If you own a parent company and are mulling over widening your business reach with a daughter/subsidiary company in 2022, then Singapore might be the best choice for a business debut. The island-nation is a paradise for all types of business entrepreneurs for the ease of doing business.
Your job gets more manageable with the presence of a spate of company incorporation and registration service providers in Singapore. However, decision-making can get challenging if you are spoilt for choice!
In this blog, we help you make a prudent move while filling you with relevant details that you would need to set up your subsidiary company in Singapore in the year 2022. Read on.
Why Is Singapore a Preferred Destination for Setting Up Subsidiary Company?
Why wouldn’t a business owner or entrepreneur not think of making a local presence felt in the Asia Pacific’s busiest port and top draw for investments? That’s right! Singapore is famously tagged as “the world’s gateway to Asia”.
Here are some of the reasons why setting up a subsidiary in Singapore is more effortless than anywhere else.
- With its progressive and business-friendly environment and relaxed tax policies, the country aims to increase global investments. Taxes here are one of the lowest in the world.
- Subsidiaries in Singapore can operate under a different business name and engage in business activities separate from the parent company.
- They are eligible to enjoy the tax benefits and exemption schemes that apply to Singapore-incorporated companies.
- They are 100% foreign-owned and are free to repatriate their capital or profits to their parent company.
- The incorporation process of subsidiaries in Singapore is hassle-free. The country’s incorporation services are available online, so you need not travel physically to register your subsidiary here.
How to Set Up Your Subsidiary Company in Singapore in 2022?
The legal steps involved in setting up a subsidiary company in Singapore are:
- Providing subsidiary details to the Accounting and Corporate Regulatory Authority (ACRA) for registration. Such information should include subsidiary name, business activity, particulars of shareholders and directors, registered address, and company constitution.
- Engage the services of a corporate services firm for easy registration.
- ACRA will give you an official email and a free business profile upon successful incorporation.
- You will then be required to open a new bank account in the subsidiary’s name for all financial transactions.
- Depending on the nature of the business, the subsidiary will then apply for a trade license in its name.
- The subsidiary has to comply with (any new or changing) regulatory requirements of Singapore.
At Bestar Services, we specialise in helping businesses set up subsidiaries in the heartland of Singapore. We handle all administration and compliance matters without a hitch. We do not let you fret over the nitty-gritty of the registration and incorporation process, as we take all such matters into our professional hands. Learn more about our company incorporation services or call us on +65 97236684 to discuss how you can establish, grow, and expand your subsidiary business beyond inception.
