In order to keep up with the latest international requirements in terms of business environment and to make sure Singapore will remain a preferred destination for foreign investors, the government has amended the Company Act at the beginning of the year. One of these amendments refers to the possibility of relocating a foreign company to Singapore through a simple procedure.
Our Singapore company formation specialists can explain the changes brought to the Companies Law.
The creation of the re-domiciliation regime for foreign companies seeking to move their operations to another country took place in March 2017 with very good results. The regime is available for small and medium-sized enterprisers interested in relocating their undertakings without creating a subsidiary or a branch office in Singapore.
Foreign companies redomiciling to Singapore must comply with at least two of the following requirements imposed under the law:
Our company formation consultants in Singapore can assist foreign companies interested in moving their operations to the city-state. We can also assist if you want to create a company in Singapore.
With respect to large corporations, these can also relocate their businesses to Singapore by de-registering with the Companies Register in their home states and re-registering their seats in the city-state. However, they must also take into account aspects such as buying a land plot where their factories or offices can be accommodated. One of their advantages is that Singapore has one of the most buoyant commercial real estate sectors in the region which provides for places within the city or in one of the free zones where large companies can set up their relocated operations.
Yes, there are a few more requirements under which a company can relocate to Singapore. One of these refers to the fact that the legislation in the foreign company's home country must provide for the re-domiciliation of businesses. Also, the company must file a document which proves its financial soundness along with other documents. These documents are:
Within 60 days from relocation, the foreign company must file proof of the de-registration issued by the Companies Register in its home country with ACRA. Then the transfer of operations is complete and the company can start its activity in the city-state.
Among the reasons to relocate a business to Singapore are:
For more information on the requirements related to company re-domiciliation, please contact our Singapore company formation advisors.