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Setting up a Branch Office in Singapore
  • Article, Singapore

A Complete Guide To Setting Up a Branch Office in Singapore

Foreign companies expanding to Singapore often consider setting up a branch office in Singapore. A Branch Office is a great way for international organisations to establish a presence in the country while they continue operations under the same brand. However, it’s imperative to follow certain key regulations, requirements and steps involved in registering a branch in Singapore.

Read on to learn the process of Singapore company formation as a Branch Office. This guide explains the entire process of Singapore branch registration, detailing everything from eligibility and documentation to timelines and compliance.

What is a Branch Office?

When businesses setting up a Branch Office in Singapore, they establish it as an extension of a foreign parent company. It is, therefore, not a separate legal entity. A Branch Office operates under the name of the parent company. The primary goal of setting up such an entity is to help the parent company grow business activities and generate revenue in Singapore.

Now, businesses must understand that a Branch Office is a non-resident entity. Therefore, such a company does not qualify for the tax incentives that local companies in Singapore enjoy.

Pre-Conditions to Establish a Branch Office in Singapore

Before registering a branch in Singapore, businesses must meet the following requirements.

  • Corporate shareholder: The parent company has to own 100% of the Branch Office
  • Resident agent: At least one agent based in Singapore is required, who can be a citizen, permanent resident, or an Employment Pass or Dependant’s Pass holder.
  • Registered office address: The Branch Office must have a physical office in Singapore. This implies that P.O. boxes are not allowed.

Since a Branch Office cannot be self-registered by foreign companies, they must work with a corporate service provider to register the company with the ACRA (Accounting and Corporate Regulatory Authority). The registration process takes a maximum of 24 hours if all the documents are in order. Generally, successful companies seek professional services from experts to streamline the process of setting up a Branch Office in Singapore and avoid delays.

Key Things to Consider Before Company Registration

Check out some of the crucial aspects to consider before registering a Branch Office in Singapore.

Business Name

The name of the Branch Office must be the same as the parent company. The entity must obtain approval from the ACRA before registering itself. Here are certain conditions under which a name may be rejected.

  • It is similar to an existing business in Singapore
  • It is considered offensive or undesirable
  • It resembles well-known trademarks of other companies

Resident Agents

At least one local resident agent needs to act as a legal representative at a Branch Office in Singapore. In case a foreign employee relocates to the country to manage a Branch Office, they need to obtain an Employment pass. This is the only way for foreign nationals to assume the role of an agent.

There’s no upper limit on the number of agents that can be appointed by a Branch Office. However, they need to be 18 years old at least, not bankrupt, and have no criminal record.

Company Secretary

A Branch Office in Singapore need not appoint a company secretary, unlike private limited companies. However, having one can help with regulatory compliance and administrative processes.

Taxation for a Singapore Branch Office

For tax purposes, a branch office is classified as a non-resident entity, making it ineligible for tax incentives, grants, or exemptions. Additionally, it cannot benefit from tax relief on foreign-sourced income or claim double taxation relief under Singapore’s network of Avoidance of Double Taxation Agreements (DTAs).

Subsidiaries are treated as tax residents and can take advantage of the tax incentives of Singapore.

Employment Passes for Branch Office Staff

In case a foreign company plans to relocate staff to Singapore, the employees must obtain an Employment Pass. If no staff members are relocated, the company can appoint a local nominee agent to meet the registration requirements.

How to Register a Singapore Branch Office?

Singapore branch registration process involves two steps:
  • Approval of the name: Submit the name of the company for approval by ACRA.
  • Registering the branch office: Once approved, proceed with registering a branch in Singapore by submitting the required documentation.

Documents Required for Singapore Branch Registration for a Foreign Company

  • Parent Company Details:
    • Full legal name of the parent company
    • Registered address of the parent company outside Singapore
  • Corporate Documents:
    • Certified copy of the parent company’s Certificate of Incorporation
    • Certified copy of the parent company’s Constitution
    • Register listing the Directors of the Parent Company
  • Local Representative Information:
    • Details of the appointed local representative
    • Signed Statement of Consent from the local Singapore resident designated as the branch office representative
  • Business Registration Notice:
    • Foreign company’s registration number
    • Description of the business activities carried out
    • Legal structure of the foreign company
  • Financial Documents:
    • A copy of the parent company’s audited financial statement

These documents ensure compliance with Singapore’s regulatory requirements for foreign branch registration.

Timeframe for Registering a Business in Singapore

  • Step 1: Firstly, businesses need to submit an online application with the necessary details, which takes around 10 minutes.
  • Step 2: Next, they need to provide copies of their passport and details of the corporate shareholder, which can vary from applicant to applicant.
  • Step 3: ACRA will process the application and completes Singapore branch registration within a few working days.

During Singapore company formation, foreign companies need not be physically present in the country. Corporate service providers handle the entire process remotely to get the business registered.

Opening a Corporate Bank Account

Once the company is incorporated, the Branch Office can open a corporate bank account in Singapore. Some banks allow these companies to set up their accounts even if the account holder isn’t physically present in Singapore.

Annual Filing Requirements for a Singapore Branch Office

A Singapore branch office must meet all annual filing obligations as mandated by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). Non-compliance may result in penalties or fines. Below are the key filing requirements:
  1. Financial Statement Preparation

    Branch offices must prepare financial statements in accordance with Singapore Financial Reporting Standards (FRS), which align closely with International Financial Reporting Standards (IFRS).

  1. Submission to ACRA

    Audited financial statements must be filed with ACRA within 60 days of the parent company’s Annual General Meeting (AGM).

  2. Estimated Chargeable Income (ECI) Declaration

    Within three months from the end of the financial year, branch offices must submit their Estimated Chargeable Income (ECI) to IRAS. ECI is determined after deducting non-taxable items such as capital gains and the sale of fixed assets from total revenue.

  3. Annual Income Tax Filing

    Singapore follows a preceding-year taxation system, meaning taxes are assessed based on the previous year’s income. Branch offices must file their annual income tax returns with IRAS by November 30 (for paper submissions).

Meeting these requirements ensures compliance with Singapore’s corporate regulations and avoids potential penalties.

