Asiabizservices Provides Singapore Branch Office Formation Services
Forming a Singapore branch office is achieved by having directors and agents, and their personal information is included in the Memorandum and Articles of Association of the mother company.
by Ashley Varghese Wednesday, January 19, 2011
Commonly, a branch can serve as the best vehicle in promoting a company’s brand. And although in Singapore, the authorities do not deem it as a legal entity apart from its mother corporation, it can qualify for certain tax privileges. Highlighting on that is Asiabiz’s Chi Han, a business specialist serving in Singapore.
“All companies not qualified for tax exemptions enjoy lower tax rates such as 4.25% on the first S$10,000 accrued profits instead of 8.5%, and 8.5% from profits starting at S$10,001 to S$300,000 instead of 17%.”
The corporate tax break is designed by Singapore government to encourage entrepreneurial growth. As year 2011 has started, the government looks forward to an economic growth of up to 6%. Before 2010 concluded, it drew an increase in its GDP by 14.7%.
Forming a Singapore branch office is achieved by having directors and agents, and their personal information is included in the Memorandum and Articles of Association of the mother company. Accompanying the documents are certified true copy of Certificate of Incorporation, certified copy of its charter, statutes; and memorandum executed by the foreign company stating the powers of local directors.
Additional documents are also needed, which are the statutory declaration by the agents of the branch, memorandum of appointment or power of attorney citing the names and addresses of the two agents appointed to perform administrative function and to receive official notices issued upon the branch.
Asiabiz offers Singapore branch office formation services particularly in behalf of foreign companies and investors as the latter has yet to earn eligibility by obtaining the necessary Employment pass. As a business solution provider, Asiabiz also handles applications of labor passes.
“Agents are mostly locals, but by applying for a work permit, foreigners can earn that title. At times, two of the foreign corporations’ directors relocate to Singapore to act as the agents,” chimes Chi, resuming her explanation and emphasizing that agents are held personally liable for the branch’s violations or breaches, thus, directors want to ensure the office abides to the laws by being personally present in Singapore.
Among the regular requirements of a branch office are auditing and filing of annual returns including its mother corporation’s audited financial statements. Asiabiz assists branch offices in complying with these requirements as well.
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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