Singapore is a country in Southeast Asia that has been well known as the leading country that is the most business-friendly in the world. It is ranked in second place by the World Bank for ease of doing business as of 2018. A lot of people every day try to grasp on their opportunity by opening a company in Singapore, whether they are locals or even foreigners. Singapore is especially kind to foreigners, as the business legislation of the country allows foreigners to fully own foreign ownership of a company in Singapore. Other than that, starting a business in Singapore also has other advantages, where the country has pleasant tax regulations for businessmen. It is rather low and Singapore has no restriction on repatriation of earnings and capital.
A Singapore subsidiary company is defined as a private limited company that is set in the country. It is the type of business that is mostly preferred by medium-sized companies. It can be fully owned by foreigners as permitted by law. A subsidiary company in Singapore is considered as a separate entity from the parent company in a different country, unlike a branch office. This makes a subsidiary company in Singapore is responsible for its own liability and debts and does not concern the parent company.
A subsidiary company in Singapore must appoint one local director. This local director must be a Singaporean citizen or a Singaporean permanent resident, or someone who owns an Employment pass. This director must be at least 18 years old without a history of bankruptcy or criminal record. If you as a foreigner yourself wishes to be the director in the subsidiary company, then you must acquire an employment pass. You can apply for this pass after successful company registration in Singapore. The subsidiary company in Singapore require a minimum paid-up capital of S$1. It must also have a registered address in the country. The address can be a commercial office or a home office. After the company is successfully incorporated, the company must appoint a secretary within three months. The requirement for a company secretary is that they must be a native to the country. After that, the company must also appoint an auditor.
It must be underlined that a foreigner who wishes to register a company in Singapore must hire the service of a professional firm such as A1 Corporation for help in company registration. The service will help you through all the steps of company registration that will be done online. A company can be incorporated in Singapore in one to two working days as long as all the requirements are met and all the documents necessary are provided.
After the company is registered, you must be able to determine if the type of business you are conducting requires a business license. Not every company needs a business license to run their business. You may consult with the service you hire to make sure that you get the required license in order to allow your company runs a lawful business as demanded by the law.