Many people are moving their business to Singapore for expansion purposes. The corporate services in Singapore permit foreign companies to establish themselves in the form of a subsidiary company or a branch office. There is another option of opening a Representative Office to grow the business. Before you go for the incorporation of a representative office in Singapore, kindly keep in mind the following requisites.
- Opt for the same or similar name as that of the foreign company. Put the words “Representative Office Registered in Singapore” on top of the letterhead, name card, and relevant documents.
- Appoint a member of the staff from the foreign company. Also, you can appoint a resident Singapore employee of the foreign parent company to act as a representative of the parent company and undertake operations of the Singapore office.
- If you want to change the name of the foreign parent company, then the Representative Office must inform IE Singapore within one month. Attach a copy of the parent company’s change in the name certificate.
Read the following points to get a detailed knowledge of the registration process of a Representative Office in Singapore.
Check The Eligibility Of The Company
The qualifiers to set a Representative Office in Singapore are as follows:
* A minimum of US $ 250,000 sales turnover of the foreign company.
* A minimum of three years of the time period from the date of establishment of the foreign company.
* A maximum of five members of the staff of the Representative Office.
A-List Of Required Documents
Documents to be attached along with the application are as follows:
* Certificate of incorporation of the foreign company.
* The updated audited accounts of the foreign company.
The Procedure For Submitting The Application
Log on to the website of IE Singapore. Submit the application on the portal. If you wish to renew the application, then you must update all the information as well as the documents.
Total Time And Cost Of The Registration
The total time taken after the submission of the application and documents is approximately five working days. The charges to submit the application or to renew it are $S200. The payment can be made through cheque, bank draft, or credit card. However, you can not make a payment through cash.
Remember that the registration of the Representative Office is valid for a period of one year after the approval. Thereafter, it needs to be renewed annually. The renewal period can last for a maximum of three years. You receive a renewal notice at the Representative Office from IE Singapore two months prior to the expiry period.
If you have renewed the registration annually for a consecutive period of three years, then the foreign company can either incorporate a subsidiary or branch office in Singapore to further expand the business. The reason being that it cannot hold the Representative Office after the expiry of three years.
Once your company analyses the scope of incorporation in Singapore, then it can set up a permanent establishment. You can take the aid of corporate services providers in Singapore to blossom the business.