Ongoing Compliance Requirements For Branch Offices In Singapore

Foreign companies who want to incorporate a business in Singapore can choose between registering a Singapore subsidiary company or a Singapore branch office if they wish to indulge in profit-yielding activities from day one. While both forms of companies have their own pros and cons, usually registering a Singapore subsidiary is highly recommended over a branch office. This is mainly due to the fact that a Singapore subsidiary is seen as a separate legal entity from its parent company and has minimal compliance requirements. Branch offices being seen as a legal extension of the parent company obviously has some pitfalls and more complex compliance requirements. Some of the ongoing compliance requirements of branch offices in Singapore are as follows:

1) All Singapore branch offices must file their returns on an annual basis. Unlike subsidiary companies, when branch offices file their returns, they are required to file the financial accounts of the parent company as well, no matter where the parent company has its headquarters.

2) At all times, branch offices must ensure that their business activities are similar to those of their parent company. Branch offices are not allowed to divert into other sectors or industries which are different from that of the parent company.
3) Branch offices in Singapore at all times must have at least two local residing agents who act on behalf of the branch office. These agents must be residing in Singapore and must not be living overseas.

4) All branch offices need to have a registered business address for continuing with their business operations.

5) Since the branch office does not have a separate legal status and is an extension of the parent company, all claims, debts and business liabilities become the responsibility of the parent company. Hence the head office needs to continually ensure that all such debts and claims are taken care of and the branch office meets its obligations to operate in Singapore.

6) The branch office needs to ensure that at all times the structure of the company and its shareholding pattern are as per the Memorandum and Articles of Association of the parent company. A branch office cannot have its own MAA and must follow that of the parent company.

7) A branch office must also mention its name and place of incorporation in all correspondence at all times.

Apart from the above, branch offices must also ensure that they meet the standard ongoing compliance requirements meant for all types of companies in Singapore.

About the Author:
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore branch registration and Singapore incorporation services.

Article Originally Published On: http://www.articlesnatch.com

Tags: Singapore branch registration

, Singapore incorporation services

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