Corporate Consultants Make Singapore Company Registration Swift and Easyby GST Registration GST Registration Singapore
What helps the starting a company in Singapore is the excellent prospects it offers for those who set up operations here. The market is vibrant. The economy is robust. The government is favorable toward business. They encourage people from all countries to come and start a business in Singapore. Foreign companies benefit from a huge market. The trading market in Singapore opens up opportunities for foreign companies to sell their products in various countries.
There are many consultants who provide very valuable service to foreign companies and individuals to open their companies in Singapore. These agencies will guide foreigners with regard to the registration process and the options that are open to them with regard to company formation. These consultants also provide various other services for businesses in Singapore.
Types of Companies That Foreigners Can Open In Singapore
There are three types of companies that foreign companies can open in Singapore. Each of these has definite advantages. The consultants can help you understand the structure of these companies. You can learn from them which one will be most suitable for you.
Foreign companies can open a Branch Office in Singapore. This is an extension of the parent company and must operate under the same name. All the liabilities and debts of the branch office will be that of the main company. The company must appoint two residents of Singapore as their agents. The branch office in Singapore must have a local registered address. The parent company must give powers to the local agents and a resolution in this regard must be submitted. All documents of the parent company must be submitted.
When doing the Singapore Company registration foreign companies can also opt for the Representative Office. This type of company cannot carry out any commercial operation. The representative office is opened for studying the market in Singapore and send reports to the parent company. It has no legal standing in Singapore. The validity of such a company is only for one year.
When setting up a company in Singapore the best option is the subsidiary company. It is the same as the private company that is opened by local businesses. It has a separate legal standing. It can be fully owned by the main company. But the liabilities and debts of the company will not become the responsibility of the parent company. The subsidiary company must have a resident director and a company secretary. They must also have a registered office address.
For small and medium companies who cannot afford to appoint a separate accountant, the corporate consultants offer very affordable accounting services. These accounting firms in Singapore will help the company prepare the financial statements. They will help prepare the statements in the XBRL format which is mandated by the ACRA. They also provide bookkeeping services.
Created on May 21st 2019 20:09. Viewed 293 times.