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1 week ago
Procosec Asia

Requirement for registering your foreign company in Singapore

Companies often do business around the world. However, it is often a requirement that before a company can do business in a particular country it must be registered in that country, for example, as a branch office.

There is often a fine line between carrying out business and simply conducting a one-off transaction in a country.

In Singapore, there is a list of activities which will not (alone) require a foreign company to register itself as a branch office in Singapore. These include where the foreign company for example owns a bank account from Singapore or conducts a single transaction which is a one-off.

At Procosec Asia, we have an experienced team who will work alongside you in identifying your company compliance requirements both before, during and after you do business in Singapore.

For further information on our suite of company secretarial and compliance services, please visit: www.procosecasia.com
... See MoreSee Less

Requirement for registering your foreign company in Singapore

Companies often do business around the world. However, it is often a requirement that before a company can do business in a particular country it must be registered in that country, for example, as a branch office.

There is often a fine line between carrying out business and simply conducting a one-off transaction in a country.

In Singapore, there is a list of activities which will not (alone) require a foreign company to register itself as a branch office in Singapore. These include where the foreign company for example owns a bank account from Singapore or conducts a single transaction which is a one-off.

At Procosec Asia, we have an experienced team who will work alongside you in identifying your company compliance requirements both before, during and after you do business in Singapore.

For further information on our suite of company secretarial and compliance services, please visit: www.procosecasia.com
2 weeks ago
Procosec Asia

Security over assets of your Singapore company

Companies occasionally require external finance as part of their ongoing operations.

Depending on the party who provides such finance, it is possible that the financier will require some form of security over the assets of the Singapore company.

In Singapore, companies are required to notify the Accounting and Corporate Regulatory Authority within 30 days’ following the creation of security over certain assets.

Where companies have created the security overseas, there will be an additional 7 days extension to the above 30 days’ period, making a total of 37 days’.

As a Singapore Company Secretarial Registered Filing Agent, Procosec Asia is here to assist all transactional requirements your company may need in Singapore.

For further information on our suite of company secretarial and compliance services, please visit: www.procosecasia.com
... See MoreSee Less

Security over assets of your Singapore company

Companies occasionally require external finance as part of their ongoing operations.

Depending on the party who provides such finance, it is possible that the financier will require some form of security over the assets of the Singapore company.

In Singapore, companies are required to notify the Accounting and Corporate Regulatory Authority within 30 days’ following the creation of security over certain assets.

Where companies have created the security overseas, there will be an additional 7 days extension to the above 30 days’ period, making a total of 37 days’.

As a Singapore Company Secretarial Registered Filing Agent, Procosec Asia is here to assist all transactional requirements your company may need in Singapore.

For further information on our suite of company secretarial and compliance services, please visit: www.procosecasia.com
4 weeks ago
Procosec Asia

Compliance Hints and Tips: transferring numerous classes of shares in a Singapore company

Singapore companies sometimes create different types of shares for different persons. For example, founders of a company may hold ordinary shares and investors may hold preference shares.

A key point to note when transferring 2 or more different types of shares is that it is necessary to ensure that each type of shares being transferred is signed by the buyer and seller of the shares on different and separate share transfer forms.

These share transfer forms are a simple 1-page document confirming the price and transfer of the shares being transferred.

Once each share transfer form has been signed, you may provide these to your company secretarial agent, along with the other required documents, for registration of each share transfer with the Accounting and Corporate Regulatory Authority.

Contact us at: info@procosecasia.com to find out about our suite of compliance services to fit your business needs today.
... See MoreSee Less

Compliance Hints and Tips: transferring numerous classes of shares in a Singapore company

Singapore companies sometimes create different types of shares for different persons. For example, founders of a company may hold ordinary shares and investors may hold preference shares.
 
A key point to note when transferring 2 or more different types of shares is that it is necessary to ensure that each type of shares being transferred is signed by the buyer and seller of the shares on different and separate share transfer forms.

