Press Release (ePRNews.com) - SINGAPORE - Mar 22, 2018 - Singapore, Asia’s tiger economy, attracts foreign investors and companies from all over the world. Setting up businesses in Singapore is regarded as a wise investment, since the City State offers a conducive environment for expansion – resilient economy, strong political infrastructures, pro-business tax schemes and strategic location at the heart of Asia.
According to Hans Teo, General Manager of Corporate Services Singapore, the company has always been passionate about helping foreign corporate entities ease their way into Singapore’s corporate landscape. The company understands that most foreign investors have little knowledge of Singapore’s business regulations and statutory requirements. Worse, they do not have the local presence in the Lion City, making it more burdensome for them to undergo business formation without knowing where to start.
“Corporate Services believes in the concept of simplifying complex processes. This what our business solutions package is all about – it is designed to address the concerns of foreign corporations, and help them overcome the difficulties that come with their desired entry option in Singapore, whether it be setting up a branch a representative office or incorporating a subsidiary. We deliver the right support and guidance to our clients to strengthen their groundwork for success and ultimately pave their path to local business expansion,” he added.
Another partner at Corporate Services Singapore, Lim Siow Ling, stated that newest business package for foreign companies reflects the company’s commitment to help companies take advantage of the opportunity to forge rewarding careers and grow their business in Singapore. “Our goal is to help them get to where they want to be, at the top. We work hard to surpass their expectations and meet their business goals on time,” he said.
Here’s a list of the services which are included in the business solutions package offered by Corporate Services.
1. Setting up Branch
In branch set up, the parent company is regarded as the same entity as the branch. Because a branch office is not granted a residency status and imposes extended liability upon the parent company, it is deemed an ideal entry option for businesses that seek to capture consumer markets in Singapore only for a short term. Its key advantage is that it’s easier to maintain than a company.
Corporate Services can act as a registered filing agent on behalf of the parent company and file an online application for branch set up via BizFile+. It can also accomplish the following requirements:
– preapproval of branch name
– appointment of authorized representative who is ordinarily resident
– registration of office address in Singapore.
2. Incorporating a Subsidiary
In Singapore, foreign companies can incorporate a subsidiary company and fully own all its shares. The parent xicbg company incurs only limited liability (to the extent of subscribed shares and not personal assets) due to its separate existence from the subsidiary. The key advantage of incorporating a subsidiary is its limited liability protection and entitlement to tax benefits due to its residency status.
The registration of a Singapore subsidiary is similar to the incorporation of a local company (https://www.corporateservicessingapore.com/company-incorp…). Corporate Services Singapore extends assistance in the following areas:
– Compliance with statutory requirements (paid up capital, local director and shareholders)
– Registration of local office in Singapore
– Corporate secretarial requirements
– Audit of corporate accounts
– Annual filing of reports with ACRA and IRAS
– Opening of bank accounts
3. Representative office
A representative office has no separate legal personality. Its existence is a mere extension of its parent company. It cannot engage in profit-making and trade and is disallowed to become a party to contracts.
Corporate Services can help register the representative office in a maximum of five days and assist in procuring an employment pass for chief representative when required to relocate and manage the representative office in Singapore.
About Corporate Services Singapore: In 2010, Corporate Services Singapore began as an accountancy and finance firm. It has expanded its business since then, catering to local and foreign companies that want to set up business in Singapore. We have a team of licensed incorporation specialists and accountants who are members of the The Association of Chartered Certified Accountants (ACCA) and accredited by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
Corporate Services Singapore