Foreign Company Registration in Bangladesh

Foreign Company Registration in Bangladesh

Why foreign investors plan to setup business in Bangladesh? It’s not the biggest economically developed countries. GDP is not higher; fdi is not much higher than many countries of Asia. It’s a prediction that Bangladesh will be developed within near future economically. Entrepreneurs plan to register a company in Bangladesh due to recognition and earning expected amount from investment capital. Many sectors are remarkable for business in Bangladesh like real estate, restaurant, IT, consultancy, online, cleaning, Garments, chain shop, glossary, service business, manufacturing, assembling and many more.

Foreign company registration in Bangladesh

Every investor plans to do business expecting a good return and repatriate the profit to mother country. Bank account opening as foreigners is not difficult but only registered business entities are allowed to open account. New company registration in Bangladesh as foreigner is not same like other country and not free from burocracy. Every government tries to increase foreign direct investment-fdi and attract the foreign entrepreneur to invest. The following services are provided for the foreign entrepreneurs:

a) Foreign business registration b) income tax filing c) accounts and audit service d) virtual office rent e) nominee directorship f) Repatriate consultancy g) annual return filing h) company secretarial

Read More »

Branch Office open in UAE

Branch Office open in UAE

Company Formation in UAE

Visit: http://www.sfconsultingbd.com/

Foreign Company Registration in UAE, Company Registration Process in UAE, Foreign Direct Investment in UAE, Doing Business in UAE

http://www.sfconsultingbd.com/viewMiddleEast.php?country=uae

Email: contact@sfconsultingbd.com

S & F Consulting Firm Limited

Skype: forhadhossain79

Foreign Investors are Welcome to our site: www.sfconsultingbd.com

Company Formation in UAE

S & F CONSULTING FIRM LIMITED, Foreign Company Registration, Company Formation Consultancy Firm.

* Foreign Company Registration (100% Foreign Investment, Joint Venture, Virtual/ Branch/ Liason Office, Foundation), Taxation, Accounts & Audit, Legal, Company Secretarial & Management Consultancy.

Company Registration/ Formation/ incorporation in UAE, Foreign Direct Investment in UAE-FDI, FDI in UAE, Doing Business in UAE

United Arab Emirates (UAE) Company Registration/ Formation/ Incorporation

Subsidiary/ Branch Office registration in UAE

Foreign Company Branch or Representative Office in UAE

The branch will be considered the company’s headquarters in Dubai, and its business shall be subject to the provisions of the laws of Dubai and the UAE.

1. Ownership
The parent company retains 100% ownership of the branch or representative office, which must operate under the same name and conduct the same business as the managing firm. There is no separate legal identity.

A branch or representative office needs to appoint a local services agent, who has no rights, interests or financial involvement in the business. This can be a UAE National, or a company owned by one or more UAE Nationals, who will manage the necessary government procedures and administration.

The branch office must have an independent budget, its own profit/loss statements and must appoint a UAE-accredited auditor.

2. Activities
The requirements for registering a branch office in Dubai differ, depending on whether the parent company and the branch are involved in commercial and industrial activities or professional Activities

3. Commercial and Industrial Activities A foreign company can conduct trade, commercial or industrial activities in Dubai by registering first with the UAE Ministry of the Economy (MOE), then with the Dubai Department of Economic Development (DED).

Foreign company set up info in UAE

Under UAE law, foreign entities interested in establishing a formal presence in the UAE have five options: create a permanent establishment, of which there are seven different types; establish a branch office; create an entity in a UAE free zone; create a civil company (only in Sharjah and Dubai); or enter into a commercial agency agreement.

The UAE Commercial Companies Law (CCL) requires that each company established in the UAE has one or more UAE national partners who hold at least 51 per cent of the company's capital. Companies that undertake certain activities (oil industry, production of electricity and gas, treatment and distribution of water) are exempt from the 51 per cent requirement. Companies established in free zones are also exempt from the 51 per cent requirement, if the relevant free zone has special provisions regulating the company. Foreign banks are exempt from having to appoint a sponsor.

