About Foreign Company, Singapore Branch
A branch is an extension of a foreign parent company and is not a separate legal entity. Parent company is will be legally responsible for the act or omissions of the branch office. This entity does not considered as resident entity hence not entitled to any tax exemptions. Branch offices conduct their business activity within the scope of their parent companies.
Statutory And Regulatory Compliance
Foreign Company, Singapore Branch is required to appoint at least one local resident authorised representative. In addition, it is to file its Branch Audited Financial Statements annually which has to be prepared accordingly to the Singapore Financial Reporting Standards (FRSs). The Head Office Financial Statements is also required to be submitted together with the Branch Audited Financial Statements. Below are some of the standard changes that are required to inform the Accounting and Corporate Regulatory Authority of Singapore (ACRA):
- Change of Foreign Branch Name
- Appointment and Changes in Officers of the Company (Directors/Local Resident Representatives/Auditors)
- Changes in Particulars of Officers of the Company (Directors/ Local Resident Representatives)
- Change in Registered Office Address
- Registration and Satisfaction of Charges
Processing And Filing Agent
In compliance with the rules and regulations of maintenance of statutory records as required by the Singapore Companies Act, Chapter 50., AcceServ provides Clients with proper documentations in compliance with the Singapore Companies Act, Chapter 50., maintaining the required statutory records. Below are some required statutory records to be kept by the Foreign Company, Singapore Branch:
- Registration Confirmation
- Head Office Corporate Documentations
- Appointment of Local Resident Authorised Representative
- List of Directors
- Audited Financial Statements
Deregistration / Closure
A foreign branch is required to cease its operations in Singapore if its Head Office has been dissolved or is in liquidation. Singapore Branch is required to lodge the notice with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). If only the foreign company’s local branch in Singapore has ceased business, it is required to lodge a cessation notice with ACRA.
The foreign company may also apply to ACRA for striking off if it is able to satisfy the following criteria for striking off:
- The sole authorized representative is unable to resign because the company has not appointed a replacement.
- The authorized representative has received no instructions from the company for at least 12 months after a request has been made regarding
whether the foreign company intends to continue operations in Singapore.
- The foreign company has no authorized representative (can be filed only by registered filing agent).