Carrying on Business in Singapore

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1、CarryingonBusinessInSingapore1.RegistrationRequirements1.1Obligationtoregister:AforeigncompanywithoutanylegalpresenceinSingaporecannotcarryonbusinessunlesstheforeigncompanyregisterssuchbusinessinSingaporeundertheBusinessRegistrationActinSingaporeoracompanyundertheCompaniesAct.1.2WhatisCarr

2、yingonBusiness:ThetermcarryingonbusinessisdefinedinSection366oftheCompaniesActtoinclude“administering,managingorotherwisedealingwithpropertysituatedinSingaporeasanagent,legalpersonal,representative,ortrustee,whetherbyemployeesoragentsorotherwise”.1.2.1Theabovedefinitionisnotexhaustive,andt

3、hereisnocomprehensivesetoffactorsthatwillconclusivelydeterminewhetherornotacompanyiscarryingonbusiness.1.3WhatisNOTCarryingonBusiness:TheCompaniesActsetsoutalistofactivities,thedoingonlyofwhichwillnotcauseaforeigncompanytoberegardedascarryingonbusinessinSingapore.Theseare,iftheforeigncompa

4、ny:(a)isorbecomesapartytoanyactionorsuitoranyadministrativeorarbitrationproceedingoreffectssettlementofanaction,suitorproceedingorofanyclaimordispute;(b)holdsmeetingsofitsdirectorsorshareholdersorcarriesonotheractivitiesconcerningitsinternalaffairs;(c)maintainsanybankaccount;(d)effectsanys

5、alethroughanindependentcontractor;(e)solicitsorprocuresanyorderwhichbecomesabindingcontractonlyifsuchorderisacceptedoutsideinSingapore;(f)createsevidenceofanydebtorcreatesachargeonmovableorimmovableproperty;(g)securesorcollectsanyofitsdebtsorenforcesitsrightsinregardtoanysecuritiesrelating

6、tosuchdebts;(h)conductsanisolatedtransactionthatiscompletedwithinaperiodof31days,butnotbeingoneofanumberofsimilartransactionsrepeatedfromtimetotime;(i)investsanyofitsfundsorholdsanyproperty;(j)establishesasharetransferorshareregistrationofficeinSingapore;or(k)effectsanytransactionthroughit

7、srelatedcorporationlicensedorapprovedunderanywrittenlawbytheMonetaryAuthorityofSingapore,underanarrangementapprovedbyACRA.2.CorporateTaxImplications2.1Singaporedoesnothavecapitalgainstaxandonlyreceiptsofarevenuenaturearetaxable.2.2ChargingSection:Section10ofth