Professional Consultation for Setting Up a Branch Office in Singapore

For foreign companies looking to establish a presence in one of the top business hubs in the world, setting up a Branch Office in Singapore is a strategic decision. It’s logical to work with a nominee agent to set up the business and complete the formalities to establish the presence. Consult the IMC Group to learn how to set up a company branch office with an agent in Singapore. Working with an established corporate service provider, foreign businesses can streamline the process and ensure compliance with the business regulations in Singapore. IMC Group supports foreign businesses with end-to-end assistance—from name application to post-registration compliance—making the process of registering a branch in Singapore smoother and fully compliant.
Branch Office vs Subsidiary Company
Feature Branch Office Subsidiary Company
Legal Entity Extension of parent company (not separate) Separate legal entity
Liability Parent company liable for branch debts Liability limited to subsidiary
Business Activities Must be same as parent company Can differ from parent company
Local Director Required No Yes
Company Secretary Required Not mandatory but recommended Mandatory
Tax Residency Non-resident Singapore tax resident
Corporate Tax Rate 17% 17% (with partial exemptions, e.g., 8.5% on first S$300,000)
Eligibility for Tax Incentives Not eligible Eligible for tax incentives and exemptions
Double Taxation Relief Not eligible Eligible under Singapore’s tax treaties
Filing Requirements Audited financials of the branch and parent; ECI and tax returns to IRAS Audited financials and tax returns for the subsidiary only
Withholding Tax Generally exempt since 2014 on payments to branch Subject to normal withholding tax rules
In conclusion, while both Singapore branch offices and subsidiaries are taxed at the same headline corporate tax rate of 17%, subsidiaries enjoy significant tax advantages, including partial tax exemptions, eligibility for tax incentives, and access to double taxation relief under Singapore’s tax treaties. Branch offices, being non-resident entities, face more limited tax benefits and stricter tax treatment despite somewhat lighter reporting requirements. This makes subsidiaries generally more favourable from a tax planning perspective for foreign companies establishing a presence in Singapore.
FAQs
1. What are the main differences between setting up a branch office and a subsidiary company in Singapore?
A branch office in Singapore is considered an extension of the parent company and is not a separate legal entity, meaning the parent company is liable for its activities. A subsidiary, on the other hand, is a separate legal entity, usually a private limited company, offering limited liability protection and more flexibility in business operations.
2. How long does it typically take to set up a branch office in Singapore?
Registering a branch office in Singapore usually takes 1 to 2 weeks, depending on document readiness and approvals from ACRA. Delays may occur if additional verification is required.
3. What are the steps to open a branch office?
To set up a branch office in Singapore, a company must register with the local authority, submit parent company documents, appoint a local representative, and secure a physical address. The process also includes obtaining necessary licenses based on the industry.
4. How does taxation differ between a branch office and a subsidiary company in Singapore?
A branch office is taxed as a non-resident entity and may not qualify for local tax benefits, while a subsidiary is treated as a resident company, eligible for tax exemptions and incentives. Subsidiaries also face separate tax liabilities, unlike branches, which are linked to the parent company’s obligations.
5. What accounting and reporting obligations must a branch office in Singapore meet?
A branch office in Singapore must file annual financial statements, income tax returns, and audited accounts of the parent company. It also needs to comply with local tax laws and maintain proper bookkeeping records.
6. What are some recent developments in how foreign companies are setting up branch offices in Singapore?
Foreign businesses are increasingly choosing Singapore for branch offices due to its stable regulations, ease of repatriating profits, and access to Southeast Asian markets. There’s also a shift toward digital service sectors and financial firms expanding their footprint.
7. How does setting up a Branch Office in Singapore differ in cost compared to other global business locations?
Singapore offers a competitive setup cost for branch offices, especially when factoring in its straightforward registration process and low corporate tax rates. While costs may be slightly higher than in some Asian countries, the efficiency and reputation often outweigh the difference.
8. What are the most common challenges do foreign businesses encounter while establishing a branch office in Singapore?
Foreign companies often face challenges like meeting local compliance requirements, appointing a resident authorised representative, and aligning their reporting with Singapore’s tax and accounting standards. Adjusting to regulatory timelines and documentation processes can also be time-consuming.
9. What are the benefits of using a corporate service provider to set up a Branch Office in Singapore?
A corporate service provider simplifies the registration process, handles local compliance requirements, and ensures proper documentation is filed on time. This helps businesses save time and avoid delays while entering the Singapore market.
10. Does a branch office in Singapore operate as an independent legal entity?
No, a branch office in Singapore is not treated as a separate legal entity. It functions as an extension of the parent company and is legally bound by the parent’s liabilities and obligations.

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How Do Global Capability Centers Handle Regulatory Compliance Across Borders
  • Article, Global

How Do Global Capability Centers Handle Regulatory Compliance Across Borders?

Global Capability Centers (GCCs) have become key operational hubs for multinational companies, providing essential services to improve worldwide efficiency and competitiveness. Setting up and running these centers involves handling a range of challenges, especially meeting the requirements of various regulatory systems. Below, we look at how GCCs operate and offer ways to maximise their potential.

Challenges in Setting Up and Running Global Capability Centers

Handling Decision-Making Uncertainty

Global Capability Center often face situations where quick answers are needed for regulatory or operational questions. Relying too much on headquarters for guidance can reduce local leadership independence and slow down the center’s ability to meet regional compliance needs.

Maintaining Long-Term Worth

While early operational goals confirm the GCC’s value, showing ongoing benefits beyond cost savings—like fostering innovation or reducing regulatory risks—is necessary to support continued investment.

Managing Growth

Expansion brings added complexity to processes, oversight, and cross-border teamwork. Building strong systems for compliance, risk control, and departmental coordination is crucial to handle growth effectively.

Talent Strategy and Workforce Stability

Finding expertise in areas like legal, finance, and regulatory compliance is important. Keeping skilled employees, especially in competitive job markets, requires investing in training and creating a supportive work environment.

Cross-Cultural and Organizational Cooperation

Differences in communication styles, time zones, and company cultures between GCCs and headquarters can create barriers. Establishing clear protocols and cultural training helps improve collaboration.

Meeting Regulations Across Borders

Following labour laws, data privacy rules, tax requirements, and industry-specific laws in different regions calls for local knowledge and adaptable oversight structures. Failing to comply can lead to fines, harm to reputation, and disruptions.

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Defining the Role of Global Capability Centers (GCC)

A Global Capability Center (GCC) is a branch set up by multinational organizations in offshore or nearby locations to consolidate business functions such as IT, finance, HR, R&D, and customer engagement. These centers aim to improve operational efficiency, cut costs, and use specialized talent while following global and local regulations.

The Evolution of GCCs

Initially created as cost-saving units focused on back-office tasks, modern GCCs now act as partners driving digital change, innovation, and market growth. Their role includes creating value through advanced analytics, process improvements, and collaborative R&D efforts aligned with company goals.

Core Areas of Global Capability Centers (GCCs)

GCCs add value in several key operational areas:

Information Technology Services

Managing infrastructure, software development, cybersecurity, and cloud solutions.

Finance & Accounting

Handling financial tasks, regulatory adherence, fiscal reporting, and global audit coordination.

Human Capital Management

Managing hiring, performance reviews, payroll, and compliance with labour laws.

Research & Development

Speeding up product innovation through localized R&D and teamwork.

Customer Experience Management

Providing multilingual support, technical help, and service improvements based on data.

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Benefits of Using Global Capability Centers

Organizations that set up GCCs gain:

Access to Global Talent

Filling skill gaps with technology, compliance, and niche industry expertise.

Improved Operations

Standardizing processes and using best practices to raise quality and output.

Cost Reduction

Using economies of scale, geographic advantages, and automation to lower expenses.

Faster Innovation

Creating innovation ecosystems through partnerships with universities, startups, and tech hubs.

Market Responsiveness

Using regional knowledge to enter markets faster, adapt offerings, and understand regulations.

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Use of Advanced Technologies

Implementing AI, machine learning, and robotic process automation (RPA) to improve compliance tracking and operational accuracy.

2

Focus on Sustainability

Incorporating environmental, social, and governance (ESG) principles into GCC strategies to align with global sustainability goals.

3

Flexible Operations

Adopting hybrid work models, decentralized decision-making, and adaptive methods to respond to geopolitical and market changes.

4

Alignment with Company Goals

Strengthening collaboration between Global Capability Centers and headquarters to develop solutions for global issues.

Making GCCs Essential

Global Capability Centers have moved from being transactional support units to vital contributors to innovation, compliance, and competitive advantage. To fully realize their potential, organizations need to address regulatory challenges, workforce dynamics, and cultural integration while linking GCC operations with broader company objectives. By doing this, multinational companies can tap into the full power of GCCs to achieve lasting growth in an increasingly connected and regulated global economy.

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Finance and Accounting Services
  • Article, Global

The Future of Finance: Trends to Watch in 2025

Financial technology is changing how businesses and individuals handle their finances, using AI-driven automation and integrated financial services. As 2025 approaches, financial services become more intelligent, interconnected, and user-friendly. Let’s look at the key developments driving this change and their effects on businesses worldwide.

