Successful Case Study of Singapore Company Setup

Successful Case Study of Singapore Company Setup

A financial services firm from the Middle East seeks to establish a presence in Singapore to tap into the Asian financial markets. Singapore’s status as a global financial hub, with its stable political environment, transparent regulatory framework, and extensive network of double taxation agreements, makes it an attractive destination. The firm leverages Singapore’s advanced banking system, access to regional markets, and government initiatives promoting fintech innovation. The efficient company incorporation process and favorable business policies enable the firm to quickly set up and start operations. 

Tetra Consultants’ expertise to register company in Singapore begins with ensuring full compliance with various regulations and laws. Our experts meticulously adhere to several key regulations to guarantee a smooth and compliant registration process. 

The firm wanted a company structure that could accommodate collective investment schemes in Singapore’s financial services sector. Tetra Consultants offered precise facilitation throughout the entire process. Thus, the firm decided to incorporate a Variable Capital Company (VCC), which serves as an ideal vehicle for both retail and non-retail funds, capable of operating as either open-ended or closed end. 

To effectively manage the assets of the VCC, Tetra Consultants ensured the appointment of a fund manager who is licensed, registered, or exempted by the Monetary Authority of Singapore (MAS). This strategic move allowed the firm to leverage the flexible and robust structure of a VCC for its investment activities. 

Additionally, VCCs incorporated was of Authorized Schemes (generally funds offered to Singapore retail investors), a VCC may have only one director. Tetra Consultants successfully navigated the regulatory requirements to ensure full compliance. We appointed a director who is ordinarily resident in Singapore and qualified as either a director of the VCC’s manager or a qualified representative. To facilitate this, Tetra Consultants provided nominee director and shareholder services, meeting all necessary criteria.  

After setting up the VCC, the clients sought to open a bank account to support its operations, financial reporting, and regulatory compliance. Therefore, our nominee director facilitated the opening of accounts at Maybank and OCBC banks on behalf of the firm, utilizing our corporate bank account opening services. After establishing the bank account, the nominee director then handed over the banking details to the client. 

Furthermore, we established the VCC’s registered office in Singapore and appointed a qualified Singapore-based company secretary. Additionally, we facilitated the mandatory audit by a Singapore-based auditor and ensured that financial statements were presented in accordance with IFRS, Singapore FRS, or US GAAP. Compliance with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) procedures was strictly observed. Tetra Consultants also provided comprehensive accounting and tax obligation services to support ongoing compliance. By diligently following these regulations, we ensured that the VCC registration process was efficient, compliant, and aligned with the highest standards of governance and regulatory requirements. 

Thus, Tetra Consultants assisted a financial services firm from the Middle East in establishing its presence in Singapore. We facilitated the incorporation of a Variable Capital Company (VCC), tailored to meet regulatory requirements. Our services included appointing a qualified Singapore-based director, ensuring compliance with Singaporean financial reporting standards, and providing comprehensive support for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) procedures. This streamlined approach enabled the firm to successfully navigate the complexities of entering the Singaporean market. 

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