Singapore is known for being Asia’s Hub Port when it comes to business. One of the reasons why it can reel numerous MNC’s also known as Multinational Companies in Singapore. With its distinguished reputation, companies such as Bosch, Panasonic, Sony Corporation and others have set up a base in the country. And because the country supports foreign in their countries, setting up a subsidiary in Singapore for a Multinational Company is easy.
But today, we’ll focus on the Subsidiary Company.
It is a company that is locally incorporated in Singapore. This company’s significant shareholders can be mostly foreigners or even have a foreigner as a company owner. Most importantly, it is must be a Private Limited Company whose shareholders must be based on the Company’s Act
For foreign business owners who intend to expand their market to Asia, it is highly recommended, especially for multinational companies— to establish a base in Singapore.
Registering Subsidiary MNC may take 1 – 2 days, and because the Singaporean Government treats a Subsidiary MNC as a local company, the main company, also known as the parent company, is free from paying taxes. It is also considered as a different entity from the parent company, which means it can have a different name apart from that of the main one. Nevertheless, you are required to abide by the Companies Act, such as having an Annual General Meeting every 18 months as well as the appointing of a company secretary every 6 months.
Note: Must show the location of the registered office, its office hours or any changes made (Form 44)*
The Accounting and Corporate Regulatory Authority (ACRA) will send an email to you, notifying you of your company’s registration number, upon registration. This notification may also serve as an announcement that your company incorporated in Singapore, officially.
Setting up a Subsidiary in Singapore for Multinational Company is fast and easy. And although the registration process is quick and easy, it is better to seek for secretarial services for a smoother and more organised filing.