AI: The New Foundation of Financial Services

Artificial intelligence has progressed far beyond chatbots and predictive analytics. It now plays a vital role in fraud prevention, credit risk analysis, and personalized banking experiences. AI improves fraud detection by monitoring real-time transactions, while alternative credit scoring models assess financial health using more than traditional data points. For businesses, AI-driven financial solutions offer quicker loan approvals, better risk assessments, and automated compliance processes, leading to improved decision-making and increased operational efficiency.

Finance and Accounting Technology: Key Changes Shaping the Future

The finance and accounting sector is experiencing significant technological changes, with AI, machine learning, and blockchain playing key roles in transforming operations. These advancements are improving efficiency and changing how businesses manage financial data, compliance, and decision-making. While large enterprise systems are essential for handling complex financial structures, micro applications are emerging as valuable extensions that provide specialized capabilities to complement core financial platforms.

Key Technologies Driving Change in Finance & Accounting

Cloud-Based Accounting: Secure, Scalable, and Connected

  • Cloud accounting platforms offer enhanced security, with providers managing encryption and access controls
  • Unlike traditional accounting software, cloud solutions receive real-time updates, keeping security and compliance up to date
  • A centralized cloud environment makes information easily accessible, enabling seamless team collaboration
The main reason behind cloud adoption is connectivity—with APIs enabling seamless integration between financial tools, businesses can automate workflows, sync data across platforms, and improve decision-making with real-time information. At IMC, we assist businesses in navigating the evolving financial environment by integrating advanced technologies into their accounting and compliance frameworks. Our expertise in cloud-based financial management, AI-driven automation, and regulatory compliance ensures that companies can streamline operations, improve accuracy, and remain compliant in an increasingly digital world. From real-time financial reporting to risk management solutions, we provide customized advisory finance and accounting services that enable businesses to adapt to market shifts and regulatory demands. As financial ecosystems continue to evolve, IMC remains a trusted partner, delivering scalable and secure financial solutions that support long-term growth.

Embedded Finance: A New Era of Business Operations

Financial services are no longer limited to banks and fintech companies. Embedded finance is changing the landscape by allowing businesses to seamlessly integrate banking, payments, lending, and insurance into their platforms. This development is creating smoother financial experiences for both businesses and customers.

How Embedded Finance is Changing the Landscape

  • Payments Without Barriers
    • Platforms like Netflix and Udemy process payments within their apps, eliminating manual transactions
    • Businesses can simplify purchases by integrating digital wallets, buy-now-pay-later (BNPL), and one-click checkouts
  • Expanding Financial Services
    • Companies now offer built-in lending, insurance, and investment options, making financial decisions more straightforward for users
    • E-commerce platforms enable financing options at checkout, improving affordability for customers

RegTech: A Smarter Approach to Compliance

Regulatory technology (RegTech) is automating compliance, allowing financial institutions and businesses to meet regulatory requirements more accurately and efficiently. From real-time anti-money laundering (AML) checks to AI-powered Know Your Customer (KYC) verification, RegTech is reducing manual work, minimizing compliance risks, and improving financial transparency.

Key Changes in RegTech for 2025

  • Automated Compliance Monitoring
    • AI-driven systems analyze real-time transactions, identifying potential risks before they escalate
    • Businesses can streamline anti-money laundering (AML) and Know Your Customer (KYC) processes, reducing manual oversight
  • Proactive Fraud Prevention
    • Machine learning algorithms detect unusual patterns and flag suspicious activities instantly
    • Financial institutions can strengthen security measures and minimize exposure to financial crime

Bridging the Financial Inclusion Gap

Fintech is making financial services more accessible worldwide

  • Mobile banking is reaching rural areas, allowing people to access financial services through their phones
  • Alternative credit scoring models are helping individuals with no traditional credit history secure loans
  • Digital wallets are replacing cash, providing secure and efficient payment options
By breaking traditional barriers, fintech creates new opportunities for individuals and businesses in emerging economies

Blockchain and DeFi: The Next Leap in Financial Infrastructure

Blockchain is no longer just about cryptocurrencies—it’s streamlining payments, securing digital identities, and increasing transparency in financial transactions.

Cross-border payments that took days can now be completed in minutes with significantly lower fees. Governments are also entering the digital space, developing Central Bank Digital Currencies (CBDCs) that combine the efficiency of digital transactions with the stability of fiat money.

For businesses, blockchain offers a secure, verifiable, and cost-effective way to handle transactions, contracts, and digital identity verification.

Opportunities for Fintech in DeFi’s Growth

Innovating DeFi Solutions
  • Develop platforms for decentralized lending, automated yield farming, and digital asset exchanges.
  • Create novel contract-driven financial tools that reduce reliance on intermediaries.
Broadening Financial Services
  • Offer alternative financial products beyond traditional banking models to reach a wider audience.
  • Improve user accessibility with intuitive DeFi solutions for mainstream users.
Realizing Revenue Opportunities
  • Take advantage of DeFi’s growing demand for secure, high-yield investment options.
  • Generate income through decentralized platforms via staking mechanisms, liquidity pools, and tokenized assets.
As DeFi regains momentum, fintech companies incorporating decentralized financial solutions will strengthen their market position, attract a broader user base, and position themselves as leaders in the next phase of economic evolution.

Maintaining Competitiveness in Fintech: The Role of a Fintech Development Partner

As fintech evolves in 2025, businesses must adapt swiftly to keep up with new technologies, regulations, and customer expectations. Collaborating with a fintech development provider ensures that companies remain competitive by integrating the latest innovations with security and compliance in mind.

Key Advantages of Collaborating with a Fintech Development Partner

Industry Expertise at Your Disposal
  • Access specialists who understand emerging technologies, regulatory changes, and market trends.
  • Receive customized solutions that align with your business objectives and long-term strategy.
Accelerated Product Development
  • Reduce time-to-market by utilizing pre-built frameworks and scalable solutions while maintaining a customized approach.
  • Agile development processes ensure efficiency without compromising on innovation.
Regulatory and Security Compliance
  • Align with global financial regulations like GDPR, PSD3, and evolving industry standards.
  • Implement advanced security measures to protect user data and prevent fraud.
Flexible Development Models
  • Choose your level of involvement—from co-developing solutions with developers to fully outsourced project management.
  • Maintain transparency with real-time updates and progress tracking.
In a rapidly changing fintech ecosystem, partnering with an expert simplifies complexity, allowing businesses to focus on growth and innovation while ensuring security and compliance.

Conclusion: The Future of Finance is Here

Technology is no longer just a disruptor but the driving force behind a more connected, efficient, and accessible financial landscape. AI-powered automation, embedded finance, blockchain solutions, and RegTech are changing how businesses and consumers interact with financial services. As we approach 2025, companies must recognize that financial innovation is not merely about staying competitive. It is essential for meeting evolving customer expectations, ensuring compliance, and unlocking new growth opportunities. From smooth transactions to AI-driven risk management, FinTech is redefining the future of finance. Now is the time to rethink financial strategies, invest in technology, and prepare for the next wave of transformation. AI, machine learning, and blockchain will remain at the forefront of fintech technology in 2025.

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Mastering Global Talent Mobility: Challenges and Solutions for Modern Businesses
  • Article, Global

Mastering Global Talent Mobility: Challenges and Solutions for Modern Businesses

Forward-thinking enterprises largely prioritize global mobility as they explore foreign ventures in an interconnected world. It’s no longer a privilege, but a priority for growing businesses. With increasing cross-border workforce challenges, successful companies have found the perfect remedy in the form of global mobility services from competent teams.