Further information is available on the UAE Ministry of Economy website and through each
Emirate's Department of Economic Development.
Abu Dhabi Department of Economic Development
Dubai Department of Economic Development
Ra's al-Khaimah Department of Economic Development
Sharjah Department of Economic Development
Fujairah Department of Economic Development
Chambers of Commerce
Chambers of Commerce in each emirate are invaluable sources of information and assistance for anyone intending to do business in the country: they keep investment databases, issue and authenticate licences and other documentation, arbitrate on disputes and provide business facilities, such as meeting and conference rooms.

Abu Dhabi Chamber of Commerce
Dubai Chamber of Commerce and Industry
Sharjah Chamber of Commerce & Industry
Ajman Chamber of Commerce & Industry
Umm al-Qaiwain Chamber of Commerce & Industry
Ra’s al-Khaimah Chamber of Commerce & Industry
Fujairah Chamber of Commerce, Industry & Agriculture

Free Trade Zones in UAE

Establishing a business entity in one of the UAE’s Free Trade Zones (FTZs) can be an extremely attractive option for foreign investors. The major attributes of a free zone are:
• 100 per cent foreign ownership of the enterprise
• reduced or different trade barriers,tariffs and quotas
• 100 per cent repatriation of capital and profits
• Corporate tax exemptions for up to 50 years
• No personal income taxes
• Assistance with labour recruitment, and additional support services, such as sponsorship and housing.
• An independent Free Zone Authority (FZA) governs each free zone, and is the agency responsible for issuing FTZ operating licences and assisting companies with establishing their business in the FTZ.
• Investors can either register a new company in the form of a Free Zone Establishment (FZE) or simply establish a branch or representative office of their existing or parent company based within the UAE or abroad. An FZE is a limited liability company governed by the rules and regulations of the Free Zone in which it is established. Except for acquiring nationality in the UAE, the provisions of the CCL do not apply to FZEs, provided that the Free Zones have special provisions regulating such companies.
• However, free zone companies may only operate within the free zone boundaries and are generally limited to performing solely thouse activities listed in their licence.

Laws and Regulations in the UAE for Foreign Investor Companies
There is the Federal Law which applies to all 7 Emirates and supersedes the “domestic” laws of each emirate. In addition within each emirate there are Free Zones which have their own laws and regulations which might be different from UAE laws (and from Free Zone to Free Zone they may differ but many elements are common) as they are structured to facilitate business for foreigners. For example in DIFC (Dubai International Financial Centre – the Financial Services Free Zone) English law was adopted as the prevailing law, in order to facilitate these activities!

Permitted type of activities>
This is not like Malta or Cyprus where the Articles of association / laws allow many activities in ONE company. Activity licensing for each entity mentioned above is as follows:
(a) For a free zone company ONE must get A TRADE license for EACH ONE activity e.g. consulting OR trading etc. and holding shares or participating in ventures is allowed.
(b) For offshore companies many activities are allowed for one company Restricted activities for offshore are:
• Financial – Aviation- Media – precious metals- oil and gas As accepted ones are :
• Business and Management consultancy
• General Trading
• Holding companies and holding shares in other companies in the UAE or outside
• Trading (Shall be specified)
• Owning Free hold properties

Accounting, Reporting, Audit
Offshore Companies need to keep books of account and prepare financial statements but no audited financial statements are required.
Free Zone Companies Companies need to keep books of account and prepare financial statements AND audited financial statements.

Investment restrictions
Islam forbids gambling in any form. Consequentially, derivatives, forwards, options and futures are prohibited. Other forbidden practices include short selling, margin, and scalping trading. Day trading is considered akin to maisir. Marketable securities generally have a multi-day settlement period, during which time the underlying instruments, while cleared, are not formally registered in the name of the purchaser. As day traders do not wait for settlement to complete, they are using a type of credit cushion provided by their broker.[3] Day traders also very commonly rely on a margin account to finance their trading activity.

The payment or receipt of interests are considered usury and unjust. Debt is also disapproved making investments in highly leveraged companies unacceptable. Funds cannot pay fixed or guaranteed return on capital. Instead of borrowing and lending, Islamic finance relies on sharing the ownership of the assets and therefore risk and profit/loss. Companies involved in prohibited business activities cannot be part of a Shariah fund strategy. Prohibited business activities can relate to food (production and sales of alcoholic beverages including pubs and restaurants, pork products, tobacco), gambling (casinos, on-line gambling, betting, lottery schemes), adult oriented (video, magazines, on-line material, strip clubs), dubious, immoral and illicit trades (prostitution, drugs).

