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A practical thought

One of the question people sometimes ask us is – what if all this venture does not go as per my expectations ? What if I register company and operate it for 2-3 years but somehow it's not going anywhere - Can I exit out of it easily ?

Sure. In an unfortunate case, if the things don't work out as expected you can always liquidate or strike of the company (meaning effectively close the company) and take back whatever funds are there in the company accounts back to your home country. The cost of striking off of the company is usually between 600-1000 SGD.

 

This package is suitable for foreign companies that want to register a Singapore subsidiary but don't plan to relocate any their key executives to Singapore at present. Therefore this package includes the services of our nominee director to satisfy the statutory requirement of a local resident director.

This package is suitable for foreign companies who wish to register a subsidiary company in Singapore and relocate one of their key executives to Singapore on an Employment Pass to operate their new business. Under this package, we will first incorporate your subsidiary and then apply for Employment Pass for the key executive.

This package includes the following services

 1. Singapore subsidiary incorporation

  • Name reservation
  • Preparation of incorporation documents
  • Registration with Registrar of Companies
  • Bank account opening assistance
  • Electronic Certificate of Incorporation
  • Business Profile (eBizfile)
  • Minutes of the first board meeting
  • Share certificates
  • Company seal
  • Company rubber stamp
  • Government and our professional fee

2. Employment Pass (EP) application filing for 1 applicant

3. Temporary Local Nominee Director for 2 months

The following points should be noted:

  • A security deposit is required to be held for the duration that a nominee director service is provided
  • Upon the resignation of our nominee director, the security deposit is refunded less any outstanding fees or disbursements

4. Company Secretary for 1 year

  • Each Singapore-based company must appoint a qualified company secretary who needs to be a Singapore resident or having a Permanent resident and be appointed within 6 months of incorporation. He or she is knowledgeable and experienced with Singapore company laws. Secretary is like an administrator of the company, who takes care of all compliance aspects

5. Other optional services used with this package

 Company Registered Address (RA) for 1 year

 Dependant Pass for the spouse

 Dependent Pass for the child (per child)

Step 1: Submit Your Request

Let us know that you wish to proceed forward with this package by sending an email to Tony.Ho@globallinks.asiaUpon receipt of your request, we will follow-up with you to clarify any questions you might have and to advise you of the next steps.

Step 2: Provide Subsidiary Registration Details

We will send you a Documents required form for providing us with the necessary subsidiary registration details. You will need to complete this form and send it to us so we can prepare the necessary incorporation documents.

Step 3: Make Payment

Upon receipt of the completed registration details form, we will send you an invoice for our services. In order for us to commence our services, you will need to make payment as per the invoice sent to you. We accept bank transfers, local cheques, cash, or credit card.

Step 4: Prepare Subsidiary Incorporation Documents

Upon receipt of the payment, we will prepare the necessary incorporation documents and email them to you for signing. If you are in Singapore, you can visit our office and sign the documents.

Step 5: Register Subsidiary Company

Upon receipt of the signed incorporation documents and supporting documents from you, we will proceed to incorporate the company with the Registry of Companies i.e. Accounting and Corporate Regulatory Authority of Singapore (ACRA).

Step 6: Open Bank Account and Inject Capital

Once the company has been registered with ACRA, we will assist you with the opening of a corporate bank account for the newly incorporated subsidiary. You will then need to inject the proposed paid-up capital and notify us.

Step 7: Prepare and File Employment Pass Application

In parallel with steps 5 & 6, we will work with you to prepare the Employment Pass application and supporting documents. Once ready, we will then file the Employment Pass application along with supporting documents and wait for the outcome.

Step 8: File an Appeal If Necessary

In case your EP application is rejected initially, we will explore the reasons with authorities and then prepare and file an appeal (at no extra cost) accordingly.

Step 9: Arrange for Employment Pass Collection

Upon receipt of the Employment Pass approval letter, you will be required to visit Singapore to collect your pass. We will assist you in scheduling an appointment with authorities for the issuance of the Employment pass.

Step 10: You Are Ready To Go

After you have collected your Employment Pass, you are ready to relocate to Singapore and start work for the subsidiary company.

