With this new change, a company is able to move to Singapore without the need to create a new entity or liquidate/transfer existing assets; thus reduce unnecessary administrative work, legal proceedings, and tax consequences.
What type of companies should consider redomiciliation?
This may be of interest for companies that:
- The use of a simple offshore entity is no longer appropriate;
- Have holding company structures in multiple jurisdictions and would like to consolidate activities within a smaller number/single jurisdiction;
- Would like to take fuller advantage of the network of Double Tax Treaties and Free Trade Agreements that Singapore have;
- Want to relocate operations to Singapore as a foothold for expansion into South East Asia;
- Is looking to raise capital from the financial markets;
- Is looking to take advantage of the range of financial and fiscal incentives offered by Singapore;
- Wish to take advantage of the capital markets environment that exists in Singapore.
To be eligible, the initial jurisdiction of incorporation must allow for redomciliation, the company must be a public or private company limited by shares, and it must satisfy two of the three tests below:
- The revenue for the company for each financial year exceeds SGD10 million
- The value of the company's total assets at the end of each financial year exceeds SGD10 million
- The company has more than 50 employees at the end of the financial year.
How Vistra can help
Vistra is able to assist with the redomiciliation process. We have in-house expertise that can support clients with redomiciliation from common offshore jurisdictions or can work with external law firms in respect to other jurisdictions.
Once redomiciled, Vistra can take care of all the applicable compliance requirements in Singapore, including the provision of a resident director, company secretary, registered office, and fulfilling the accounting and tax compliance requirements of the company.
Please do not hesitate to contact your account manager or at firstname.lastname@example.org for further information.
For reference, please click to view the Company (Amendment) Act 2017 and Company (Transfer of Registration) Regulation 2017.
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