A new system for enabling foreign businesses operating in Singapore to transfer their company registration to the city state is operational.16 Oct 2017
The new 'inward re-domiciliation' regime allows businesses that want to relocate their regional and worldwide headquarters to Singapore to "retain their corporate history and branding", according to the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.
The new regime was introduced under the Companies (Amendment) Act 2017 and took effect on 11 October.
Only businesses that fulfil certain criteria relating to their size and solvency will be eligible to complete a transfer of registration under the new framework.
"The re-domiciled company will become a Singapore company and has to comply with Singapore laws," ACRA said.
"Re-domiciliation does not: create a new legal entity; prejudice or affect the identity of the body corporate constituted by the foreign entity or its continuity as a body corporate; affect the obligations, liabilities, property rights or proceedings of the foreign corporate entity; and affect legal proceedings by or against the foreign corporate entity," it said.