Expand your Hong Kong business to Singapore
Thinking of setting up a branch of your Hong Kong company in Singapore? Intending to relocate part of your operations or staff to Singapore?
Setting up a branch office of your Hong Kong company in Singapore
You might be looking at setting a branch office or a subsidiary of your Hong Kong company in Singapore. Perhaps you have potential customers here, or your company is planning to move its operations or staff to Singapore to take advantage of the extremely conducive environment for growth in the region. Your options are to either:
a. setup a branch of your Hong Kong company
b. establish a subsidiary (wholly-owned or otherwise)
c. setup a new company in Singapore, owned by individual shareholders.
"Professional, knowledgeable and responsive"
“We engaged with the FastCorp Team to help set up our Asian operations, based in Singapore and Malaysia, and found them to be very professional, knowledgeable and responsive. They have made the entire process of incorporating the companies as well as the related practical arrangements very easy, which has allowed us to fully focus on establishing our business in the region.”
Tom Vandezande
Managing Director
Agilyx Pte Ltd
"Attention to detail, and timely delivery"
“Kellton Tech’s rapid growth keeps me on my toes and requires me to execute things quickly and match expectations. Fastcorp lived up to its name and helped me incorporate our Singapore entity in just 2 days. It started with a request on their website and FastCorp responded to my query instantly. Thereafter, the task was accomplished with just one phone conversation and one email from them asking for required documents. A special mention to Kenneth for his friendly attitude, attention to detail, and timely delivery of all the relevant papers. I highly recommend FastCorp as they are efficient, professional, and reliable. Keep up the good work!”
Rajesh Kumar
VP – Operations
Kellton Tech Solutions Ltd.
"The outstanding service started the moment I sent my first message"
Last week I contacted Fastcorp with an inquiry for incorporating my company in Singapore. The outstanding service started the moment I sent my first message. Within a few minutes i received an email response and was able to set up a brief introductory phone call to better understand the service they provide. The call was followed up with a detailed email outlining all the next steps. Through the entire process all my questions were answered quickly, they never once pushed a product or extra service on me and the final meeting to incorporate the company took less than two hours and the whole team was prepared for my visit and everything went very smooth.
Richard Harrison
Option A - Branch
Pros – No new entity is being formed. The Singapore branch is merely an extension of the Hong Kong entity. The branch does not bear a different name. For all intents and purposes, the Hong Kong company will be the contracting party with all customers.
Cons – Subsidiaries do not qualify for the Singapore startup tax exemption. Also, the branch is not a separate legal entity and therefore, there is no ringfencing of liability for the Singapore operations. Branches are not exempted from audit requirements.
Option B - Subsidiary
Pros – Subsidiaries are entirely separate companies (legal entities) with liability limited to that of the paid up capital of the subsidiary. Liability is therefore ringfenced at the subsidiary level. Also, if the Hong Kong parent company does not hold more than 90% of the subsidiaries shares, the subsidiary may qualify for the Singapore startup tax exemption.
Cons – As opposed to an individually-held company, subsidiaries may not be exempted from audit requirements, depending on whether the group operations falls below the relevant thresholds.
Option C - Individually held company
An entirely new company may be formed, with individual shareholders holding the equity.
Pros – There is a higher likelihood of new entities qualifying for the startup tax exemption as well as the audit exemption. Ringfencing of liability occurs. Also, by virtue of the fact that the company is a newly formed entity that is held by individuals, it will not be seen as part of a larger group of companies despite its origins. This means that there is a greater likelihood of qualifying for the audit exemption and the startup tax exemption.
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