Singapore Representative Office: Things To Know [creditdiagnosis]

Singapore Representative Office: Things To Know [creditdiagnosis]

SINGAPORE: Those who fail to pay their alimonies may now be penalised through a black mark on their credit reports. DP SME Commercial Credit Bureau has been authorised by the Ministry of Community Development, Youth and Sports (MCYS) to keep this blacklist which it hopes will act as a deterrent against further maintenance arrears. Each year, about 3400 applications are made to the Family Court to enforce marriage maintenance orders, most of them by single mothers. That has been the average for the last four years, according to figures by MCYS. Often, multiple trips to the court are required, adding further strain to an already stressful domestic situation. Many eventually give up. Now, for a fee, they can apply to have the maintenance arrears recorded under their ex-spouse's credit history. This will show up each time a credit check is done by any of its 700 members, which includes licensed moneylenders, banks and retailers. Applicants will need to produce their court orders, as well as the contact details of their ex-spouse. The bureau may also step in to help manage the debt. Enforcement is limited as it is up to the companies how this information is treated. But the black mark may compel the defaulter to pay up. Chen Yew Nah, Managing Director of DP SME Commercial Credit Bureau said: "Having a maintenance order and defaulting on the order, you could even be liable to go to jail. For trading partners, they may want to know if somebody who they're working closely with ...

http://leafgardenpress.com/ Sg men that fail to pay alomony will be black list by Credit Bureau - 21Jun2011

Singapore Representative Office is a business structure which provides foreign individuals or companies who have interest in putting up a business operation in Singapore more means to assess business opportunities in Singapore market. I is also preferrable and feasible for a foreign company who needs to promote its brand and work with its local agents and distributors. Its validity is usually provided for up to three years and is restricted to engage in any commercial revenue-generating activities such as concluding contracts and opening of Letter of Credit.

Here are some of the features of a Singapore Representative Office which you should always take note: • It is an administrative extension of a foreign company • Its must have the same name as the parent company. • It cannot engage in commercial revenue-generating activities, and therefore need not file for annual tax returns.

However, income paid to the staff of the Representative Office including the Chief Representative is subject to personal income tax. • It also need not comply with the filing requirements since it is not an incorporated business entity. • It is curtailed from negotiating any trading instruments or leasing of warehouses. It is, however, allowed to lease office space. • It is allowed to appoint limited number of staff, both local and foreign, to support its restricted administrative activities. • It can obtain a central registration number from the Singapore Customs to import and export product samples. • It is a short-term setup for up to 3 years with mandatory annual renewal.

After learning the features of Singapore Representative Office, it is best also to be aware of the business structure's advantages and benefits, which includes the following: • It allows foreign companies to explore business opportunities in Singapore market prior to long term or big financial commitment.

• It provides an avenue to perform market research and promote brand identity. • It serves as a good platform to work with local agents and distributors.

Comparing the advantages versus the disadvantages of this business structure would greatly help in company's decision making. Below are some of the disadvantages which you should consider: • It cannot engage in commercial revenue-generating activities. • It is a short-term setup and must upgrade to a branch office or a subsidiary after 3 years or de-register. • It does not have separate legal identity, and therefore the foreign parent company is responsible for all its debts, losses and liabilities.

For instance you have already decided what toy of business structure to use, remember that foreigners are not allowed to self-register but are required to hire the service of a professional firm in the registration. Rikvin is Singapore's leading specialist in registration of companies. Rikvin is capable of setting up your Representative Office within 5 working days provided you have all required documents in order. Once approved, Rikvin can also assist you in the application of Employment Pass for the Chief Representative who plans to relocate to Singapore to run the Representative Office operations.

The processing of each application would usually take around 5 business working days. A letter of Approval is emailed once application is approved. The registration is valid for one year and subject to an annual renewal. International Enterprise Singapore sends out a renewal notice two months prior to the expiry of the registration. It is mandatory for the renewal to be completed seven days before the expiration date.

Rikvin is an ACRA registered service bureau. We provide a complete corporate solution under one roof for Singapore company registration of private limited companies, registration of a Singapore Representative Office, formation of offshore companies with opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.

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