Toll Free No:  +65 6221 4733

A subsidiary company incorporated in Singapore requires a residential address, a local director who is a local resident, and the opening of an associated corporate bank account before any business activity may be started.

A foreign subsidiary company is a Private Limited Company incorporated in Singapore whose major shareholder is a foreign company. The subsidiary company gets the benefit of several tax exemptions as it is considered as the local company.

The Paul Hype Page Solution 

Paul Hype Page is the well versed in all matters pertaining to Singapore company registration, company formation and matters related to your business activities in Singapore.

Step by Step To incorporate a subsidiary company in Singapore for your Business expansion

  • Step 1: Understand the Overview and Requirements of Subsidiary
  • Step 2: Understand the role of Nominee Director and sign off the Agreement (If you don’t have a local resident director)
  • Step 3: Fill Up the Online Incorporation form and prepare the necessary documents
  • Step 4: Open Company’s Bank Account
  • Step 5: Apply Employment Pass for staffs that will be relocate to Singapore
  • Step 6: Start Your Business

A foreign company may incorporate a Singapore subsidiary company.

Step 1: Understand the Overview and Requirements of Subsidiary

  • Directors: A minimum of one resident director (a Singapore Citizen, a Singapore Permanent Resident, or a person who has been issued an EntrePass, Employment Pass, or Dependent Pass) is mandatory.
  • Shareholders: The shareholder can be an individual or a corporate entity. Complete local or foreign shareholding is allowed. A director can also be a shareholder, although this is not necessarily the case.
  • Paid-up Capital: The minimum paid-up capital for registration of a Singapore company is S$1.
  • Registered Address: The address must be a physical local address. A PO Box is not allowed.
  • Company Secretary: The Companies Act requires the company secretary must be a natural person and a resident of Singapore.
  • Company Constitution
  • Company Name
Requirements of Subsidiary

Audit Requirements:

Subsidiary company must appoint an auditor within three months after its incorporation. Click here to know more information for the different type of company entity.

Whatsapp icon

Step 2: Understand the role of Nominee Director and sign off the Agreement (If you don’t have a local resident director)

Nominee Director is someone who acts as a non-executive director on the board of directors of a firm, on behalf of another person or firm such as a bank, investor, or lender. Typically, there is no shareholding requirement for the nominee director but, if the bylaws of a firm impose a share qualification, he or she must obtain them within the specified period. 

We will appoint a member of our team as the nominee local director for your company, this service is offered for statutory compliance only.

The nominee director will not be involved in any management, financial, or operational matters of the company. You must appoint one or more individuals (normally the company shareholders) as the company directors who will be responsible for running the company.  

You can ask our nominee director to resign at any time by identifying another person who can satisfy the local director requirement.  

For the provision of our nominee local director service, we also collect a refundable security deposit. The security deposit will be refunded when you no longer need our nominee director service. 

Step 3: Fill Up the Online Incorporation form and prepare the necessary documents

For each Singapore resident individual shareholder and director

  • Copy of Singapore IC; and Copy of passport if the individual is not a citizen of Singapore

For each non-resident individual shareholder and director:

  • Copy of passport; and
  • Copy of residential address proof such as a recent utility bill, residential phone bill, tax bill, or cable TV bill

For each corporate shareholder:

  •  Foreign Corporate Company Certificate and Special Director Resolution to resolve becoming newly incorporated company subsidiary’s shareholder

Please note the following:

  • All documents must be in English or officially translated in English;
  • All copies of documents must be certified true copies by a notary public or you must bring the originals to our office for sighting;
  • If you are overseas, you can email us the scanned copies of documents so we can proceed with preparing the necessary incorporation documents.
  • However we must receive the certified true copies (or sight the originals at our office) before we can incorporate the company.
  • Our compliance department may ask for additional information if necessary.

Visual Content

The solutions we offer for companies and their owners cover important areas such as incorporation, taxation, auditing, and work visas, among others.

Informative Content

We are always ready and willing to work with any genuine and legitimate company which requires our incorporation services or any other services we provide.

Packages

We offer company incorporation, consultancy services, auditing, taxation, immigration & compliance services.

STEP 4: Open Company Bank Account

Once your company is incorporated, you must open a corporate bank account with any of the local and international banks in Singapore.

It is a lot of work to open a corporate bank account in Singapore. If you prefer a hassle-free bank account opening experience, please refer below for our preferred Neobank partner – Aspire.

The choice of a bank should depend on which one offers corporate accounts features that fulfill the banking needs of the company.

The following documents are required to open a corporate bank account in Singapore:

  • Completed corporate account opening forms
  • Board of directors’ resolution approving the opening of the account and the signatories to the account
  • A certified true copy of the certificate of incorporation (must be certified by the company secretary or one of the directors)
  • A certified true copy of the company’s business profile from the company registrar
  • A certified true copy of the Company’s Memorandum and Articles of Association (MAA)
  • Certified true copies of passport or Singapore IC
  • Residential address proof of directors, signatories, and ultimate beneficiary owners

Those who are in Singapore only must bring the originals. The bank will make a copy of them. The Singapore bank may also ask for additional documents.

