Setting up a Subsidiary company is one of the most popular options for foreign companies that have plans to expand their business in Singapore. Generally, a subsidiary company is allowed to act as an independent legal entity from the parent company and can be wholly (100%) owned by the parent company. It will be a Private Limited Company in Singapore, for which the majority shareholder is a corporate entity. Most entrepreneurs choose to register a Subsidiary instead of a Branch or Representative Office because a Subsidiary company is generally treated as a resident company that can enjoy a lot of tax incentives that Singapore offers.
To incorporate a Subsidiary company in Singapore, you must have:
- At least one local director;
- At least one local secretary
- A minimum of one corporate shareholder
- A registered office address in Singapore
- A minimum paid-up capital of S$1/ US$1
To establish a Subsidiary company in Singapore, the key documents you must provide are:
- A 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 authorizing a specific individual to sign necessary subsidiary documents on behalf of the parent company
- Signed Consent to Act As Director by each proposed director
- Memorandum & Articles of Association for the Singapore Subsidiary
The individual who will be appointed as a director of the subsidiary company needs to provide:
- A copy of the personal page of a Passport for all Directors/Shareholders
- A copy of the proof of address (e.g. bank statement, utility bill not older than 3 months)
All documents must be in English or officially translated into English. Depending on the nature of the parent company and the Subsidiary company, you may need to provide additional documents. We will share with you a list of all required documents once you have engaged our services.
Here are the services that GLAC provides to help you quickly start your new Subsidiary company in Singapore:
- Reserve a company’s name
- Prepare incorporation documents
- Submit all incorporation documents with The Accounting and Corporate Regulatory Authority (ACRA) of Singapore
- Pay government fees
- Appoint a local director (nominee director) for a period which is discussed between you and Global Link Asia Consulting (read more below)
- Appoint a local secretary for one year (read more below)
- Provide a registered address for the company for one year
- Assist with opening a bank account
- Provide a company seal
To comply with the Singapore Companies Act, all companies must have a local director or nominee director. If you are a foreign individual who is not able to fulfill this requirement, Global Link Asia Consulting will help you to appoint a Singaporean citizen who will assist you with statutory compliance. He/she will not be involved in the business, or have any right to make any decisions to the management of the company.
*** Kindly note: A security deposit is required for the duration of the time you use our nominee director service. The security deposit will be refunded after you stop using the nominee director service.
All companies in Singapore must appoint a qualified secretary who has knowledge and experience with the corporate laws in Singapore. The secretary is considered to be the company’s administrator who takes care of all aspects of compliance. The company secretary must be appointed within six months from the date of incorporation. If you are a foreign individual who is not able to fulfill this requirement, Global Link Asia Consulting will help to appoint a Singaporean citizen who will assist you with statutory compliance.
Global Link Asia Consulting offers a FREE website design service when you incorporate your Singapore company with us. Just select a website design you want and we will do it for free. You will receive a responsive website with optimized viewing and navigation across a wide range of devices, including traditional PC desktop and laptop computers, tablets, smartphones, and other mobile devices.
Additionally, GLAC will also create 10 email accounts (storage capacity of 5 GB per email) specific to the domain name you registered (i.e: if your website domain is “domain.com”, the email address will be “firstname.lastname@example.org ”) for free.
Global Link Asia Consulting will also give the domain name (for example, “YourCompanyName.com”) for free for the first year so you only need to pay a small fee for standard web hosting.
Read more here: GlobalWeb - https://globalweb.asia/en/service/website-designing
The process to register a Subsidiary company with GLAC is as follows:
Once your application is approved by ACRA, Global Link Asia Consulting will continue to assist you to open a corporate bank account in Singapore should you wish to do so. You must be present in Singapore to join a face-to-face interview with a banker as part of the bank’s KYC process. You will receive an account number within 5 to 7 working days from the date of the meeting the banker. A bank token and pin code for online banking will be sent to you within the next 10 to 12 working days from the date of receiving the account number. Read more about the benefits of opening a bank account in Singapore at Opening a Bank Account in Singapore.