Good Practice Checklist for a local agent of a branch
FMG
provides all kinds of Corporate Compliance Services to assist you as a local agent.
We hope that this good practice checklist will
help you in carrying out your responsibilities as the local agent
of a foreign company.
For more information on the
best practices, or for any other clarification or updates regarding
a agent ’s duties, feel free to contact
us at FMG Corporate
Services.
General Duties
- The agent of a foreign company is answerable for the doing of all
acts, matters and things as required to be done by the foreign company
under the Companies Act, Cap. 50. He is personally liable for any
penalties imposed on the foreign company for any contravention of
such requirements.
Accounts and Filing Requirements
- A branch has to e-file its audited financial statements. In
addition, the branch is also required to e-file the audited financial
statement of the corporation (ie head office) based on the reporting
requirements in its country of incorporation.
- The financial statements of the branch and the corporation need
to be e-filed with the ACRA within two months of the AGM of the
corporation.
Change in agent and his particulars
- Appointment and cessation of agent must be e-filed with ACRA within
one month from the date of appointment and cessation. Where an agent
ceases to be an agent and if as a result the branch is left with
only one agent in Singapore, it shall, within 21 days after the agent
ceases to be such, appoint another agent.
Change in the registered office of the branch
- A foreign company shall have a registered office in Singapore to
which all communications and notices may be addressed and which shall
be open and accessible to the public for not less than 5 hours. Any
change in the registered office requires notification to ACRA within
fourteen days from the date of change.
Changes in the foreign company
- A foreign company shall within one month or within such further
period as the Registrar in special circumstances allows e-file a
return with ACRA on any changes to the charter, memorandum or articles
of the head office, directors or the authorized capital.
Other matters
- If the foreign company holds a licence from Monetary
Authority of Singapore or such other Government bodies, it has to
submit its audited accounts in accordance with the provisions of
the related statute and regulation. In addition, approval may have
to be obtained from the said Government bodies prior to changes to
the directors, constitution of the foreign company.
