All things considered, Singapore remains one of the most entrepreneur-friendly business hubs in the world. It's not surprising that it's often included in the list of options international business moguls consider setting up more branches in. If you're thinking about setting up branches of your foreign corporate companies in singapore, here are some helpful things to read up on:
How do I begin registering foreign corporate companies in Singapore?
To summarise, you register your company branch through BizFile with either a SingPass or a CorpPass. For the purposes of convenience, most professionals recommend going through this process by engaging local registered filing agents to assist with the application submission.
What kind of requirements do I have to meet before I'm able to register foreign corporate companies in Singapore?
According to the requirements presented through the Companies Act, all business owners who plan to open up foreign corporate companies in Singapore will need to ensure that they have a minimum of one local Singapore resident as the authorised representative of their newly established branch. Your representative can be either an EntrePass holder, a Permanent Resident or a citizen as long as they are currently and usually residing within Singapore.
How much do I have to pay for the entire registration process?
There are mainly two fees you'll have to pay during the singapore company registration process. First, there's the name application fee, which is $15 to begin processing. Then there's also the registration fee that is $300. After you have made your payments, your applications will be sent for processing. You may also want to note that alternate addresses can be reported for authorised representatives, company officers and directors, but that would require a fee as well. In the event that you do want to do that, it will cost an extra $40.
How long does registering foreign corporate companies in singapore take from start to finish?
Under most circumstances, the time it takes to process applications is usually 15 minutes once you paid to apply for company name approval. But if the nature of your business dealings and company name requires additional approval from other agencies or governing sectors, then it may take up to 14 days or 2 months. To give an example, companies who deal with activities like education or bank finances will need further approval. As an added precaution, it's also ideal to check to see if your foreign company branch needs any other licenses from government agencies before you officially carry out operations.
What can I expect after registration?
After you complete the process and received approval, you will receive a business profile for free in the form of an electronic report. In it, you'll see your registration information. If you have an authorised filing agent who helped you register your company, they will receive the download link in an email on your behalf as well.
Registering foreign corporate companies in Singapore isn't as complicated as it appears. As long as company owners keep compliance regulations in mind, then the process shouldn't be a problem. At any rate, finding a competent filing agent that specialises in singapore business registration can also help do away with inconveniences.
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