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Setting Up a Branch Office in Singapore Head
  • Article, Singapore

A Complete Guide To Setting Up a Branch Office in Singapore

Foreign companies expanding to Singapore often set up Branch Offices in the country. 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 and requirements to set up a Branch Office in Singapore.

Read on to learn the process of Singapore company formation as a Branch Office. This detailed guide covers all the steps involved in the process.

What is a Branch Office?

When businesses set 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

Businesses must meet the following requirements to register a Branch Office in Singapore.
  • 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?

Two steps are involved in the registration process.

  • Approval of the name: Submit the name of the company for approval by ACRA.
  • Registering the branch office: The registration process begins once the name is approved.

Required Documents

  • 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 register the Branch Office in a few 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.

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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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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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Navigating Immigration Options in Singapore: Your Gateway to Business Success
  • Newsletter, Singapore

Navigating Immigration Options in Singapore: Your Gateway to Business Success

Singapore stands out as a prime destination for entrepreneurs and investors in today’s evolving global landscape. While countries like the U.S., Canada, and the U.K. have tightened their immigration policies, Singapore has embraced a more welcoming approach!

Singapore offers robust company incorporation processes and a range of innovative immigration schemes that will take your business to the next level.

Choosing the Right Immigration Program

Whether you’re an entrepreneur or an investor, here are some essential programs to consider:

Global Investor Program (GIP)

Designed for high-net-worth individuals, the Global Investor Program offers a direct pathway to permanent residency. With investment options ranging from 10 million to 200 million SGD, this program is ideal for entrepreneurs ready to substantially impact Singapore.

Family Office Route

For wealthy investors, the family office structure offers tax advantages and a clear route to permanent residency. With flexible investment levels and global investment opportunities, it’s an excellent option for those looking to establish long-term family wealth.

Self-Employment EP for Business Owners

Running a small or medium-sized business? The self-employed Employment Pass (EP) is an accessible option that allows you to qualify for permanent residency by establishing a company and hiring locals. With no minimum turnover requirement, this is a popular choice among entrepreneurs.

Diverse Talent Attraction Schemes

Singapore also offers visa options designed for specialized talents, including:

  • One Pass: For professionals earning over 30,000 SGD monthly.
  • Personalized Employment Pass (PEP): For those earning above 22,500 SGD with no employer sponsorship needed.
  • EntrePass and Tech Pass: For innovative entrepreneurs and tech leaders in high-growth industries.

Why Singapore?

Singapore’s clear criteria, attractive tax benefits, and rapid processing times make it the perfect destination for business leaders. Whether you want to establish a company or invest in long-term opportunities, now is the time to explore Singapore’s immigration options!

How IMC Can Support Your Immigration Journey

If you’re ready to take the next step, IMC is here to guide you every step of the way. From selecting the most suitable immigration program to handling all the necessary paperwork, we provide tailored solutions to fit your specific needs. Our team of experienced consultants will help you navigate the application process, ensuring compliance with all local regulations and maximizing your chances of approval.

Additionally, we’ll assist with company incorporation, finding the best investment opportunities, and advising on tax benefits. Whether you’re applying for the Global Investor Program, establishing a Family Office, or pursuing a Self-Employment EP, we ensure a seamless and hassle-free experience.

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Family-Offices-in-Singapore-Shaping-the-Future-of-Wealth-Management
  • Newsletter, Singapore

Family Offices in Singapore Shaping the Future of Wealth Management

In recent years, the family office ecosystem in Singapore has been on a phenomenal growth trajectory. While the country had only 400 single family offices in operation in 2020, the number has grown manifold to 1,650 in 2024. The second minister for finance and transport and deputy chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat, revealed these astounding figures while speaking at the Global-Asia Family Office Summit.

He also spoke about the strong financial norms and pro-business regulations in the country, demonstrating why the country continues to be a preferred destination for wealthy families in Asia and various other countries around the world. Interestingly, wealthy families are looking for a leading single family office in Singapore to manage their assets and maintain their legacy across generations.

Singapore’s Economy Booms with Economical Progress

The assets under management (AUM) in Singapore have recorded an overgrowth of 8% in 2023. The five-year compound annual growth rate stands at an impressive 10%. In 2025, the Asia-Pacific region is likely to grow by 4.9%. Thus, Singapore is all set to benefit as a prime financial focal point serving the region.

You might be wondering why Singapore is the ideal hub for your family office. Chee demonstrated the key role Singapore has been playing in wealth management. He highlighted the importance of local banks like DBS, UOB, and the Bank of Singapore, along with global financial institutions like HSBC and Citi.