Dedicated mobility solutions largely improve talent retention, helping your business remain competitive. However, this opportunity comes with its share of complexities, from compliance hurdles to integrating your employees in the new country seamlessly.

In this article, we have explored the latest trends and strategies associated with global talent mobility. We have also addressed these challenges, offering actionable insights that should help businesses thrive in a dynamic landscape.

The Role of Global Mobility in a Corporate Structure

Being a company head or a part of the corporate leadership, you might wonder where global mobility should reside in the corporate structure. Should you integrate it into the total rewards program, or should it be aligned with HR and talent acquisition?

Many organizations are moving towards Centers of Excellence (CoEs) to streamline mobility services. With this approach, global mobility teams work closely with compliance and reward teams to address challenges like tax, immigration, and relocation logistics.

However, it’s imperative to take note of regional interests. For instance, organizations in North America often prioritize talent integration and career development, while those in EMEA emphasize compliance and cost management. With businesses expanding their global footprint, they are working closely with experts providing global mobility services to address specific requirements while expanding to each region.

Remote Work Complexities and How to Address Compliance Issues

In recent years, paradigms have shifted in global workspaces, with traditional operational mechanisms giving way to remote procedures. Thus, businesses expanding overseas face new compliance challenges related to tax, immigration, and labor law. When employees work from different locations, these hurdles further intensify compliance challenges.

For instance, an employee temporarily working in another country might trigger tax residency obligations or legal risks for the employer. Naturally, the need for robust compliance frameworks is evident, which addresses questions like:

  • Can employees work remotely from any location?
  • What legal responsibilities does the company bear during international relocations?
  • How do time zone differences affect productivity and operational goals?

With clear and consistent policies governing remote work and relocation in place, businesses can maintain transparency while ensuring compliance in other countries. Communicating these policies seamlessly ensures compliance and minimizes the confusion of employees.

Total Rewards and Pay Transparency

In recent years, the concepts of global mobility and total rewards are intersecting. This is particularly true with new pay transparency laws in regions like the EU. While adhering to these regulations, organizations need to disclose details of compensation, which makes the entire process transparent.
Currently, many organizations are standardizing their compensation practices. This delivers a unified experience to employees across different regions. These include:
  • Benchmarking global compensation to ensure fairness
  • Aligning Total Rewards programs with mobility policies
  • Balancing location-specific benefits with global equity
Remember, transparency in payments is not just about compliance. It largely drives the trust and loyalty of your employees. Companies proactively aligning their global mobility and total rewards strategies are better positioned to attract top talent and retain it.

The Growing Popularity of Workations

As employees are looking for greater flexibility in their work arrangements, the concept of workations is gaining traction. This refers to working while traveling, which largely enhances the satisfaction and morale of your employees. Workations also introduce new challenges related to logistics and compliance.

For businesses, the key lies in balancing flexibility with governance. Therefore, organizations need to define:

  • Permissible durations for workations
  • Eligible destinations based on tax and labor laws
  • Processes for addressing compliance risks

With clear guidelines in place, workations are a win-win arrangement that boosts the well-being of employees while protecting the interests of the organization.

Best Practices for Global Talent Mobility

Organizations must adopt these strategic measures to understand the evolving nature of global mobility.

  • Integrate mobility with total rewards: This involves creating a cohesive strategy aligning talent mobility with compensation and benefits.
  • Reliable Global Mobility Experts: Count on reputed global mobility consultants who are ahead in tracking compliance, manage relocations, and provide on-time support.
  • Foster employee engagement: Communicate your policies clearly and support employees with resources to relocate.

Global Mobility Solutions from Seek Professional Experts

Global mobility services are no longer a back-office function. Rather, you need professional global mobility solutions from established teams of experts to confidently transfer your workforce abroad. Reputed service providers, like the IMC Group, assist international businesses streamline their growth with global mobility solutions.

Enterprises can also check out this complete guide on global mobility services to enhance compliance and confidently stride ahead with growth and innovations. A professional edge from these experts can help businesses maximize the potential of overseas growth, with access to global talent. As businesses continue to redefine their strategies, expert global mobility solutions are the key to remaining competitive in the dynamic business environment.

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  • Article, Singapore

How to Reinstate a Struck-Off Company: Singapore Compliance Made Simple

In Singapore, the Accounting and Corporate Regulatory Authority (ACRA) may strike off a company from their register due to various reasons like failure to comply with the norms or inactivity. If your company has been struck off in Singapore but you wish to resume operations, here’s the ultimate guide for you.

We have come up with this detailed article on restoring a struck-off company in Singapore to help your organization restore its operations. In this guide, we have detailed the process of restoration and recommended specific steps that will help your firm regain its legal status.

It’s important to seek company liquidation and strike-off support from experts as they can put your business back on track.

How to Strike-Off a Company

For a company to be considered for striking off, it must fulfil several conditions that assure ACRA of its eligibility. These grounds are designed to ensure that the company has settled its obligations and is not leaving behind any unresolved liabilities.
  • Ceased Operations: To strike off a company by ACRA, it must have ceased its business activities. This cessation indicates that the company is no longer engaged in trading or commercial undertakings and is essential for the strike-off application.
  • No Outstanding Liabilities: According to the companies striking off regulations, the company should have no outstanding liabilities, including debts, charges, or fines, towards any entity or the government. This includes clearing all outstanding tax liabilities with the Inland Revenue Authority of Singapore (IRAS)
  • No Existing Assets: All assets must be disposed of before applying for a strike-off. The company should not possess any tangible or intangible assets, ensuring it leaves no unresolved matters that could affect stakeholders.
  • Unanimous Shareholder Approval: The decision to strike off must be approved by all shareholders. This consensus ensures that all parties involved with the company agree with its closure.
  • No Ongoing Legal Proceedings: Striking off a company must not be involved in any legal proceedings inside or outside Singapore. Legal entanglements could complicate the strike-off process and hence need to be resolved or concluded beforehand.

Striking off of companies that failed to file Ars

The Registrar is empowered to strike off a company if there is reasonable cause to believe that a company is not carrying on business or is not in operation. For example, failure to file with ACRA the ARs for a few consecutive years.

Should You Restore a Struck-Off Company or Start a New One?

Although you can start a new company in Singapore, restoring your previous one can be advantageous in several ways.

  • Retain your UEN: If you feel that the name and UEN (Unique Entity Number) of your previous company are valuable, restoring it allows you to retain both. If you start a new company, you’ll lose the previous ones.
  • Minimized disruptions: If the previous company had no financial or legal issues, restoring it allows you to resume business quickly without complications.
  • Access to existing assets: When you restore a struck-off company, you can continue growing your assets that were previously tied to the company.
However, if the previous company had unresolved liabilities before it was struck off, you’ll be liable to pay those debts again on restoring it.

Deadline for Restoring a Company That Has Been Struck Off

Under the Companies Act, an application to restore a struck-off company must be made within 6 years of the company’s striking off.

Eligibility for Restoration after Being Struck Off

While there’s a provision for restoring your business after being struck off, not all companies are eligible for this restoration. Generally, businesses that have been struck off within the last six years can apply for this facility. However, the company must fulfill the following criteria to be eligible for restoration.

For restoration, we need to first understand the below:

  1. Method under which the Company was struck off.
  2. Reason for restoration of the Company.
  3. Date of Strike off.
There are two methods for restoring a struck-off company:

Court-ordered restoration

  • Application to the Court under option 1 can be made by any former Shareholder or Director.
  • After the court order has been obtained, it must be submitted to ACRA via BizFile+ for the company to be restored.
  • The application processing time is 5 working days to process. There is no filing fee, and the only information required to complete the transaction are the company UEN and copy of the Court Order.

