September 7, 2010 - Most business registration firms believe that a Singapore subsidiary company is the most ideal for foreign entrepreneurs who want to setup a Singapore company with its countless of benefits especially in terms of taxes and limited liabilities on business-related losses and debts.
According to Asiabiz Services, the leading Singapore business solutions provider, a subsidiary company is essentially a private limited company incorporated in the city-state which happens to be owned by foreign businessmen instead of local residents.
One of the advantages of this business entity is that it is treated like a local company which means that it is eligible for tax benefits and exemptions. With this consideration, it has become one of the most preferred legal business formations in Singapore to date.
(Note: A foreign company is allowed to be the 100 percent shareholder of its subsidiary company and still enjoy tax benefits also given to local businesses.)
Asiabiz Services said that a subsidiary company is treated as a separate entity from its main headquarter abroad. This arrangement is favorable since the foreign companies are not liable for the debts, losses, and credits incurred by their Singapore subsidiary company.
But to legally operate in the country, a foreign company should designate at least one board of director who must be a local resident or holder of EntrePass or Employment Pass, has not committed any financial practices, and should be aged at least 18 years old.
In addition, a subsidiary company should appoint a qualified secretary and auditor who must be a local resident and have a knowledge in compliance matters required by the Singapore government.
Aside from appointing a qualified secretary, a subsidiary company should also have a registered address in Singapore (either a commercial office or home office) where the statutory records and business documents are stored and secured.
In legal terms, a subsidiary company can act on behalf of its main headquarter in trading activities and engage in any business undertakings as long as these are also performed by its parent company.
It is important to note that foreign businessmen are not allowed to self-register their subsidiary company or any business entity in Singapore which means that they are required to hire a professional firm that will secure and process all the legal and business-related documents on their behalf.
With this, foreign entrepreneurs should hire an ACRA-accredited firm such as the Asiabiz Services which is the leading incorporation, business registration, and consultation services provider that caters to foreign and local businessmen in Singapore.
For more information contact: http://www.asiabizsetup.net/ Asiabizservices Pte Ltd 120 Telok Ayer Street Singapore 068589 Phone: (65) 6303 4614 Fax: (65) 6303 2670 E-mail: sales@asiabizsetup.net
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