Asiabizservices Offers Singapore Branch Office Setup Services
Agents must be local such as a permanent resident or a citizen of Singapore. By holding a working visa like Employment or Dependant pass, foreigners are eligible to occupy the position of an agent as well.
by Ashley Varghese Sunday, January 02, 2011
Hence, a branch office does not enjoy the benefits mostly indulged upon a company, including tax exemptions and limited liability. When liability is incurred by the branch either by omission or commission, the parent company is accountable and can be brought to a court for a legal proceeding.
For better understanding, Asiabiz Services’ business consultant, Chi Han highlights on the characteristics of a branch office. She says that “branch offices bear the name of their parent companies unless when it is undesirable, identical, or prohibited by Singaporean authorities.”
In such case, ACRA shall direct the company to register a new name for its branch office in Singapore.
“Although, it is designed to support the commercial activities of its parent company, a Singapore branch office must follow the activities of its parent company except when it has a different purpose, which must be explicitly specified on its Memorandum and Articles of Association,” continues Han, referring to branches devoted to warehouses, customer support service center, authorized service center, or industrial plant.
Included in the MAA are information about its shareholders, directors, and agents. The Companies Act of Singapore postulates that a parent company shall appoint two agents, both local and foreign, to perform administrative tasks including receiving official notices served by authorities and all matters relating to a branch office.
Han adds that while the parent company is directly accountable for the losses and violations of its branch office, the “agents are also personally liable for all penalties imposed upon the branch office due to breach of law or act.”
Agents must be local such as a permanent resident or a citizen of Singapore. By holding a working visa like Employment or Dependant pass, foreigners are eligible to occupy the position of an agent as well. Sometimes, local or foreign companies cannot immediately satisfy the requirement of an agent. In such case, Chi Han has the ideal solution.
“Asiabiz Services provides the nominee agent service so investors can proceed with the registration of a branch office,” Han explains, “depending on the agreement, the nominee agent may be momentary until the qualified individual is ready to take that post or it could also be on a long-term basis.”
Whichever is the case, Han reminds that the nominee agent is for statutory compliance only. The person must not be liable for anything related to the branch office or its parent company.
Asiabiz Services provides other corporate solutions like company registration including branch, subsidiary, and representative office, and application for working visas and accounting services.
About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.
Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company. It also provides chartered secretarial services.
For more information visit:
AsiaBizServices PTE LTD
Address: 120 Telok Ayer Street Singapore 068589
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