Compliance Checklist for a Local Authorised Representative of a Singapore Branch Office
In carrying out your responsibilities as the Local Authorised Representative of a foreign company, you need to be aware of your statutory obligations under the Singapore Companies Act, Cap 50. To assist you in fulfilling these obligations, PB Corporate Services highlights the following areas which will require your attention:
The Local Authorised Representative of a foreign company is responsible for the performance of all acts and statutory compliance matters as required to be carried out by the foreign company under the Singapore Companies Act, Cap. 50. Thus, he/she 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 with ACRA its audited financial statements and also to e-file the audited / unaudited financial statement (as required under the law in the country of the head office) of the foreign company (Head Office), within two (2) months of the Head Office’s AGM.
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, constitution, memorandum or articles of the head office, directors or the Branch&srquo;s registered office address in Singapore.
Change in Local Authorised Representative and Particulars
Appointment and cessation/resignation of the Local Authorised Representative must be e-filed with ACRA within one month from the date of appointment and cessation/resignation. At any point of time, a Singapore Branch office must have at least one (1) Local Authorised Representative, which means that before an existing Local Authorised Representative can resign, a new one must be appointed first.
Change in the Registered Office of the Branch
The foreign company is required to have a registered office address in Singapore. Any change in the registered office requires notification to ACRA within thirty (30) days from the date of change.