Fees: Lower cost/ Fees/ Charge

Email us: contact@sfconsultingbd.com
Abu Dhabi, UAE

 Branch Office open in UAE

Read More »

Branch Office open in Dubai

Branch Office open in Dubai

Company Formation in Dubai

Visit: http://www.sfconsultingbd.com/

Foreign Company Registration in Dubai, Company Registration Process in Dubai, Foreign Direct Investment in Dubai, Doing Business in Dubai

http://www.sfconsultingbd.com/viewMiddleEast.php?country=dubai

Email: contact@sfconsultingbd.com

S & F Consulting Firm Limited

Skype: forhadhossain79

Foreign Investors are Welcome to our site: www.sfconsultingbd.com

Company Formation in Dubai

Liason Office open in Dubai

S & F CONSULTING FIRM LIMITED , Foreign Company Registration, Company Formation Consultancy Firm

* Foreign Company Registration (100% Foreign Investment, Joint Venture, Virtual/ Branch/ Liason Office, Foundation), Taxation, Accounts & Audit, Legal, Company Secretarial & Management Consultancy.

Company Registration/ Formation/ incorporation in Dubai, Foreign Direct Investment in Dubai-FDI, FDI in Dubai, Doing Business in Dubai

Company Formation / Registration in Dubai

Dubai Joint Venture Companies

A joint venture is a contractual agreement between a foreign party and a local party licensed to engage in the desired activity. The local equity participation in the joint venture must be at least 51%, but the profit and loss distribution can be prescribed. There is no need to license the joint venture or publish the agreement. The foreign partner deals with third parties under the name of the local partner who - unless the agreement is publicised - bears all liability.
In practice, joint ventures are seen as offering a suitable structure for companies working together on specific projects.

Dubai Limited Liability Companies
A limited liability company can be formed by a minimum of two and a maximum of 50 persons whose liability is limited to their shares in the company's capital. Such companies are recognised as offering a suitable structure for organisations interested in developing a long term relationship in the local market.

In Dubai, the minimum capital is currently Dh. 300,000 (US$ 82,000), contributed in cash or in kind. While foreign equity in the company may not exceed 49%, profit and loss distribution can be prescribed. Responsibility for the management of a limited liability company can be vested in the foreign or national partners or a third party.

The following steps are required in establishing a limited liability company in Dubai.

Branches and Representative Offices of Foreign Commercial Companies in Dubai

The Commercial Companies Law also covers the formation and regulation of branches and representative offices of foreign companies in the UAE and stipulates that they may be 100% foreign owned, provided a local agent is appointed.

Only UAE nationals or companies 100% owned by UAE nationals may be appointed as local agents (which should not be confused with the term "commercial agent"). Local agents -- also sometimes referred to as sponsors -- are not involved in the operations of the company but assist in obtaining visas, labour cards, etc and are paid a lump sum and/or a percentage of profits or turnover. In general, branches and offices of foreign commercial companies are not licensed to engage in importing activity except for re-export or in the case of products of a highly technical nature.

To establish a branch or representative office in Dubai, a foreign commercial company should proceed as follows:
• Apply for a licence from the Ministry of Economy and Commerce, submitting an agency agreement with a UAE national or 100% UAE owned company. Before issuing the licence, the Ministry will:
• forward the application to the Economic Department to obtain the approval of the Dubai government;
• forward the application specifying the activity that the office or branch will be authorised to undertake in the UAE, to the Federal Foreign Companies Committee for approval;
• Once this has been done, the Ministry of Economy and Commerce will issue the required Ministerial licence specifying the activity to be practised by the foreign company;
• The branch or office should be entered in the Economic Department's Commercial Register, and the required licence will be issued;
• The branch or office should also be entered in the Foreign Companies Register of the Ministry of Economy and Commerce;
• Finally the branch or office should be registered with the Dubai Chamber of Commerce and Industry.