Administrative restoration

Only former directors or shareholders can apply to ACRA for this process.

The restoration is intended for entities that were removed by ACRA, not the entities that had voluntarily applied for Striking off.

In some cases, even former shareholders can apply for court-ordered restoration if they can show a financial interest in the revival of the company. It’s essential to ensure that all outstanding documents, taxes, and obligations are up-to-date before applying for restoration. In case your company fails to meet these requirements, restoration might be denied.

Steps to Restore a Struck-Off Company

1. Check eligibility with ACRA

In the first place, you need to check whether your company is eligible for restoration. Visit BizFile+, the online portal of ACRA, to get an update on the status of the company. If the company has been struck off for less than 6 years, it may still be eligible for reinstatement.

2. Prepare and submit the required documents

Gather all the necessary documents before applying for restoration. These include:

  • Evidence of tax compliance and other regulatory obligations
  • The financial statements and other filings that were overdue
  • A declaration confirming that the company doesn’t have any outstanding obligations or liabilities
Moreover, you may have to provide the reasons explaining why the company was struck off and your intention to resume operations.

3. File a Restoration Application via BizFile+

The application for restoration must be filed online through the BizFile+ portal. Pay the necessary fees and submit relevant documents in the process. In case you had failed to file taxes in the past, you may have to provide proper proof of having settled them.

4. Clear Outstanding Fees and Penalties

If the company was struck off due to non-compliance, you need to pay fines, penalties, or outstanding fees. In case you have unpaid taxes due, thy need to be cleared with the IRAS. Finally, businesses can proceed with the restoration with IRAS.

5. Review and Decision

After a business submits the application, ACRA will review the case. During the review, they may request additional documents or clarifications. ACRA will evaluate the current standing and compliance of the company and come to a decision. If everything is in order, ACRA will approve the restoration.

The entire process of restoring a struck-off company may take one to two months. However, if any documents are missing or non-compliance issues arise, further delays may complicate the process. It’s wise to consult professional teams of experts for corporate advisory services and restore your business.

Conclusion

While it is possible to restore a struck-off company in Singapore, the process is complex and calls for expert advice. During the process, businesses need to demonstrate their compliance with regulatory requirements.

If your company has been struck off, don’t panic. Consult the IMC Group, a reputed team of professionals providing corporate secretarial services in Singapore. These experts can guide you to restore your company so that you can resume your business activities in Singapore. With complete assistance to ensure compliance and adhere to the legalities, businesses can confidently continue operating in the dynamic business environment in the country.

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Buy a Shelf Company in Singapore: An Ultimate Guide for You
  • Article, Singapore

Buy a Shelf Company in Singapore: An Ultimate Guide for You

Singapore has many attractive opportunities that enable foreigners to do their business here. So, if you are also looking to start a business in Singapore without much hassle, you can buy shelf corporations in Singapore. Buying a shelf company becomes better for people who do not wish to go through the tiring process of forming a company in Singapore.

An Overview of Shelf Company in Singapore

A shelf company, also known as a ready-made company or shelf corporation, is a pre-registered company that has little nor no recent activities. It provides entrepreneurs with the opportunity to acquire an established company without going through the complexities of starting from scratch.

So, if you do not wish to create the company from scratch single-handedly, then it is completely legal to buy a shelf company for sale in Singapore. You may call it a ‘readymade’ company. The main benefit of using Shelf Company is that you can quickly and easily penetrate the market. It is possible because you can avoid the lengthy and rather complex process of company formation.

How Can You Purchase a Shelf Company in Singapore?

The acquisition of ready-made shelf companies in Singapore is a good idea among business persons who wish to start their business as soon as possible. It enables one to avoid undertaking the procedures to start a company as it can be carried out instantly.

Below, you will discover how you can find, acquire, and incorporate shelf companies easily in Singapore.

Step 1: Know the Pros and Cons of Buying a Shelf Company in Singapore

The first step you should do is to evaluate whether a shelf company aligns with your business needs and preferences. Keep in mind that you have the option to form a new company in Singapore, thus you might want to evaluate all the benefits and drawbacks of purchasing a shelf company. You can check the pros and cons of purchasing a shelf company that we have provided in the table above.

Step 2: Consult with a Professional

In case you have zero knowledge regarding incorporation procedures in Singapore, it is high time to get assistance from trustworthy experts. However, selecting the right business consultant is crucial because the latter’s advice and recommendations will determine how your business is compliant with laws and rules on background checks, negotiations, and even legal processes.

Step 3: Check Company Profile and Compliance

Nevertheless, it is crucial to realize whenever you buy a shelf company in Singapore, it fits all the legal procedures that have been developed by ACRA. You have to cross-check the details of the selected shelf company with ACRA. You should also verify compliance with AGM, accounting, annual returns, the company’s financial statements, and corporate tax returns.

Step 4: Negotiate and Sign the Sale-Purchase Agreement

In this step, you need to negotiate with the owner of a shelf company regarding the cost to offer the transfer of ownership. Here, the business owner has to confirm that there are no liabilities connected with the shelf company. So, before signing the agreement, it should be recommended to go through the entire sale-purchase agreement again and again to see that no risk is missed.

Ownership Structure: Foreigners can own 100% of shelf companies in Singapore, making them attractive for international entrepreneurs.

Source: Piloto Asia

Step 5: Transferring Ownership

After the sale is complete, you can legally take possession of the shelf company. The jurisdictions of transfers include pointing out the new owner’s information in the pertinent contracts. This should involve informing other bodies as well as the Singapore Accounting and Corporate Regulatory Authority which is abbreviated as ACRA.

Step 6: Amend Constitution of the Company of Incorporation

After the shares are bought back in full, you may wish to revise the Constitution of the company. This step enables you to perform key updates of the shelf business for sale, for example, changing your directors, shareholders, or even the company name.

Step 7: Register Current Updates of the Company

If you have to change something in the company’s profile, concerning its name, location, and other vital information – you should notify all of these changes to ACRA. This is important for the purpose of compliance with legal necessities as disclosed in the case.

Step 8: Open Bank Account in Singapore

For the sake of convenient business running, all companies need to open a corporate bank account in Singapore. Therefore, open a corporate bank account when you already have the company and register it as yours.

If the company already has a bank account, you must update the authorized signatory and other related information, such as the company name, registered address, shareholder details, and directorship.

Are Shelf Companies in Singapore Illegal?

Absolutely, not. The shelf companies in Singapore are fully legal. This type of company is perfect for those who wish to skip the complicated and lengthy registration process. This is because shelf company registration is already done by its previous owner. You just have to check all the documentation and compliance in place.

Furthermore, if the current owner wishes to sell the company, it provides a favorable option for the existing owner.

The Difference Between a Shelf and Shell Company

Shelf Company: A dormant, legally registered entity that is intended for sale to someone who wants a company with a clean history and immediate business operability.

Shell Company: A non-operational entity often used to hold assets or facilitate transactions, but sometimes associated with fraud or tax evasion.

A shell company is a company that does not own or conduct any business at all. It only exists on paper, and that paper is intended only to be used for fraudulent or illicit activity. On the other hand, a Shelf company is a company that has gone through the registration process. It contains all legal means, and its directors are willing to commence the business processes.

Reasons for Buying a Shelf Company in Singapore

If one needs to set up a shelf company in Singapore, there an ample options available in the market. There are a few reasons that a foreigner or local may wish to buy a shelf company for sale in Singapore:

Double Taxation Avoidance Agreements

Singapore has agreements with other countries stating that if someone already pays tax on his income in any of those countries will not be taxed again in Singapore.