A recent survey involving the leading private banks in the country revealed that in the first quarter of 2024, the assets of their clients increased by 9.5% compared to the same quarter in the previous year. The same trend was evident in the Global Wealth Report of the BCG. It revealed that, between 2023 and 2028, Singapore is projected to grow at 8.5% per annum, which is faster than any other wealth centre around the globe.

The Role of Single Family Offices in Singapore

Chee pointed out the role of single family offices in Singapore beyond wealth management. These firms generate jobs and invest in local ventures.

He also expressed his support for the growing interest of Singapore in philanthropy. This reveals the impact that single family offices can have, both through social and financial contributions. In Singapore, single family offices are supporting causes like educating autistic and dyslexic individuals, besides providing elderly care.

Chee stated that Singapore is enhancing philanthropic activities through various programmes like the 2021 Philanthropy Advisory Skills which was launched by MAS, and the professional certification on philanthropy from the Asia Centre for Changemakers in 2023.

With supportive policies from the government and initiatives for talent development, Singapore is poised to remain a leader in Asia as well as the world in family office services and wealth management. The IMC Group continues to be an experienced advisor for single family office in Singapore, helping wealthy families and HNWIs in Singapore manage their wealth.

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Why Do Foreign Investors Choose Singapore for Business Expansion? 7 Compelling Reasons
  • Newsletter, Singapore

Why Do Foreign Investors Choose Singapore for Business Expansion? 7 Compelling Reasons

Singapore continues to be a favorable avenue for investment, particularly among global firms. Foreigners consider this country to be one of the best places to start their business. With its bustling environment and dynamic commercial environment, Singapore has emerged as a favourite destination for global investors and entrepreneurs.

The sound commercial infrastructure in the country and the easy access to regional markets make Singapore a great place to invest. The country has a transparent legal system that reduces investment risks. Thus, businesses from different verticals enjoy the ease of conducting commercial activities. Although the Singapore company formation process is relatively easy, successful firms seek professional support from experts to streamline their path.

Read on to understand why Singapore continues to be the favourite destination for establishing your business.

7 Reasons Why Foreign Investors Choose Singapore

In this edition, we have curated seven compelling reasons explaining why foreign investors want to form their companies in Singapore.

1. Supportive business environment

With the right support from experts, establishing your business in Singapore can be rewarding. Thanks to the efficient regulatory environment and business-friendly norms, you can grow your venture with ease. Besides, Singapore ranks high in terms of ease of doing business globally. The transparent regulatory environment in the country encourages foreign investors channel more funds into various sectors.

2. Tactical location

Located centrally at the junction of the main sea routes in Southeast Asia, Singapore gives an easy access to foreign companies. The country is placed strategically in the heart of Asia and provides a unique gateway to its expanding market. This opens up the way to imports and exports.

Thus, foreign companies investing in Singapore can gain easy access to the new markets as well as the established ones in Asia. This helps them enhance their operations and grow inter-organizational networks.

3. Favorable Tax System

The tax system in Singapore is one of the most business-friendly ones across the world. This is one of the key factors attracting foreign investors. While corporate tax rates in Singapore are low, businesses operating in the country also receive various tax incentives and exemptions.

Moreover, Singapore has established double taxation treaty agreements with several nations. Thus, foreign companies investing in Singapore enjoy reduced tax liabilities.

4. Transparent Legal System

Singapore continues to enjoy its reputation as one of the most honourable states in the world in terms of legal stability and transparency. The country boasts a strong legal system that prompts foreign investors to make confident decisions while expanding to the country. Besides, the existing norms in Singapore protect the IPRs of global firms. Resolving legal issues takes minimal time in the country.

5. Skilled Workforce

Singapore boasts a highly skilled workforce that helps foreign companies pool talent. With professional training and education, the workforce in Singapore is teeming with skills needed to suit various fields.

 The country is committed to develop talent, promoting professional learning to enhance the quality of skills. Thus, businesses expanding to the country can hire skilled professionals and remain competitive in the market.

6. Advanced Infrastructure

After Singapore company formation, foreign companies can take advantage of the world-class infrastructure in the country. The country has an effective telecommunication system, transportation facilities, and modern offices. With a strong transportation system and operational efficiency, businesses experience a favorable environment in the country.

From high-speed internet to world-class highways, Singapore offers all the facilities that help companies conduct business and relocate their employees.

7. Key Financial Hub

Over the years, Singapore has established itself as one of financial hubs in the world. Its banking market is robust, and offers different types of financial products.