• What are the capital requirements? 
Minimum share capital required for a specific trade license is U.A.E.
Dhs. 300,000/- .
The share capital is divided into shares of Dhs. 1,000/- each.
For emirates other than Dubai capital requirement is Dhs. 150,000/- and Dhs. 1,500,000/- respectively. The share capital is divided into shares of Dhs. 1,500/- each

•How is the capital to be contributed?
Dhs. 300,000/- for Specific Trade License.

Contribution in Cash
Existing Sole Proprietor or partnership concerns can contribute capital in cash.
New companies have to compulsorily contribute capital in cash only.

• Is residential address to be stated anywhere? 
The residential address of the expatriate partners has to be stated in the Memorandum of Association and supported by the tenancy contract copy as 5% tax has to be paid on the per annum rental value.

• Which are the documents required to be submitted to the Department of Economic Development?
A complete list of documents required to form a Limited Liability Company is enclosed herewith. Refer Annexure A.

After Formation of the Company in Dubai
• Can the company open branches in Dubai?
The company can open branches in Dubai by submitting an application alongwith the original trade licence and other documents.

• Apply to the Ministry of Economy
An application must be made to the Ministry of Economy (MOE) (the UAE Commercial Companies Law, article 314). trade name reservation certificate and initial approval

Obtain licence from the Department of Economic Development
The MOE will issue a formal approval to either the Abu Dhabi Department of Economic Development or the Dubai Department of Economic Development, as appropriate (collectively referred to as the DED here).

Becoming a member of the Chamber of Commerce and Industry
The final step is for the branch or representative office to register as a member with the Abu Dhabi Chamber of Commerce and Industry or the Dubai Chamber of Commerce and Industry, as appropriate. The procedure is largely the same. It will be necessary to complete an application, and provide copies of the commercial licence and office lease agreement along with passport copies of the authorised signatories of the branch or representative office.

Notarisation and translation of documents
The foreign company will have to present the documents listed above for authentication at the foreign ministry of the country in which the company is incorporated and subsequently to the UAE consulate. Before they can be presented to the authorities in the UAE, they must also be translated into Arabic by an official translator. The notarisation process should be commenced as early as possible as it can take a significant amount of time. Where the responsible UAE embassy is not located in the country of incorporation, the process can be delayed further.

Fees: Lower cost/ Fees/ Charge

Email us: contact@sfconsultingbd.com
Abu Dhabi, Dubai

Branch Office open in Dubai

Read More »

Branch Office open in Hong Kong

Branch Office open in Hong Kong

Company Formation in Hong Kong

Visit: http://www.sfconsultingbd.com/

Foreign Company Registration in Hong Kong, Company Registration Process in Hong Kong, Foreign Direct Investment in Hong Kong, Doing Business in Hong Kong

http://www.sfconsultingbd.com/viewAsia.php?country=hongkong 

Email: contact@sfconsultingbd.com

S & F Consulting Firm Limited

Skype: forhadhossain79

Foreign Investors are Welcome to our site: www.sfconsultingbd.com

Company Formation in Hong Kong

Liason Office open in Hong Kong

S & F CONSULTING FIRM LIMITED, Foreign Company Registration, Company Formation Consultancy Firm.

Foreign Company Registration (100% Foreign Investment, Joint Venture, Virtual/ Branch/ Liason Office, Foundation), Taxation, Accounts & Audit, Legal, Company Secretarial & Management Consultancy.

Company Registration/ Formation/ incorporation in Hong Kong, Foreign Direct Investment in Hong Kong-FDI, FDI in Hong Kong, Doing Business in Hong Kong

Company Formation / Registration in Hong Kong

Basic Requirement to set up Branch Office in Hong Kong
1. Certified true copies of the foreign company's certificate of incorporation, memorandum and articles, or equivalent documents.
2. A list of the directors and secretary and their pertaining details.
3. A list of person or persons residing in Hong Kong authorized to accept service of process and notices on behalf of the foreign company.
4. A certified true copy of the latest financial statement of the foreign company if it is a public company and is required by the law of the place of its incorporation to publish its accounts.

Branch Office set up procedure
• Consult and assess your company structure and collect necessary documents for the formation of Hong Kong branch office
• Sign our Letter of Engagement to make confirmation of proceeding with the Branch office formation
• Prepare the branch office formation documents
• Submit the original signed company documents to the government department and pay all government fees on the client's behalf
• Monitor the whole process and keep the client update for any news
• Pick up Business Registration from the government department
• Prepare a company chop
• Deliver the documents to the client

Advantage of Branch Office in Hong Kong
1. A branch office is a legally incorporated entity in Hong Kong.
2. An impression of unity with foreign parent company.