Generally, most banks require that the account signatories and majority directors be physically present in Singapore for signatures at the time of the opening of the company bank account.

However, some banks will accept the signing of documents at one of their overseas branches or in front of a notary public.

Paul Hype Page’s preferred Neobank partner

Paul Hype Page recommends you opening a corporate bank account with Aspire. It is hassle-free, and no minimum deposit is required, and can be opened entirely online with Paul Hype Page.

With Aspire, you can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones. You can also enjoy cashback for your “online marketing” expenses. Aspire offers cashback for Facebook Advertising, LinkedIn Advertising, and Google Advertising as well as Software-As-A-Service (SaaS) like Google Suite and Mailchimp.

There are also no monthly fees, fall below fees, or FAST transfer fees. More features can be found on their website: www.aspireapp.com.

Required documents to open a corporate account

Anyway, the followings are the required documents to open a corporate account in Singapore banks:

  • Completed Corporate Account Opening Forms
  • Board of Directors Resolution approving the opening of the account and the signatories to the account
  • Certified True Copy of Company’s Business Profile from Company Registrar (Bizfile)
  • Certified True Copy of Company’s Memorandum and Articles of Association (M&AA)
  • Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.

We will assist you to prepare an arrangement for a meeting with a banker.

Step 5: Apply Employment Pass for staffs that will be relocate to Singapore

Please fill up the Employment Pass Questionnaire Link

Employment Pass Assessment Criteria:

  1. Current citizenship
  2. Specialist skills
  3. Applicant’s age
  4. Relevant work experience to EP Application
  5. Company paid up capital / background / industry reputation
  6. Applicant’s educational diploma or degree

We cannot guarantee a confirmed approval. However the success rate of applying via our company including appeal cases is approximately 75%.

Step 6: Start Your Business

After establishing the Singapore company and if you don’t wish to relocate to Singapore immediately, we can assist you in the initial stage when you don’t have any staff in Singapore. Our firm’s company management service it is a one-stop solution called build-operate-transfer (BOT).

In this model, your firm contracts with us to build a shared service to operate your overseas business for a fixed interim period. The logic behind the BOT model: the offshore partner can initiate operations and reach operating stability much faster than it can with our in-house effort.

A typical BOT is built and managed in three phases:

  • Build
  • Operate
  • Option to Transfer
 

Our Fees for Subsidiary Incorporation + 1 Year Nominee Director

Subsidiary Incorporation + 1 Year Nominee Director

Subsidiary Registration
Appointment of Company Secretary for one year
Nominee Director for 12 months
Registered Office Address for One year

Total:

INCORPORATION GUIDE

Many foreigner who wants to incorporate company faces 2 main issues:-

  1. Local Resident Director Requirement
  2. Company Registered Address not PO Box Address

The Paul Hype Page Solution

Incorporation with Nominee Services

  • Obtain Company’s Name and Information to seek for ACRA approval
  • Incorporate a Singapore company using our local Resident Nominee Director and Registered Address

Documents Needed from you:

  • Fill up the Incorporation details here: Incorporation Form
  • Copy of Passport
  • Documents such as telephone or utilities bills that show your current residential address
  • Signed Form 45 (as attached)

Last but not Least : Start your business now

  • Open Bank Account, we will provide needed documents for account opening
  • Apply for any relevant business specific license
  • Start your business at your ideal office

Incorporation of Foreign Subsidiary FAQs

In what instances is a company determined to be a Singapore Tax Resident?2020-06-24T15:02:35+08:00

Singapore’s tax laws define companies which are Singapore tax residents to be those which are managed and controlled in Singapore. This is defined by the location in which board meetings are held. Therefore, all companies which primarily hold board meetings in Singapore are Singapore tax residents.

Does a subsidiary’s parent company have to be Incorporated in Singapore?2020-06-22T14:20:39+08:00

There is no requirement for the parent company of a subsidiary to have been incorporated in Singapore. Although a certificate of incorporation is required by the authorities, this certificate may be received from the authorities of the country in which the parent company had been incorporated. 

In what instances is a company determined to be a Singapore Tax Resident?2020-06-22T14:20:22+08:00

Singapore’s tax laws define companies which are Singapore tax residents to be those which are managed and controlled in Singapore. This is defined by the location in which board meetings are held. Therefore, all companies which primarily hold board meetings in Singapore are Singapore tax residents.

Is it possible for a Foreign Subsidiary to be a Sole Proprietorship?2020-06-22T14:18:49+08:00

There are no rules stating that a foreign subsidiary cannot be a sole proprietorship. It is a rare occurrence because most foreign subsidiaries are private limited companies. However, it is indeed possible for a foreign subsidiary to be a sole proprietorship. 

2021-03-31T10:08:53+08:00December 20, 2014|Comments Off on How to Incorporation a Subsidiary in Singapore
forumforum
Go to Top