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AsiaBiz Explains the Potential Behind a Singapore Representative Office
AsiaBiz Explains the Potential Behind a Singapore Representative Office
Singapore’s leading business registration firm AsiaBizis encouraging foreign companies to setup a representative office in the city-state that will allow them to explore the business potential and conduct market research.
Singapore,
Singapore,
Singapore
(pr4links.com)
15/10/2010
"Singapore’s leading business registration firm AsiaBizis encouraging foreign companies to setup a representative office in the city-state that will allow them to explore the business potential and conduct market research. "
Singapore’s leading business registration firm AsiaBizis encouraging foreign companies to setup a representative office in the city-state that will allow them to explore the business potential and conduct market research.
A Singapore representative office is designed to conduct feasible studies that will determine the profitability and viability of the products and services of foreign companies.
“With the global recession behind us, Singapore offers boundless potential to foreign entrepreneurs, companies, and investors who want to take advantage of the double-digit economic growth the country has posted during the first semester,” AsiaBizsaid.
Aside from performing an extensive market research, a representative office also allows foreign companies to oversee the undertakings performed by its parent company’s local distributors and agents; offer customer care assistance as long as this is not related to technical and repair services; and negotiate on behalf of its main headquarter as long as it will not enter in to a business contract.
AsiaBiz warned that foreign companies with a representative office are prohibited, under the Singapore law, to conduct commercial-related activities that aim to generate profit.
Under the Singapore Companies Act, a representative office is prohibited to conduct commercial activities including services for fee; shipping and storing products in the country; entering in to a business contract and other legal agreements; and leasing warehouse facilities.
Aside from the limitations stated above, a representative office is also subjected to a stricter regulation when it comes to the hiring and relocation of its staff.
“As a temporary setup, foreign companies should understand that they will only be allowed to appoint a limited number of local and foreign staff who will perform the limited activities of this office,” AsiaBiz said.
Meanwhile, the professional firm advised foreign businessmen to appoint a chief representative who is from the main headquarter.
A chief representative should secure a work visa called Employment Pass that will allow him to be relocated in the country.
“It is important that foreign companies treat their Singapore representative office as a launch pad for their business, a sort of a temporary setup that will lead to a more ambitious undertaking,” the business registration firm said.
AsiaBiz added that the Singapore government does not allow any foreign business organizations to operate a representative office for more than three years. After this period, foreign companies should shift to a branch office or subsidiary company if they still want to continue their operation in the city-state.
More Information:
AsiaBiz is the leading Singapore company that provides Singapore Company Incorporation services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation, accounting and book keeping requirements, and other compliance matters stated under the Singapore law. AsiaBiz has successfully helped thousands of foreign and local entrepreneurs form a Singapore company.
AsiaBizServices.com
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614
website: http://www.asiabizservices.com/
About
AsiaBiz is a company that provides Singapore Company Registration services to local and foreign entrepreneurs and investors and offer consultation regarding the immigration and taxation law, accounting and book keeping requirements, and other compliance matters stated under the Singapore law.
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