Singapore strategically located and boasting of attractive benefits as far as tax is concerned. With its liberal policies of immigration, beginning a business here becomes so much easier compared to other countries. Given below are few effective and popular options that are resorted to by most businessmen while setting up a company in Singapore.
Branch Office: Branch Office Registration is performed by ACRA and it’s regarded as extending a foreign company. However, this is not very popular as one need to give in head-office accounts for tax purposes and branch offices cannot claim tax benefits. Apart from this some other formalities also exist, which make Singapore Branch Registration the best-preferred option for new companies.
Subsidiary Company: Subsidiary Company Registration is a standard option that is mostly resorted to by majority of the new entrepreneurs. The positive aspects of this option include:
- The company is entitled to reap the benefits of local taxation
- It is permitted to select new local name, which has no similarity to the main company
- The subsidiary company’s liabilities will not be transmitted to the main company and is regarded as a totally separate entity.
- The company needs to have a local resident of the country as one of its directors.
Representative Office: It is yet another option, which can be availed in the city of Singapore as far as setting up a new business is concerned. This is meant for companies who just require an identity in the country. However, the parent company is totally responsible for office activities and the company so formed can work for the promotion of the main company. There needs to be at least one staff representing the head office in this representative office.
Whatever option you choose for your company, you need to ensure all the legal formalities are fulfilled before submitting your papers for Singapore company formation. A majority of companies get registered as private limited companies. It is imperative every individual involved in the formation of the company submits relevant proof of identity to the government at the time of Singapore company registration. However, all the legalities and formalities involved in registration is quite straightforward and free of major hassles, which makes the country a much preferred location for formation of new start-ups.
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