These share transfer forms are a simple 1-page document confirming the price and transfer of the shares being transferred.

Once each share transfer form has been signed, you may provide these to your company secretarial agent, along with the other required documents, for registration of each share transfer with the Accounting and Corporate Regulatory Authority.

Contact us at: info@procosecasia.com to find out about our suite of compliance services to fit your business needs today.
4 weeks ago
Procosec Asia

Appointing Bank Signatories for Singapore Bank Accounts

Setting up a bank account can be tricky these days. Whether it is the considerable so-called “know-your-client” checks, voluminous paperwork or the particular bank’s preferences, it is important to know which bank to choose when setting up a bank account.

However, once you have managed to open a bank account, it is likely that you will be required from to time to update signatories/users for the bank account.

Such changes can happen, particularly in corporates, where there are changes to management/director positions.

In our experience, it is often very useful for a Singapore company to keep at least 1 local bank account signatory.

The advantages of having a local bank signatory include swift action taking and contact with the local banks.

Procosec Asia provides nominee bank signatory services for our corporate clients. We will only act on your specific instructions and are available 24 hours a day to meet your company’s day-to-day operations.

For more information about the package of nominee bank signatory services we provide, please contact us at: info@procosecasia.com
... See MoreSee Less

Appointing Bank Signatories for Singapore Bank Accounts

Setting up a bank account can be tricky these days. Whether it is the considerable so-called “know-your-client” checks, voluminous paperwork or the particular bank’s preferences, it is important to know which bank to choose when setting up a bank account.

However, once you have managed to open a bank account, it is likely that you will be required from to time to update signatories/users for the bank account.

Such changes can happen, particularly in corporates, where there are changes to management/director positions.

In our experience, it is often very useful for a Singapore company to keep at least 1 local bank account signatory.

The advantages of having a local bank signatory include swift action taking and contact with the local banks.

Procosec Asia provides nominee bank signatory services for our corporate clients. We will only act on your specific instructions and are available 24 hours a day to meet your company’s day-to-day operations.

For more information about the package of nominee bank signatory services we provide, please contact us at: info@procosecasia.com
1 month ago
Procosec Asia

Company Secretarial Requirements when Selling Assets of your Singapore Company

As your company grows in Singapore, it is likely that you may receive offers to buy your company or its assets.

Whilst you may have appointed lawyers to assist in the legal aspects of the deal, there will also be certain steps/documents which will need to be completed by your company secretary.

For an asset sale in particular, it should be noted that the Singapore company will be required to prepare a number of documents known as resolutions, including:

1. Board of Directors resolutions of the Singapore company seeking the pre-approval of the shareholders of the Singapore company to complete the asset sale;

2. Shareholders resolutions of the Singapore company approving the asset sale and authorising the board of directors to complete the asset sale; and

3. Board of Director’s resolutions approving the asset sale and also the director(s) of the Singapore company authorised to sign the asset deal documentation.

For more information as to how we can assist your Singapore business with its company secretarial requirements, contact us at info@procosecasia.com today.
... See MoreSee Less

Company Secretarial Requirements when Selling Assets of your Singapore Company

As your company grows in Singapore, it is likely that you may receive offers to buy your company or its assets.

Whilst you may have appointed lawyers to assist in the legal aspects of the deal, there will also be certain steps/documents which will need to be completed by your company secretary.

For an asset sale in particular, it should be noted that the Singapore company will be required to prepare a number of documents known as resolutions, including:

1. Board of Directors resolutions of the Singapore company seeking the pre-approval of the shareholders of the Singapore company to complete the asset sale;

2. Shareholders resolutions of the Singapore company approving the asset sale and authorising the board of directors to complete the asset sale; and

3. Board of Director’s resolutions approving the asset sale and also the director(s) of the Singapore company authorised to sign the asset deal documentation.

For more information as to how we can assist your Singapore business with its company secretarial requirements, contact us at info@procosecasia.com today.
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