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Subsidiary Company Registration

Subsidiary-Company-singapore

The formation of Singapore subsidiary company is the most common form of company registration in the ‘Island Nation’. By going for the process of subsidiary registration in Singapore, foreign entrepreneurs become tax residents of the country whereby they can avail the tax benefits and incentives offered by the government to its tax residents.

A Subsidiary company is a private limited company incorporated in Singapore by a corporate entity, which is also a majority stakeholder of the firm. Subsidiary company registration in Singapore is the most preferred choice for foreign companies (small and midsized) to make their business presence felt in the island nation. A subsidiary company is treated as a separate entity from its parent company. It can also be wholly owned by a foreign entity. The majority stakeholder can either be a local or a foreign company.

Key Features of Registering a Subsidiary Company in Singapore

Shareholding Pattern: The parent company is entitled to own 100% shares of its subsidiary firm in Singapore.

Paid-Up Capital: The minimum paid-up capital for the registration of a subsidiary firm is S$1.

Directors: A registered subsidiary company of Singapore must have at least one director who is either a permanent resident of Singapore, a natural resident of Singapore i.e. a Singapore citizen or any other person holding a valid Employment Pass, EntrePass or a Dependent Pass.

Company Secretary: Once the incorporation of Singapore subsidiary company is completed, the subsidiary company must employ at least a qualified company secretary. The individual must be a natural Singapore resident (Singapore citizen), a permanent resident of Singapore or a foreigner having a valid Employment Pass, EntrePass or a Dependent Pass.

Registered Address: It is legally binding for a subsidiary company in Singapore to have a registered physical address to store its statutory records.

Appointment of Auditor and Audited Accounts: Within three months of the incorporation of Singapore subsidiary company, it must employ an auditor to look after the filing of annual audited accounts with Singapore Income Tax authorities.

Process of Subsidiary Company Registration

  1. Get name approval from the ACRA
  2. Submit the required documents to speed up the process of registration.
  3. Registration of the subsidiary company in Singapore.
  4. Opening of a corporate bank account in Singapore.

Necessary Documents for the Registration Purpose

  1. Submit Memorandum and Articles of Association (M&A) for the Singapore subsidiary company.
  2. Certificate of incorporation of the parent company.
  3. A corporate resolution assigning an individual, the authority to sign requisite subsidiary documents on behalf of the parent company.
  4. Registered address of the subsidiary company.
  5. Residential address and passport details of the local nominee director.
Please feel free to contact us on +65 6536 0036 or drop in an email at info@accountingservice.com.sg

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