Intellectual Property (IP) Laws

The Singaporean IP system is good because it affords high protection to owners of IP. The legal system available leans on civil and criminal remedies.

Free Trade Agreements

Singapore has also signed FTAs with many other countries. These agreements facilitate transactions and confirm that there are no implanted taxes on Singapore’s export products to other countries.

Legal Compliance: Approximately 80% of shelf companies are compliant with ACRA regulations upon purchase, but thorough checks are still recommended.

Source: WealthBridge

Benefits of Buying a Shelf Company in Singapore

Shelf companies in Singapore offer multiple advantages to all business owners. Some of them are:

  • Shelf companies are ready and formed already meaning that one will not have to go through the process of forming them.
  • They have a pre-set structure and they are financed, reducing initial setup expenses.
  • Some have established clientele bases and suppliers which can help in the preparations when entering the market.
  • Shelf companies have more likelihood of getting business loans given that most lenders like to fund companies with at most 2-3 years of existence.
  • Foreign shareholders are allowed to have 100% ownership.
  • Another point is that every old shelf company for sale is considered to have higher credibility compared to newly developed businesses.

Disadvantages of Purchasing a Shelf Company in Singapore

Of course, there are some drawbacks to buying a shelf company in Singapore as well.

  • The first one is that you are not in complete control of the company like the way you may have with a company starting from scratch.
  • You may not know but if you buy aged shelf companies for sale in Singapore, it is more costly than the newly formed shelf companies.

Conclusion

Buying a shelf company for sale in Singapore can be a perfect decision for those who do not want to start from scratch. However, it is important to do some background checks and ensure to purchase a reputable one. Then, follow the steps described above to seamlessly purchase a shelf company in Singapore to achieve your business goals.

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A Comprehensive Guide to Commercial Due Diligence in Mergers and Acquisitions
  • Article, Global

A Comprehensive Guide to Commercial Due Diligence

Commercial Due Diligence (CDD) refers to an evaluation process where a prospective buyer audits the commercial viability, market position, and growth potential of a target company. This is a comprehensive analysis of business operations, along with crucial aspects like market demand, revenue streams, and competitive dynamics. Particularly, CDD is essential in M&A since it forms the basis of any deal.

In this article, we are going to help you understand the different types of due diligence services, their process, and why CDD matters in M&A.

What is Commercial Due Diligence?

CDD involves evaluating the market positioning and future growth potential of a company. This is different from other forms of due diligence like financial, legal, and operational ones. CDD primarily evaluates the commercial feasibility of the acquisition.

If you’re buying another company, it’s essential to evaluate the commercial feasibility of the acquisition. Thus, as a buyer, your firm needs to evaluate factors like market trends, competitive positioning, and the sustainability of the business model. This informed and data-driven approach elicits a positive outcome of the deal.

cdd filler

Types of Commercial Due Diligence

There are several forms of commercial due diligence. Each of them has been tailored to the specific requirements of the deal. Here are some of the most common types:

1. Buyer-Initiated Commercial Due Diligence

The buyer initiates this type of due diligence to assess the target company before proceeding with the deal. It provides a comprehensive overview of the business operations, financial performance, and market positioning of the firm. Thus, the buyer benefits from critical insights for decision-making.

2. Vendor-Initiated CDD

Conducted by the seller, vendor-initiated due diligence helps in identifying potential risks of the buyer. Accordingly, the seller addresses these aspects before the buyer performs their own evaluation. Sellers can increase the marketability and value of a business by resolving these red flags proactively.

3. Red Flag CDD

A red flag CDD involves a quick and high-level review to identify potential deal-breakers or risks before an in-depth analysis. With a red flag CDD, buyers can avoid wasting resources on deals with significant issues like legal problems or instability in the market.

4. Top-Up CDD

This type of due diligence service supplements existing due diligences that are already in place. It provides additional information on specific aspects of the target company. It ensures that any gaps or risks are thoroughly evaluated before the transaction is finalized.
Type of CDD Who Initiates Purpose/Focus Key Benefits
Buyer-Initiated CDD Buyer Comprehensive assessment of business operations, financials, and market positioning Informed decision-making for the buyer
Vendor-Initiated CDD Seller Identifies and addresses potential risks before buyer’s evaluation Increases marketability and value of business
Red Flag CDD Buyer/Seller Quick, high-level review to spot major risks or deal-breakers Saves time and resources, early risk detection
Top-Up CDD Buyer/Seller Supplements existing due diligence, focuses on specific areas Fills information gaps, ensures thorough evaluation

The Process of Commercial Due Diligence

The commercial due diligence process is methodical, and it involves a number of stages to ensure that all aspects of the company are covered.

1. Liaising Process

An external firm is often hired to conduct the CDD on behalf of the buyer. This third-party approach reduces bias, ensuring that the assessment is objective, considering the commercial viability of the company.

2. Preparing the Commercial Due Diligence Report

The firm prepares a detailed Commercial Due Diligence report outlining the market potential of the company, along with risks of business operation. This report serves as the foundation for the buyer to make the decision. It offers insight into the future growth trajectory of the target.

3. Commercial Due Diligence Report Review

Finally, the buyer reviews the report to determine whether or not the initial investment thesis remains valid. They evaluate factors like revenue margins, competitive landscape, and growth potential. Accordingly, the buyer decides whether they should proceed with the transaction.

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What Should a Commercial Due Diligence Report Include?

A thorough CDD report provides a holistic view of the target company. Key components in the report include:

  • Company overview: A summary of the history, mission, and operations of the company.
  • Management structure: Details about the leadership team and employee agreements.
  • Legal matters: A review of contracts, litigation, and compliance issues.
  • Products and services: An overview of the offerings and market strategy of the company.
  • Financial model: Historical and projected financial performance and sustainability.
  • Marketing analysis: Insights into the marketing strategy, customer base, and competitive advantages of the company.
  • Competition: A comparison of the position of a target company to that of its competitors.

Commercial Due Diligence Checklist

A commercial due diligence checklist typically includes the following:

  • An analysis of the growth drivers and sustainability of the target company, including market size
  • Competitive landscape, which evaluates the strengths and weaknesses of the competition
  • Business plan review, which includes the revenue growth potential of the company
  • Understanding customer demographics, retention, and churn rates
  • Reviewing the sales strategy and customer acquisition costs of the company
  • Examining profitability, revenue growth, and cost structure as a part of financial health

Why is due diligence important during M&A Transactions?

The benefits of commercial due diligence during M&A transactions are many.

  • Firstly, the buyer can carry out informed negotiations from a point of strategic strength as the company is armed with detailed insights about the target firm.
  • Secondly, due diligence ensures that the buyer makes a good investment. CDD provides the confidence that the business is promising.
  • CDD helps predict the future performance of the company in the respective market.
  • It provides a detailed understanding of competitors and helps in understanding the growth potential of the company.
cdd stats

Impact of CDD

The impact of commercial due diligence has grown significantly with the use of AI and machine learning. These technologies help analyze large volumes of data more quickly, identify patterns that may go unnoticed manually, and offer sharper assessments of market risks and opportunities. This results in faster decisions and more reliable evaluations during transactions.

CDD goes beyond checking for risks—it confirms the business’s actual worth, examines its market standing and competition, and supports better decision-making during acquisitions.

Professional Due Diligence Consultancy Services

Commercial Due Diligence is an essential part of the M&A process. It provides the buyer with a comprehensive understanding of the commercial viability of the target company. That’s the reason successful companies seek professional support from an established due diligence consultant like the IMC Group. A methodical and stringent evaluation through CDD helps the acquiring company make informed decisions and mitigates associated risks.

