The registration process for a Singapore Branch Office can be completed within a matter of hours. Since the entire procedure is computerized, the application process can be swiftly executed.

However, the overall duration may vary based on the following factors:

• Know Your Client (KYC) Process:
  In accordance with the CSP Regulations implemented in July 2015, all professional firms must undergo a KYC process for the registration of the Singapore Branch office. The duration of this process depends on the nature and complexity of the company’s structure and policies.

• Submission of Documents:
  You will need to provide us with all required documents in an organized manner for us to proceed with the registration.

• Signing of Registration Documents:
  If you are present in Singapore, signing the registration documents is a quick and straightforward process. However, if you are located overseas, the logistics involved in signing and sending the documents may take a few days.

Opening a Singapore corporate bank account typically takes between 3 to 4 weeks.

However, it’s important to note that Singapore banks require at least one physically present Executive Director in Singapore to provide their signature for the account opening documentation.

Registering a Singapore branch office or subsidiary is not mandatory for overseas companies, but it is the preferred option for many.

Most overseas companies opt to register a subsidiary in Singapore for several reasons:

• The liability of a subsidiary company is limited to its share capital and does not extend to the parent company.
• Additionally, a subsidiary can benefit from double tax treaties.
• Furthermore, being recognized as a local resident entity, a subsidiary is eligible for incentives and tax benefits offered to local Singaporean companies.

It is observed that the majority of small to medium-sized foreign companies opt for registering a subsidiary company or office in Singapore due to several key advantages:

• A subsidiary is treated as a separate legal entity, shielding the parent company from its liabilities.
• A subsidiary has the flexibility to engage in business activities beyond those of its parent company.
• A subsidiary can leverage the tax breaks and incentives offered to local companies by the Singaporean government.
• The subsidiary is not required to file financial accounts of the parent company.

It is recommended for any foreign company to enlist the services of a professional corporate services firm in Singapore when registering a Singapore branch office.

These firms may include law firms, corporate secretarial firms, or accounting firms.

During the incorporation process in Singapore, there are administrative matters that require attention and fulfillment.

Physical presence in Singapore is not mandatory for registering a Singapore branch office for your company. The relevant authorities in Singapore can collaborate with you via email and through couriered hard copy documents to complete the necessary procedures.

However, visiting Singapore may be required if you intend to open a corporate bank account. All banks in Singapore typically require an interview with stakeholders for account opening. For most banks, meetings can be arranged either at the bank or at our office.

The name of the Singapore branch office should match the name of the foreign parent company, with the addition of the term ‘Singapore Branch’ automatically appended at the end of the name.

The Singapore Branch office must appoint at least one person as their authorized representative, who must be a resident of Singapore.

ACRA Singapore has clearly defined the eligibility criteria for such individuals. An individual must meet at least one of the following requirements to be appointed as the authorized representative of the Branch office Singapore:

• Singapore citizen
• Permanent resident of Singapore
• Employee of the branch office holding an Employment Pass

A Singapore Branch office is considered a non-resident entity, thus not eligible for certain tax benefits and incentives reserved for resident companies.

Non-resident companies do not enjoy tax advantages stemming from tax incentives and treaties. The current corporate tax rate stands at 17%.

For comprehensive information on corporate taxes, refer to the Singapore Corporate Tax Guide.

Under Section 373 of the Companies Act, a foreign company is required to submit its audited accounts and Annual Report for its Singapore branch office within two months of its Annual General Meeting (AGM) or within seven months from the end of its financial year, whichever comes first.

Additionally, each Singapore branch office must file an annual Tax Return.

Singapore Branch offices are mandated to declare their revenue amount and estimated chargeable income by submitting an Estimated Chargeable Income (ECI) form to the Tax Authority within three months of finalizing the accounting period for the branch.

The revenue disclosed in the ECI form represents the branch’s main source of income and excludes items such as capital gains from the disposal of fixed assets.

Therefore, even if a Singapore branch office estimates its chargeable income as zero, it is still obligated to file a Nil ECI.

The Companies Act in Singapore delineates the accounting standards that must be upheld in a Singapore Branch Office, known as Financial Reporting Standards (FRS).

Compliance with Singapore FRS is mandatory, necessitating the preparation of audited statements detailing assets, liabilities, and profit and loss accounts for operations in Singapore.

Singapore’s reporting standards adhere closely to the International Financial Reporting Standards (IFRS) framework.

As a Singapore branch office, it is essential to:

• Appoint an auditor for the Singapore Branch Office.
• Conduct an annual audit of your accounts.