21 June 2024
Editor: ET
For foreign corporate entities planning to transfer their registration to Singapore, the process of inward re-domiciliation offers a structured pathway to becoming a Singapore-incorporated company.
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This guide provides an overview of the steps and requirements for foreign corporate entities considering this move.
1. Understanding Inward Re-domiciliationForeign corporate entities can transfer their registration to Singapore through a process known as inward re-domiciliation. This allows a foreign company to become a Singapore company while maintaining its obligations, liabilities, properties, and rights. The re-domiciled entity must comply with the Singapore Companies Act, similar to any other locally incorporated company.
2. Eligibility CriteriaTo be eligible for inward re-domiciliation, the foreign corporate entity must be a company that is not under any form of liquidation or receivership. It must also meet the criteria set by the Accounting and Corporate Regulatory Authority (ACRA) regarding solvency and compliance with legal requirements.
3. Application ProcessThe application for inward re-domiciliation involves several steps. First, the foreign entity must prepare and submit the necessary documents to ACRA via BizFile+. These documents include the application form, a declaration of solvency, and supporting documents that verify the company’s legal standing and financial health.
4. Compliance with the Companies ActUpon successful re-domiciliation, the foreign corporate entity will be required to comply with the Companies Act. This includes maintaining statutory registers, holding annual general meetings, and filing annual returns. The entity must also ensure that all corporate governance practices are in line with Singapore's regulations.
5. Maintaining ComplianceIt is crucial for re-domiciled entities to maintain compliance with all local regulations to avoid penalties and ensure smooth operations. Regular updates to ACRA regarding any changes in corporate information are mandatory.
Expede.com.sg emphasizes the importance of understanding these regulatory requirements to avoid potential pitfalls. They provide comprehensive corporate services to assist foreign entities in the re-domiciliation process, ensuring compliance and efficient business operations in Singapore.
Further Reading: Registering a Foreign Company in Singapore: A Comprehensive Guide
For more detailed information on the inward re-domiciliation regime in Singapore, you can visit the official ACRA website or consult with professional service providers like Expede.
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