A subsidiary company is often the choice of business operators running small to medium size foreign companies who want to establish presence in Singapore through a Singapore company setup. A business entity as such is considered a private limited company in which the majority shareholder is a foreign or a local company whose legal identity is distinct from the parent company’s. Subsidiary companies, with more than 50 percent of the voting stock own by the parent company, have their own corporate bank accounts and operating capital, and can also own assets.
Register company in Singapore for foreigner
Some basic information regarding a Singapore subsidiary company useful for business owners who want to register company in Singapore for foreigner include:
Shareholding: 100% of the shareholding of a Singapore subsidiary company can be owned by the parent entity
Local Director: At least one director who is ordinarily resident in Singapore, a Singaporean Citizen, a Singaporean Permanent Resident or an Employment Pass holder must be appointed. Directors must be at least 18 years of age and must not be an undischarged bankrupt or convicted for any malpractices. Note: Foreign companies that plan to relocate their staff from head office to Singapore can apply for their employment pass after the subsidiary has been registered
Company Secretary: Upon incorporation, the directors must appoint a natural person who is ordinarily resident in Singapore must be appointed (by the directors) as Company Secretary in accordance to Singapore’s Business Act.
Auditor: An auditor must also be appointed within three months from the registration date of the Singapore subsidiary company.
Audited Accounts: A Singapore subsidiary company is required to file audited accounts annually with Singapore income tax authorities.
Paid-up Capital: No different from other incorporated companies, the minimum paid-up capital for a Singapore subsidiary company is S$1
Local Registered Address: A registered Singapore office address is required, which can be a commercial office or a home office or one provided by a registered incorporation service provider. The registered office is the place where the required statutory records of the subsidiary company are kept.
The following documents are generally required or best to have prepared for the registration of a Singapore subsidiary:
- Certificate of incorporation of the parent company
- An extract from the Registrar of Companies that shows the current registered address and directors of the parent company
- A corporate resolution authorising a specific individual to sign necessary subsidiary documents on behalf of the parent company
- Passport particulars and residential address details of individuals who will act as directors of the Singapore subsidiary company
- Signed Consent to Act As Director by each proposed director
- Registered address details of the Singapore subsidiary company
- Memorandum & Articles of Association for the Singapore subsidiary company
All documents must be in English and any non-English documents must be translated into English.