Office Accounting
2009
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Office Accounting
Why Form a Branch Office?
Many businesses are looking at Singapore for growth and expansion. It has many things to offer those starting up and those that have an established presence in the business world. For some, it may be advantageous to open a Singapore branch office.
A Singapore Branch Office is actually an extension of its foreign Head Office. Needless to say, it is the same entity as that of its head office which is registered outside of Singapore. It is required that all Singapore Branch Offices must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
The Singapore Branch Office must assume the name of its Head Office. However, its name must earn the approval of ACRA. The Branch Office, being an extension of the Head Office, is governed by the by-laws of its Head Office. Furthermore, its activities must be the same as that of its Head Office.
A Singapore Branch Office is required to file its Head Office accounts and its own Singapore-operations related audited accounts annually. The requirements of keeping statutory registers and minute books are not applicable to a Branch Office.
Setting up a Singapore branch office allows foreign entrepreneurs to take advantage of the business potential in the city-state, among others.
With a branch office, entrepreneurs can experience how extensive and dynamic the markets are in Singapore. The office can reach out to local distributors and agents to better understand the activities of the market and learn how consumers respond to the company's niche.
It is a good way for some companies to get started in Singapore business relationships. This is especially true for smaller businesses. It may not be easy to incorporate a new company is a country that one is not familiar with. For one thing, it may take a while to establish business contacts. Most businesses will need to deal with local suppliers for materials.
Another important factor is recognition. If you are a small business, there is a good chance that no one in Singapore knows who you are. You may wish to have a Singapore branch registration to become better known. It may take some time to get your brand recognized.
There is not as much risk involved, as a branch office is simply and extension of the parent company. If you start a local company and it is not doing well, you may have no recourse but to go out of business. A branch office can allow more time for growth and that can help make it through the "slow periods". It can get by on profits from the main office or company.
Asiabizservices listed below the basic features of a Singapore Branch Office
● Act as an extension of its foreign parent company. Being a legal extension, a branch office should only conduct commercial activities that are also performed by its main headquarter.
● Not a separate legal entity from its parent company. A foreign company is directly responsible for all the financial losses, claims, and debts of its Singapore branch office.
● Must have the same name of its parent company. Being a legal extension, it is expected that the branch office will also use the name of its main headquarter unless it is deemed vulgar and indecent or another business organization in Singapore is using it.
● Treated as a non-resident in terms of taxation. A Singapore branch office is a business structure ideal to foreign corporate organizations planning to expand their operation in the country which has one of the strongest economies in the worldAs a non-resident, a branch office is not eligible for the local tax incentives and exemptions unlike the locally-incorporated companies.
Moreover, the branch offices are perpetual and thus do not require renewal of business registration. It can maintain corporate bank accounts and endeavor monetary undertakings independently.
About the Author
Asiabizservices is the leading Singapore Company Incorporation Services Specialists. It has successfully helped thousands of foreign entrepreneurs to process their Singapore company registration. Among its specializations are corporate services, accounting services, nominee services, Singapore company registration and more. We assist local and foreign entrepreneurs in documents submission to setup Singapore branch office. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.
Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more about Asiabizservices kindly email us at sales@asiabizservices.com or give us a call at +6563034614.
Bill’s Accounting is taking out a lease on $2,000 worth of equipment and office furniture?
Bill’s Accounting is taking out a lease on $2,000 worth of computing equipment and office furniture, over a two year period. The bank charges 8.25% interest annually. Compute the interest paid and the total amount paid for the lease.
Interest = principal x rate x time. In this case,
Interest = $2,000 x 0.0825 x 2 = $330
Total amount paid is $2,000 + $330 = $2,330
Microsoft Office Accounting Credit Card Processing Demo
