Inward Re-Domiciliation Regime in Singapore
The Companies (Amendment) Act 2017 introduced an inward re-domiciliation regime in Singapore and the regime became effective from 11 October 2017.
Under the regime, a foreign corporate entity is allowed to register in Singapore, subject to meeting the various requirements regarding size and solvency. In addition, there should not be any prohibition by the country of origin for de-registration.
The decision to re-domicile a foreign corporate entity in Singapore should be made in good faith. Once done, it allows the foreign corporate entity to leverage on the existing corporate branding and identity whilst benefitting from the multiple benefits of Singapore including the political stability, global connectivity via direct flights to major cities, transparent tax system and highly-skilled workforce.
The re-domiciled entity is subjected to the same compliance regulations as for any corporate entity incorporated under the Companies Act, Cap. 50 in Singapore, which means that it will need to conduct the General meetings, keep accounting records, prepare financial statements and submit an Annual Return under the applicable sections of the Act.
The process takes up to 2 months from the submission of all required documents.
If you are considering re-domiciliating your corporate entity to Singapore, please contact us to discuss your plans.