FAQs

1. Why do businesses conduct commercial due diligence?

Commercial due diligence helps uncover the real condition of a company during mergers, acquisitions, or investments. It flags operational, market, and financial concerns early in the decision-making process.

2. What does the commercial due diligence process involve?

After signing a non-disclosure agreement, the process moves into reviewing internal records, checking market strength, forecasting future outcomes, studying competitors, and examining customer behavior and business strengths.

3. What is commercial due diligence?

After signing a non-disclosure agreement, the process moves into reviewing internal records, checking market strength, forecasting future outcomes, studying competitors, and examining customer behavior and business strengths.

4. When is commercial due diligence required?

This review usually takes place during mergers, acquisitions, fundraising discussions, or before setting up joint ventures.

5. Who conducts commercial due diligence?

Independent advisors, consultancy firms, or internal M&A teams usually lead the process to maintain an objective approach.

6. What areas are covered in commercial due diligence?

It covers market research, customer feedback, competitor analysis, financial health, future growth potential, and internal strengths.

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Singapore-Employment-Pass---Navigating-the-Changes-in-2024
  • Article, Singapore

Singapore Employment Pass: Navigating the Changes in 2024

In order to keep up with the evolving dynamic workforce, Singapore has brought in new rules to their Employment Pass. The adjustments to employment pass in Singapore has been made to encourage foreign talent while also bringing transparency and fairness in the hiring process.

Some of the major modifications across the employment pass here include increasing the EP qualifying salary, strict rules of job advertisement is. The newer changes also bring about the introduction of Complementarity Assessment Framework (COMPASS). This blog explores some of the major changes in Singapore Employment Pass in 2024.

Major Changes in Singapore Employment Pass

Some of the notable changes in the Singapore Employment Pass as of 2024 are as follows:

Who is eligible

To qualify for EP applications, candidates will need to pass a 2-stage eligibility framework:

  1. Earn at least the EP qualifying salary, which is benchmarked to the top 1/3 of local PMET salaries by age.
  2. Unless exempted, pass the points-based Complementarity Assessment Framework (COMPASS).

Note: Employers and employment agents can use the enhanced Self-Assessment Tool (SAT) to check a candidate’s eligibility before they apply.

E pass statistics

Employment Pass (EP)

Qualifying Salary (Stage 1)

  • Non-Financial Sector:
    • Minimum monthly salary of SGD 5,500 for applicants under 45 years old.
    • SGD 10,500 for applicants aged 45 and above.
  • Financial Sector:
    • Minimum monthly salary of SGD 6,000 for applicants under 45 years old.
    • SGD 11,500 for applicants aged 45 and above.

Increase in Salary Threshold

  • The minimum qualifying corporate salary for Singapore Employment Pass was increased effective from September 1, 2023.
  • The latest salary requirements for the EP have been updated. Earlier it was $5,000 per month with a slightly higher minimum of SGD 5500 for roles in the financial service sector. For professionals in their 40s, the minimum salary increased up to 10,500 and 11, 500 for financial services for those whose age is beyond 45 years.
  • Starting from January 1, 2025, the minimum wage will rise and go up to SGD 5600 and SGD 6200 for finance. So, this update will be applicable to new applicants and renewals from January 1, 2026.
  • The salary requirement will be different depending on their age in the finance sector.

Strict Job Advertisement Policy

  • Employers who want to hire international talent as per EP policy must have the position enlisted in MyCareersFuture for around 14 consecutive days.
  • This requirement will be applicable for positions that have more than ten employees.It helps to bring fairness in the job sector for locals, giving them enough opportunity to apply for the same.

Introduction of COMPASS

  • Complementarity Assessment Framework (COMPASS) became valid on September 1, 2023.
  • It will evaluate different factors for the individuals such as work experience, qualifications and salary to determine that the candidate is eligible for EP.

All the candidates must earn 40 points to pass the COMPASS.

  • Individual characteristics: Includes education and compensation up to 20 points.
  • Qualifications: Based on the shortage occupation list and S Pass quota of your firm, you will get a maximum of 20 points.
  • Firm-related attributes: Firm’s diversity and support to local employment, for a total of up to 20 points.
  • Economic contribution: The industry your company is in and the strategic economic value. Up to 20 points.

Exemptions from COMPASS

Candidates are exempted from COMPASS if they meet any of these conditions:

  1. Have a fixed monthly salary of at least $22,500 (similar to the prevailing Fair Consideration Framework (FCF) job advertising exemption from 1 September 2023)
  2. Are applying as an overseas intra-corporate transferee
  3. Are filling the role for 1 month or less

Educational Verification

Candidates should also use their qualification points as per the COMPASS assessment requirements. To get an employment pass in Singapore, they must also submit proof of verification and qualification through the EP application process.

What is the EP application process in Singapore?

In order to attain the pass, you will have to appear for the Singapore personalised Employment Pass Online Assessment. You will have to undergo a detailed process to get the pass, which includes:
  • You need to submit the pass for the EP.
  • Once that is approved, the authorities will provide the In-Principle Approval Letter.
  • The E-pass will be provided by the Ministry of Manpower, upon raising the request.
  • After that is processed, you will receive a notification letter.
  • Then, you must register fingerprints and a photo to complete the identification process.
  • After the process is complete, you will receive the Employment Pass card.
The card will usually be processed within ten business days. However, the processing time may increase for international companies.
Singapore Employment Pass for Corporates
Streamline your workforce expansion in Singapore with the Employment Pass, tailored for skilled professionals. This pass allows corporates to hire foreign talent, ensuring compliance with local regulations while fostering business growth. From application to approval, we provide end-to-end support for a seamless process.
Get Singapore Employment Pass Help with Us

At IMC, we are dedicated to offering you the best assistance in achieving the Singapore Employment Pass for Corporates. If you have any queries or doubts about the procedure, we can help you. We have a streamlined process, and our experts can help you understand the process and fee.

We’re committed to making the process easy and smooth for you. So, if you’re struggling, contact us today to know more!

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Top 5 Industries Leveraging PEO/EOR Services in Singapore for Business Growth
  • Article, Singapore

PEO/EOR Services in Singapore: Top 5 Industries Leveraging Benefits

The business world in Singapore is changing at a rapid pace which proves this time to be the best for starting a business here. The company-friendly policies and business regulations can leverage the benefit of global EOR & PEO services. Considering the bustling economy of Singapore and convenient bordering policies, it is the central hub for businesses. In fact, Singapore happens to be the headquarters for several Asian companies.

Singapore PEO policies can act as a crucial intermediary that will help in handling all the legal and administrative requirements of your business. If you want to start a business in Singapore, it is essential to adopt an experienced workforce while also keeping up with these policies. The market is continually evolving, leading to fluctuating needs for emerging industries and services. To maintain a competitive edge, explore the top five sectors that can gain the most from PEO or EOR solutions during their growth.

Manufacturing and Construction

Big construction and manufacturing companies are outsourcing their employment processes to streamline their HR management and payroll tasks. As a result, these businesses will have sufficient time to finish their international projects, plan their resources, distribution, and more. Collaboration is extremely crucial across the manufacturing and construction industry.

Driving newer and better opportunities from abroad can help to streamline all business operations, across newer countries too. Therefore, with the help of EOR and PEO guidelines, they can get access to a wide pool of skilled talent.

Technology

The technical sector is constantly evolving with major developments across cyber security, network infrastructure, and data analytics. Therefore, for companies involved with PEO and EOR services, it is important to hire internationally. Sourcing professionals internationally can help in getting better resources.

