Q:
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When can a foreign company prepare its financial statements in accordance with the requirements of the place that it is incorporated?
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A:
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If the law of the place of incorporation of the foreign company requires the company to prepare its financial statements according standards similar to those in Singapore or which are acceptable to the Registrar, then the company may prepare its financial statements in accordance in accordance with the requirements of the place that it is incorporated. The foreign company need not prepare a fresh set of financial statements for filing in Singapore.
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Q:
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What is the difference between an “agent” and an “authorised representative” of a foreign company?
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A:
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They mean the same thing, although the term “agent” will no longer be used, as this will be replaced with the term “authorised representative”. This new change of name is meant to show the importance of the role of the agent. As he is the authorised representative of the foreign company in Singapore, he is accountable and responsible for the foreign company in Singapore.
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Q:
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How many authorised representatives must a foreign company have?
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A:
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A foreign company must have at least one authorised representative.
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Q:
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What are the new grounds for striking off a foreign company?
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A:
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Currently, ACRA may strike-off a foreign company:
where we have reasonable cause to believe that the foreign company has ceased to carry on business or to have a place of business in Singapore; or
if we are satisfied that the foreign company is being used for an unlawful purpose or for a purpose prejudicial to public peace, welfare or good order etc.
To safeguard the sole authorised representative of a foreign company, there are now 3 additional grounds for striking-off a foreign company:
where the authorised representative wishes to resign but is unable to do so because there is no one to replace him, and the foreign company has failed to respond or act on this matter within 12 months;
where the authorised representative has asked the foreign company whether the foreign company intends to cancel or continue its registration under the Companies Act, and the foreign company has not responded with any instructions within 12 months of this request;
where the foreign company has no authorised representative (i.e. the foreign company does not appoint a replacement authorised representative for more than 6 months following the death of the sole authorised representative).
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FAQ
