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Singapore Company Registrar: Guide for Foreign Businessmen
Singapore Company Registrar: Guide for Foreign Businessmen
The Accounting and Corporate Regulatory Authority (ACRA) is the Singapore company registrar where foreign entrepreneurs.
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(pr4links.com)
07/09/2010
"a representative office is a business setup only ideal for foreign companies that want to engage in market research and conduct liaison services before doing a full-blown operation in Singapore."
September 7, 2010 - The Accounting and Corporate Regulatory Authority (ACRA) is the Singapore company registrar where foreign entrepreneurs can apply for a business permit, according to Asiabiz Services which is the country’s leading business registration firm that caters to both foreign and local businessmen.
If foreign entrepreneurs want to be actively involved in running their business, they should apply for EntrePass which is a visa issued by the Ministry of Manpower (MOM). But in case that they do not want to relocate in the country, they are required to appoint at least one director who is a local resident or a holder of Employment Pass, EntrePass, or Permanent Residence Status.
Meanwhile, EntrePass holders are generally required to apply for SingPass which is a common ID that will allow them to transact with different government agencies online which usually involves convenient and fast processing of applications.
To increase their chance of approval, business specialists from Asiabiz Services believe that EntrePass holders should present a sound business plan that must include the marketing strategies, goals and visions of the company, description of the products or services, the overall business operation, and the type of business entity.
Meanwhile, there are three business entities for foreign entrepreneurs such as the subsidiary company, branch office, and representative office which have all specific purpose and advantages.
According to Asiabiz Services, a subsidiary company is the most ideal business setup for foreign companies that want to engage in a full-blown operation in Singapore as it provides tax benefits and exemptions also available to local businesses.
Aside from the tax benefits, another advantage is that a subsidiary company is treated as a separate legal entity from the main office which means that the latter will not be held liable for its losses and debts.
Another business setup is the branch office which is treated as a legal extension of its main office. With this arrangement, its parent company is directly liable for its activities and financial losses and debts.
And because a branch office is considered as an extension of the parent company, it does not enjoy the tax benefits provided to local businesses and subsidiary companies. Also, its main office is required to submit its own audited accounts in which most foreign companies are not comfortable with.
On the other hand, a representative office is a business setup only ideal for foreign companies that want to engage in market research and conduct liaison services before doing a full-blown operation in Singapore.
In legal terms, a representative office is prohibited to engage in any profit-generating activities and other commercial undertakings.
AsiaBiz has successfully helped foreign and local entrepreneurs form a Singapore company. More information visit:http://www.asiabizservices.com
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Asiabiz Services Pte Ltd
120 Telok Ayer Street
Singapore 068589
Phone: (+65) 6242 6533
Fax: (+65) 6303 2670
E-mail: sales@asiabizservices.com
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