Recruiting talent from around the world can drain valuable time and resources, which are better allocated elsewhere. By partnering with a PEO or EOR service, businesses can focus on their core operations without the burden of managing international hiring complexities.

Additionally, data management becomes more streamlined with the support of a PEO or EOR. Upgrading to new systems or managing employee information can often slow down operations. Outsourcing these tasks to a PEO or EOR allows for a smoother transition and ensures modernization efforts are efficient and hassle-free.

Service and Retail

EOR and PEO services are extremely crucial in the service and retail industry to form better relationships with international clients. Attracting skilled professionals to contribute their expertise is essential for the growth of any company in this sector. Businesses depend on their employees to drive success and sustain their competitive edge.

EORs connect businesses and clients worldwide, enabling companies to deliver their top-tier consulting, education, and customer services to diverse regions without facing the challenges of hiring and integrating new employees.

Pharmaceuticals

The pharmaceutical industry is one of the major industries leveraging the power of EOR & PEO services. The sector has grown massively post pandemic as people started prioritizing their health and safety. The pharmaceutical industry is constantly evolving even today, which is why it is important to collaborate with international companies for better growth opportunities.

The EOR services will help to guide these pharmaceutical businesses about the legal procedure. They can become more compliant with the terms and conditions. As a result, our EOR & PEO services will ensure that your business connects with reliable companies for better business growth.

Renewable and Non-Renewable Energy Generation

The energy sector is constantly evolving, with its impact not only on the real estate sector but also on the production of energy-related services. There’s an increased demand for a sustainable future, which is also one of the driving forces behind the growth of this sector.

Since it is an expensive procedure, it is important to get the right people to do the job. Having our EOR and PEO assistance will not only help you set up the business appropriately but also get the right individuals. Thus, we will help you manage the business while scaling your workload, thereby allowing you to make the most of it.

Choose the Best Global EOR & PEO Services

With IMC Group by your side, you will receive expert support in managing your global workforce through our specialized EOR & PEO services in Singapore. Our exclusive Global Mobility solutions help businesses expand internationally with ease, facilitating seamless growth and compliance across borders. We have successfully assisted numerous businesses over the years expand their operations internationally. Contact us to know more!

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Mitigating Third-Party Risks: Proven Practices to Protect Your Business
  • Article, Global

Mitigating Third-Party Risks: Proven Practices to Protect Your Business

Outsourcing has emerged as a strategic move in the competitive business landscape today. While forward-thinking businesses outsource services to third-party vendors, it brings in significant risks. That’s the reason successful organizations seek vendor due diligence services from experts to screen their outsourcing partners. A report reveals that as much as 38% of businesses encounter third-party data or privacy breaches. On the other hand, 48% of organizations face violations related to compliance while working with third-party companies.

Some of the largest global companies, including Microsoft, Uber, and Toyota have experienced data breaches while working with third parties. Thus, risk management turns out to be crucial. A report reveals that 62% of cases related to system intrusion involved a partner. This points to the vulnerable nature of supply chains. No wonder, successful businesses focus on robust risk management practices to protect themselves from data breaches and maintain their reputation as well as financial stability.

What is Third-Party Risk Management?

Third-party risk management (TPRM) is all about assessing and controlling risks related to outsourcing services or data handling to external vendors. It includes identifying risks and assessing and controlling risks related to outsourcing services or data handling to external vendors. This is a methodical approach that helps organizations understand potential risks related to third-party relationships. Have a look at the third-party vendor due diligence checklist for business to make sure that the vendors fulfill all compliance and security standards.

Recent Changes in Third-Party Risk

In recent years, several factors have made third-party risks even more pronounced.

1. Higher dependence on third-party software

Many organizations use third-party applications to manage payroll, CRM, and email marketing. While these tools are convenient to use, they also increase the exposure to sensitive data. Thus, data security becomes a major concern.

2. Greater network of collaborations

Businesses have increasingly become reliant on a vast network of suppliers, partners, and contractors. This intense level of information sharing broadens the potential of cyber threats.

3. Focus on regulatory aspects

Regulators have intensified their scrutiny of third-party risk management. Violations can result in substantial fines, eventually tarnishing the reputation of a brand. Thus, effective risk management has turned into a critical strategic priority.

Common Types of Third-Party Risks

Have a look at the primary types of risks associated with third-party vendors.

  • Financial and reputational risks: Data breaches can lead to financial losses besides inflicting reputational damage to an organization for failing to maintain the privacy of their client’s information.
  • Legal and regulatory risk: The non-compliance with laws by the vendor can affect the compliance status of your organization. It can even lead to legal liabilities.
  • Operational risks: Disruptions from third parties can have an adverse impact on your operational efficiency and data integrity. It can be the result of a service failure or security breach.
Often, these risks tend to overlap, complicating the challenge. For instance, a data breach incident can lead to regulatory penalties, operational disruptions, and financial losses.

Are Businesses Liable For Third-Party Data Breaches?

Yes, businesses can be held liable for security breaches caused by third-party vendors. For instance, the GDPR in the EU makes it mandatory for companies to ensure that the third-party vendors they work with have stringent data protection policies in place. Non-compliance can result in substantial fines and loss of trust.

The need for a Third-Party Risk Management Framework

Despite the common practice of managing third-party risks ad-hoc, data reveals that this is an ineffective approach. According to the 2023 IT Benchmark Report, that 74% of organizations have faced or expect unresolved audit findings related to third-party risk management. In order to improve the outcomes, businesses need to integrate cybersecurity, risk management, and compliance efforts into a cohesive framework.

How Are Organizations Addressing Third-Party Risks?

Top global organizations are consistently adopting risk management practices rather than one-time measures. The key methods include:

  • Use vendor risk assessment questionnaires: These tools help in assessing the data security practices of the vendor. This helps in obtaining a transparent view of their security posture.
  • Vendor audits: Similar to Adobe’s Guardrails program and Microsoft’s Supplier Privacy & Assurance Standards, businesses must conduct regular audits. These evaluations help in obtaining deeper insights into vendor compliance and security.

Best Principles of Third-Party Risk Management

Check out the best principles of third-party risk management while outsourcing services to vendors.

  • Update your data map: Maintain an up-to-date map of all data that third-party vendors handle. This ensures proper compliance checks and agreements.
  • Ongoing due diligence: Consult professional experts for vendor due diligence services to understand the financial status and SOC reports of your vendors.
  • Framework and process: Establish a comprehensive framework for assessing third-party risk. This should include a guide detailing the procedures of vendor risk management and compliance standards.
  • Industry standards: Make sure to establish your risk management program on industry standards like ISO 27001, SOC 2, and NIST frameworks. These standards provide a foundation for assessing the security control of vendors.
  • Onboarding and offboarding: Develop standardized processes for onboarding and offboarding. They must understand your security policies and adhere to the same.
  • Security ratings: Monitor the security posture of your vendor using security ratings and be proactive while addressing potential issues.
  • Internal audit process: Establish an internal audit process to identify and address issues before external audits take place.
With a comprehensive approach, businesses can manage third-party risks.

What is the Future of Third-Party Risk Management?

With third-party risk management becoming a priority, a larger number of organizations are likely to adopt comprehensive standards and audit programs for their vendors. As these assessments seem demanding, successful firms will continue to seek due diligence services for choosing the right vendors. The IMC Group is one of the trusted partners for vendor due diligence, recommending the third-party vendor due diligence checklist for business to follow. With rigorous standards in place, businesses can ensure that third-party firms handle their sensitive information professionally.

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