Establishing Business and Company in Singapore
Types of Businesses and Companies:
Applying for a New Foreign Company Name
A company name must be approved before registering the company. A proposed company name will not be approved if it is identical to the name of another local company, branch of a foreign company or business firm. Undesirable names (for instance, vulgar or offensive names) are unacceptable. It is possible to extend the reservation period for another 60 days.
Register a Branch of Foreign Company
A foreign company with or without share capital may be registered as a branch in Singapore.
Appointment of Local Agents
A foreign company must appoint 2 local agents in Singapore to act on its behalf. The agents must be ordinarily resident in Singapore i.e. Singapore citizen, Singapore permanent resident, a holder of an employment pass/ dependant’s pass. Our firm can assist a foreigner to apply for an employment pass or Approval-In-Principle letter from the Work Pass Division of the Ministry of Manpower (MOM). Such a foreigner will be qualified to act as local agent.
CESSATION OF FOREIGN COMPANY
Appropriate notice must be given to ACRA if the local branch of the foreign company ceases business or its head office liquidates or dissolves.
ANNUAL FILINGS FOR FOREIGN COMPANY
Section 373 of the Companies Act requires that within 2 months after its annual general meeting or within 7 months from its financial year, a foreign company must file its annual report and the audited accounts of its Singapore branch. It is possible to apply for extension of time to file or waiver of filing of the accounts.
CHANGES TO FOREIGN COMPANY (common changes)
We provide services to update changes to particulars of the foreign company including change of company name, registered office address, may ’s responsibility to update the Registry of the changes in its registered particulars. change of registered office/ office hours, change of share capital, change of particulars of directors/ agents.
The material in this memorandum is of the nature of the general comment only, and neither purports, nor is intended to be advice or any particular matter. Legal advice should be sought from qualified lawyers on any issues and queries relating to the topic.