Setting Up A Subsidiary Company With Asiabizservices
by Gary Parker Thursday, February 17, 2011
In the official launch of Siemens’ Asian Green City Index held on February 14, 2011, Singapore was named as the greenest city. Through long-term planning and integrated approach in urban management, the city-state successfully effected stable economic growth and good quality living environment for its dwellers amidst the scarcity in natural resources.
In addition, the recent report on tourism sector performance in the city-state from January to December 2010 stated that the tourism receipts within that period were estimated at S$18.8 billion. This figure is accumulated in great portions from activities such as shopping, sightseeing and entertainment, and accommodation. No wonder, business is prolific in this region.
A Singapore subsidiary company adopts a private limited structure. Thus, like its parent company, this too has its own legal personality, which makes it accountable for any liability incurred during operations.
Foreign companies are expected to own a majority or the entire shares in a subsidiary. During its incorporation, it follows the procedure stipulated on a private limited company. Foremost, the process is managed by a professional firm like Asiabiz Services as foreign companies and individuals do not have the eligibility.
“A subsidiary office, though maintains its own juridical existence must bear the name of its parent company, except if it clearly violates the laws and trademarks in the city-state, in which case, another name is registered,” chimes one of the business consultants of Asiabiz Services, a business solutions creator located at the heart of Singapore.
After the name registration, the incorporation procedure commences. Among others, the documents required are a certified copy of the Certificate of Incorporation of the parent company, an extract of the parent company’s company profile, Memorandum or power of attorney appointing individuals to sign documents in behalf of the company, and certified copy of passport of foreign nationals that shall act as directors and shareholders of the subsidiary.
“Because it embraces a private limited company, it must have three separate individuals in its formation—the resident director, shareholder, and company secretary,” says Asiabiz.
In most cases, the resident director requirement thwarts the incorporation procedure as the individual occupying such position must stay in Singapore. Hence, if it is a foreign national, he should obtain an Employment pass and relocate to the city-state. A local citizen or permanent resident can also qualify to earn that position.
Asiabiz Services provides a nominee director service to satisfy such requirement. When availed, the nominee director lends his legal name and address to the subsidiary company and which is registered with ACRA through its Memorandum.
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
Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.
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