Subsidiary Company Registration in Singapore
Singapore subsidiary company registration is an ideal choice for a foreign corporation to extend its activities in Singapore. A Singapore subsidiary company is a locally incorporated private limited company. After the successful Singapore Subsidiary Registration, being an independent legal entity, debts and losses of the subsidiary company are considered as its own.
A Brief Description of Singapore Subsidiary Company Registration
A Singapore subsidiary company is a locally incorporated, private limited liabilities company in Singapore, whose majority shareholder is a local or a foreign company. Singapore subsidiary registration is the most preferred option for overseas companies, intending to extend their business operations overseas and want to keep a foothold in Singapore. Above all, they can gain unparalleled access to Asian global business market, i.e. Singapore.
Singapore allows 100% foreign ownership; therefore, the foreign companies get a chance to wholly own a subsidiary company without being responsible for the debts and liabilities incurred by the subsidiary company in Singapore. Once Singapore subsidiary company registration is completed, it is treated as a local tax resident company; hence, is legally entitled to tax exemptions and benefits available to local companies as per the tax regime of the nation.
Requisites to Understand Before Commencing Singapore Subsidiary Registration
- Company Name: The company name for the subsidiary can be different from that of the parent company, and is subject to approval by the ACRA. The name must be meaningful, unique, decent, and not identical with the name of any existing company. If these requirements are fulfilled, it takes hardly a few hours to get the company name approved from ACRA.
- Determination of Company Director: A Singapore Subsidiary must appoint at least one local director, either a local citizen of Singapore, permanent resident or holder of employment pass, EntrePass or Dependent Pass. He/she must be above 18 years age, and must not possess any previous record of criminal offenses or bankruptcy.
- Shareholding: To initiate the Singapore subsidiary company registration process, 100% ownership of shares is allowed in the name of the overseas parent company.
- Paid-Up Capital: The minimum paid-up or share capital required for subsidiary company registration is S$1. There is no concept of the authorized capital in Singapore. The amount can be increased at any period of time, subsequent to company registration.
- Local Registered Address: Irrelevant of the business entity, all companies incorporated in Singapore should have a registered business address at the time of company incorporation. The registered office address can be a business or residential one, but in any case, a P.O. Box address is not allowed during company incorporation. Having finished with the Singapore subsidiary company registration obligations, you can keep all statutory records of the subsidiary company, at the registered address.
- Appointment of a Company Secretary: According to the Singapore Companies Act, it is mandatory to appoint a Company Secretary within six months of incorporation. The appointed secretary should be a natural person, above 18 years of age and local resident of Singapore.
Documents Needed for Singapore Subsidiary Company Registration
The documents listed below, are required at the time of registration of a Singapore Subsidiary:
A certificate of incorporation of the parent company
Statutory declaration of compliance (Form no 6)
A notice from the ROC (Registrar of Companies) that shows location of registered office, and that of the office hours and particulars of any changes (Form 44)
Passport particulars and residential address details of the director/s of the Singapore subsidiary
Particulars of register of directors, managers, secretaries and auditors and any changes (Form 49)
Signed Consent to Act As Director (Form 45)
Memorandum & Articles of Association
Stepwise Procedure For Singapore Subsidiary Registration
- Getting the approval of Company Name
- Documents Submission
- Company Incorporation
It takes hardly 1 to 2 business days to complete above-mentioned three steps of Subsidiary company incorporation. Upon registration, ACRA will send an e-mail notification along with the company registration number, which is considered as the official announcement of company incorporation in Singapore.
Even though, the Singapore subsidiary company registration process is simple and straightforward, it is advisable to seek assistance from a professional company incorporation service provider, like SBS Consulting, for making the entire process a lot smoother and seamless. We have earned an accredited reputation of being a renowned company registration firm in Singapore. With our high-quality corporate services and flexible end-to-end incorporation solutions, we have committed ourselves to eternal satisfaction of our domestic and international clientele.