* If the process goes smoothly, it can be completed within 2-3 weeks

Documents Required For Employment Pass Application Filing

  • Completed EP application
  • Copy of passport
  • 1 passport size recent photo
  • Copies of educational certificates (above high school)
  • Copies of past employment testimonials, appointment letters, etc, if available
  • Tenancy agreement for business operations address in Singapore
  • Copy of resume
  • Copies of past employment testimonials, appointment letters, etc, if available
  • Tenancy agreement for business operations address in Singapore
  • 1-2 page document that outlines a) detailed description of the duties to be performed by the applicant, and b) detailed description of activities and/or products of the company
  • If you have a similar existing business overseas, it would be helpful to provide details such as audited accounts, brochures, client contracts, website details, etc.

Documents Required For Dependant Pass (DP) For Spouse

  • Completed DP application.
  • Copy of passport.
  • 1 passport size recent photo
  • Copy of marriage certificate.
  • Educational details.
  • Salary details for the most recent employment held (if any).

 Documents Required For Dependant Pass For Child

  • Completed DP application.
  • 1 passport size recent photo.
  • Copy of birth certificate showing the names of both parents.
  • School enrollment details in an educational institute in Singapore.

Please note the following:

  • All documents must be in English or officially translated into English;
  • All copies of documents must be certified true copies by a notary public or you must bring the originals to our office for sighting;
  • If you are overseas, you can email us the scanned copies of the documents so we can proceed with preparing the necessary incorporation documents. However, we must receive the certified true copies (or sight the originals at our office) before we can incorporate the company.
  • Our compliance department may ask for additional information if necessary.

The feature of a subsidiary

  • A subsidiary company is incorporated as a limited liability company.
  • It operates with a separate and distinct legal identity.
  • The foreign company’s liability is limited to the value of the shares it subscribes to the subsidiary.
  • The foreign parent company may own any portion of up to 100% of the subsidiary company’s shares.
  • A subsidiary company is entitled to Singapore corporate tax incentives for the first three consecutive years.

Requirements of Subsidiary Company

  • At least 1 shareholder.
  • At least 1 resident director (Singapore citizen, permanent resident, or employment pass holder).
  • 1 locally resident Company Secretary.
  • Minimum paid-up capital of ONE share in any currency of any denomination (i.e. S$1)
  • A local registered office address.

Eligibility criteria for Singapore Employment Pass

The Singapore Employment Pass is issued by the Ministry of Manpower and they are the approving authority for all applications. Among other considerations, the key eligibility criteria are as follows (update Version March 2021):

  • You must have a fixed monthly salary of at least S$4,500.
  • Acceptable educational qualifications e.g degree or diploma from a reputed institution
  • Recognized Professional qualifications
  • Specialized skills
  • Related work experience

Time for incorporating a subsidiary

The actual incorporation of a subsidiary company in Singapore can be completed in a few hours as the whole process is computerized. However, the overall process can take anywhere from one day to few days depending on the following factor:

  • Name reservation: Before a subsidiary can be incorporated, its name has to be reserved first. Assuming there are no objections to the name proposed, the name reservation process can be accomplished in less than an hour. However, if the name conflicts with an existing name or if the proposed name contains some sensitive words that may require a review by relevant authorities, the name approval process can be postponed to a few days or weeks.

Time for processing EP

When the Employment Pass application is filed online, it takes anywhere between 1 to 10 working days to receive the outcome notification from authorities. It may take longer during peak periods or when additional information is required from the various economic agencies.

When the Employment Pass application is filed manually, it takes anywhere between 3 to 6 weeks to receive the outcome notification from authorities. It may take longer during peak periods or when additional information is required from the various economic agencies.

Representative-officeThis package is suitable for foreign companies that wish to register a representative office in Singapore and relocate one of their key executives to Singapore on an Employment Pass. Under this package, we will first register your representative office and then apply for the Employment Pass.

This package is suitable for foreign companies that wish to register a branch office in Singapore but don't plan to relocate any of their key executives to Singapore at present. Therefore this package includes the services of two nominee local agents to satisfy the statutory requirement of two local agents.

This package is suitable for foreign companies that wish to register a branch office in Singapore and relocate one of their key executives to Singapore to run branch office operations. As part of this package, we will register branch office, apply for Employment Pass for the key executive (who will act as one of the local agents) and provide nominee local agent service to satisfy the second local agent requirement.

comparison

Each form of establishing new company has each own pros and cons. Which one should be selected depends on parent company's conditions and purposes.

 

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