IBCF Services in Singapore
- Entity Formations and Foreign Registrations
Singapore offers various corporate structures to fit your needs, of which you would need to determine before forming your legal entity there.
Your decision can affect the image and perception of your business among your clients and suppliers, the amount you pay in taxes, the personal liability you face, the ability to borrow money, the amount of paperwork your business is required to do, and the possibility to expand your business.
The most common and a popular choice among entrepreneurs is to form a Private Limited Company. This entity structure is what many US businesses would know as a Limited Liability Company. Many of the advantages of the private limited company is it’s a separate legal entity, limited liability to the owners, an ease of raising capital, credible image, an ease of transfer of ownership and there are a lot of tax benefits and incentives.
If a Private Limited Company doesn’t suit your needs, Singapore offers various other structures which include a Public Limited Company, Public Company Limited by Guarantee, Sole Proprietorship, General Partnership, Limited Partnerships and Limited Liability Partnerships.
Singapore is also very welcoming of foreign businesses as it can act as a gateway to the Asian markets. Foreign companies wishing to setup a presence in Singapore, have the choice of setting up a branch office, subsidiary, or a representative office in Singapore.
Please also keep in mind, each company also requires a Secretary who is a natural person. This ensures proper and timely compliance with statutory requirements. Should the turnover exceed $5 Million Singapore Dollars, the company’s accounts need to be audited by auditors and this includes registered agent/office statutory compliance.
- Registered Agent/Registered Office
- Document Retrievals (i.e Good Standing, Certified Copy)
We supply a good standing that is issued electronically from the Singapore Accounting and Corporate Regulatory Authority certifying the existence of a company registered in Singapore and that it is still active on the ACRA corporate register. We also recommend ordering a certificate of compliance in conjunction with the good standing.
The Registrar also issues a copy or a certified copy Certificate of Incorporation certifying that a company is incorporated under the Companies Act which includes:
- Company Name
- Date of Incorporation
- Company Number
- Companies Act
The Certificate of Incorporation is conclusive evidence of the formation of a company. A copy or certified copies can also be obtained for the Memorandum & Articles of Association.
As Singapore is not party to the Hague Convention, documents that originate and are authenticated in Singapore would have to be legalized at a consulate for the jurisdiction that the document will ultimately be used in.
If a foreign document is to be used in Singapore, it would have to be legalized at a Singapore consulate that has jurisdiction of where the document is originally notarized.
- Due Diligence Searches (i.e Lien, Judgment, Bankruptcy)
IBCF is able to offer various due diligence checks on entities in Singapore for many international transactions. Unfortunately most due diligence searches on individuals are not available in Singapore due to privacy laws.
A company search can be conducted at the Accounting and Corporate Regulatory Authority for information which can include, but not limited to, Company Name, Company Registration number, Registered Address, Company Type, Principal Place of Business plus much more.
A search for registered charges with ACRA in Singapore can be provided. The search for charges would be the most equivalent to a UCC search in the United States. Since registrable charges created by a company will need to be registered with the Registrar of Companies, a search may be conducted on the relevant companies. Registrable charges can include:
(a) a charge to secure any issue of debentures;
(b) a charge on uncalled share capital of a company;
(c) a charge on shares of a subsidiary of a company which are owned by the company;
(d) a charge or an assignment created or evidenced by an instrument which if executed by an individual, would require registration as a bill of sale;
(e) a charge on land wherever situate or any interest therein;
(f) a charge on book debts of the company;
(g) a floating charge on the undertaking or property of a company;
(h) a charge on calls made but not paid;
(i) a charge on a ship or aircraft or any share in a ship or aircraft; and
(j) a charge on goodwill, on a patent or license under a patent, on a trade mark, or on a copyright or a license under a copyright.
Outside of registrable charges and through our network of resources, IBCF is also able to offer litigation and judgment searches at the courts in Singapore. These searches can be conducted for a specific time period depending on your transactional needs.
Bankruptcy searches can be conducted on both entities and individual, and these search reports will provide information on any bankruptcy proceedings that may be available