Jul 21, 2010 0
Representative Office In Singapore
Representative Office In Singapore
Setting up a Representative Office (RO) in Singapore is a good way for foreign businesses to explore business opportunities in Singapore or the region.
To set up, you need to register with International Enterprise (IE) Singapore.
The Rep office can only carry out the following activities:
market research
feasibility studies
liaison work on behalf of parent company
The rep office must not conduct any of the following activities (directly or on behalf of the parent company):
trade in goods/services (including import or export)
lease warehousing facilities
lease office(s) to other establishments for a fee
enter into business contracts
issue invoices/receipts
open/receive letters of credit
provide services for fees
If you wish to ship, tranship or store goods in Singapore, you should get your parent company to appoint a local agent or distributor. You cannot use your representative office to carry out these activities.
If you wish to carry on operations in Singapore, you should register a branch office or incorporate a company with ACRA.
Why Register a Representative Office?
Singapore has today established itself as a reputable financial and regional trading centre. It is the world’s busiest port and a top location for investments in the Asia Pacific region. Factors such as strategic location, a competitive workforce, pro-business environment and forward looking economic policies have enabled Singapore to be the world’s gateway to Asia.
Foreign companies that are keen on exploring the viability of doing business in Singapore, or are interested in using Singapore as a launch pad into the Asia Pacific, may wish to set up a Representative Office (RO). An RO has the benefit of allowing a foreign company to test out the business environment in Singapore before committing to any investment decisions.
Taxation
A representative office which is set up in Singapore is not taxable if it has been granted approval from IE Singapore (previously known as TDB). If the representative office have not been granted approval, please furnish the following information if you have not previously provided.
a detailed description of the activities carried on by the Singapore office
b date on which the company commenced its activities in Singapore
c name, address and designation of each employee of the Singapore office and the description of the duties performed by each of them
d audited accounts of the Singapore operations for each year from the date of commencement .
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Singapore Accounting, Tax, GST, FRS, Bookkeeping and Corporate Secretarial Services