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Singapore Subsidiary Company
A Singapore subsidiary is the recommended choice for small to mid-size foreign companies wishing to setup a presence in Singapore. The parent company’s liabilities are limited and its assets remain protected. The subsidiary company being treated as a resident company enjoys tax benefits of Singapore as well as the privileges arising out of Singapore’s tax treaties with other countries. The incorporation expenses are reasonable and the process is straightforward.
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Key Facts
Shareholding
The parent company can own 100% of the shareholding of the Singapore subsidiary
Local Director
A Singapore subsidiary must appoint at least one director who is local resident in Singapore. Directors must be at least 18 years of age and must not be an un-discharge bankrupt or convicted for any malpractices. Foreign companies that plan to relocate any of the staff members from head office to Singapore can apply for their employment pass after the subsidiary registration.
Paid-up Capital
The minimum paid up capital for Singapore subsidiary company is S$1. The parent company can be the 100% shareholder. There is no concept of authorized capital in Singapore.
Local Register Address
A Singapore subsidiary must have a registered office in Singapore. The registered address can be a commercial office (if you plan to rent one) or a home office. The registered office is the place where you need to keep the statutory records of the subsidiary company
Company Secretary
Upon incorporation, the directors must appoint a natural person who is ordinarily resident in Singapore as company secretary.
Audited Accounts
A Singapore subsidiary must file audited accounts annually with Singapore income tax authorities.
Auditor
An auditor must also be appointed within three months of the Singapore subsidiary registration.
CPF
Singapore employer need to make Central Provident Fund (CPF) contributions for any local resident staff hired, as long as he or she earns more than S$50 a month.
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Required Documents
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A certificate of incorporation of the parent company
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An extract from the Registrar of Companies that shows the current registered address and directors of the parent company
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A corporate resolution authorizing a specific individual to sign necessary subsidiary documents on behalf of the parent company
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Shareholders/Directors Particulars of Singapore subsidiary
Foreigners: Copy of passport, Overseas residential address proof.
Singapore local residents: Copy of Singapore NRIC.
Corporate entity: Copy of registration documents, Memorandum & Articles of Association.
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Memorandum & Articles of Association for the Singapore subsidiary
All documents must be in English and any non-English documents must be translated into English. Your service provider may require additional documents as applicable
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