In Singapore, investors can benefit from the presence of several multinational banks that open up tremendous prospects of financing, investments, and financial management. Thus, global firms can control their finances and seek funds for further expansion and seize opportunities.

Professional Consultancy Services to Start a Business in Singapore

In this edition, we have comprehensively covered why foreign investors are looking to expand their operations to Singapore. Ambitious international companies often wonder how to start a business in Singapore as a foreigner. The IMC Group is one of the most trusted teams of consultants to guide businesses at every step during their company formation in Singapore. With personalized service and professional insights, foreign companies can establish their businesses and embrace the growth trajectory in Singapore.

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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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Payroll Made Easy: A Business Guide on Payroll Management Solutions in Singapore
  • Article, Singapore

Payroll Made Easy: A Business Guide on Payroll Management Solutions in Singapore

Payroll management is one of those very important yet daunting tasks a business has to undertake, especially in a well-regulated market like Singapore. The challenges in the process can be overwhelming, from compliance with statutory requirements to the compensating of employees. That is where the payroll management solution like IMC Group comes in. As a highly recognized payroll management solution provider in Singapore, it takes pride in offering streamlined payroll management services.

Importance of Payroll Management to Any Business in Singapore

Poor payroll management exposes you to several risks: legal penalties, financial losses, and ruined relationships with employees. Payroll management ensures more than just processing salaries to make your business compliant with strict Singapore regulations.

Effective payroll management solutions in Singapore will help you avoid all pitfalls and enhance employee satisfaction and operational efficiency. IMC Group provides powerful payroll solutions to handle such complicated tasks and allows you to focus on growing your business.

Key Strategies for Effective Payroll Management in Singapore

A strategic approach will have to be implemented to ensure compliance, accuracy, and efficiency for effective payroll management. These key strategies will help businesses in Singapore streamline their payroll processes and avoid the most common setbacks.

Understand Statutory Requirements

Compliances related to government regulations, such as CPF contributions, income tax, and other statutory requirements, are some of the most important aspects of payroll management in Singapore. This is where IMC Group’s payroll solution ensures that you stay updated with all changes and necessary fillings with authorities.

Outsource Payroll Management

Payroll outsourcing will save your business time and reduce risks due to errors. They ensure your employees get their salaries at the right time. Reliable providers like IMC Group offer a fully managed payroll solution. The one-stop global payroll solution helps you view your payroll online and streamline the entire process of calculations, compliance, and reporting.

Handle Overtime Pay and Employee Benefits

Effective overtime pay and employee benefits management is crucial in retaining a compliant and motivated workforce. When you outsource finance and accounting services, you get support from payroll experts. It eliminates all guesswork in correctly calculating overtime, public holiday pay, and other benefits. They bring more clarity and transparency to both the employer and the employee.

Safeguard Data Security and Privacy

Payroll contains sensitive information regarding employees; therefore, it requires security to be applied. To that effect, trustworthy payroll solutions like IMC Group incorporate powerful encryption and adhere to PDPA standards set by Singapore. This way, it gives assurance that data breach and unauthorized access concerns are put to rest.

Conclusion

Payroll management helps to not only keep enterprises of any scale in compliance but also instils confidence in the workforce, making processes seamless. These good practices will enable organizations in Singapore to avoid challenges with payroll processing, protect sensitive information, and smoothen processes for continued success.

So, simplify your payroll management by letting IMC Group take the stress from compliance to payroll processing with comprehensive payroll solutions. The expert team ensures accuracy, security, and efficiency in all areas, so you will be free to grow your business.

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Share Buybacks India vs Singapore
  • Article, Singapore

Buy Back Scenario: India vs Singapore

India

With the effect from October 2024 there will be significant changes in the tax regime for buy back of shares.

The new rule will shift the tax burden from companies to shareholders. Current tax rate of 20% paid by the company will be eliminated.

Moving forward, the proceeds from buy back will treated in the same fashion as of dividend and will be taxed in their individual’s respective slab rates.

The resident shareholders will end in increased tax burden particularly in higher tax brackets.

Non-resident shareholders tend to benefit from the new tax regime under tax treaties for dividend income with option to claim credit for Indian taxes & their home jurisdiction.

Singapore

As per Singapore tax laws, buy back of shares are treated as capital expense in nature. The SG entity is liable to pay stamp duty of 0.2% on value of shares or purchase price at the time of buy back of shares.

In the hands of the shareholder, proceeds received from buyback would be considered as capital gain.

Any gain or loss from sale of share are generally viewed as personal investments and stands exempted in the hands of the shareholder.

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