Disadvantage of Branch Office in Hong Kong
1. The foreign parent company is accountable and responsible for all legal liabilities and debts of the branch office
2. Hong Kong sourced profit generated in the branch office may subject to overseas tax.

Basic Requirement for Representative Office in Hong Kong
1. A certified true copy of the certificate of incorporation or equivalent document of the foreign company
2. A certified true copy of the English or Chinese translation thereof if the original is not in English or Chinese.

Hong Kong Representative Office Set up Procedure
• Consult and assess your company structure and collect necessary documents for the formation of Hong Kong representative office
• Sign our Letter of Engagement to make confirmation of proceeding with the
representative office formation • Prepare the representative office formation documents
• Submit the original signed company documents to the Hong Kong Inland Revenue Department and pay all government fees on the client's behalf
• Monitor the whole process and keep the client update for any news
• Pick up Business Registration from Inland Revenue Department

Advantage of Representative Office
1. There are no registration requirements with the Companies Registry, no minimum capital requirements and no compliances like filing tax returns or maintaining accounts etc. The only requirement is to register with the Inland Revenue Department and obtain a Business Registration Certificate.
2. A representative office of a foreign company is not required to file any financial or other statutory returns with any government authorities in Hong Kong. The same applies to the foreign company itself.

Disadvantage of Representative Office set up
1. A representative office cannot engage in profit making activities and is not treated as a legal entity. It cannot sign or enter into any contracts, sign deals on behalf of the foreign company, raise invoices or letters of credit nor engage in trading activities.
2. The representative office has to restrict itself to promotion and liaison activities, undertaking market research and coordinating activities on behalf of the foreign company.

A Virtual Office is ideal for:
• Having a requirement to hold meetings in the city but no requirement for a full time office
• People who often travel and therefore do not have the need for physical office space
• Individuals that work from home but require a city identity
• Those who require an office identity but do not have the budget for a physical office
• New business start-ups who wish to test a new market and cannot yet justify the cost of setting up a permanent office.

Fees: Lower cost/ Fees/ Charge

Email us: contact@sfconsultingbd.com
Hong Kong

 Branch Office open in Hong Hong

Read More »

Branch Office Open in Singapore

Branch Office Open in Singapore

Company Formation in Singapore

Visit: http://www.sfconsultingbd.com/

Foreign Company Registration in Singapore, Company Registration Process in Singapore, Foreign Direct Investment in Singapore, Doing Business in Singapore

http://www.sfconsultingbd.com/viewAsia.php?country=singapore

Email: contact@sfconsultingbd.com

S & F Consulting Firm Limited

Skype: forhadhossain79

Foreign Investors are Welcome to our site: www.sfconsultingbd.com

Company Formation in Singapore

Branch Office open in Singapore

Liason Office Open in Singapore

S & F CONSULTING FIRM LIMITED , Foreign Company Registration, Company Formation Consultancy Firm

Foreign Company Registration (100% Foreign Investment, Joint Venture, Virtual/ Branch/ Liason Office, Foundation), Taxation, Accounts & Audit, Legal, Company Secretarial & Management Consultancy.Company Registration/ Formation/ incorporation in Singapore, Foreign Direct Investment in Singapore-FDI, FDI in Singapore, Doing Business in Singapore

Company Formation / Registration in Singapore

Subsidiary Company
A subsidiary company is a locally incorporated private limited company whose majority shareholder is another local or foreign company. Singapore allows 100% foreign ownership in companies. Therefore a foreign company may incorporate a local limited liability company in Singapore (ie subsidiary company) and own 100% of the shareholding.

Branch Office
A branch office is treated as an extension of the foreign company. This is an important point since it means that the foreign company's head office bears the ultimate responsibility for any liabilities arising due to the acts of commission or omission of the Singapore Branch Office. From a taxation point of view, a branch office is generally considered a non-resident entity and therefore not eligible for the tax exemptions and incentives available to local companies in Singapore. Consequently, setting up a branch office is a less attractive option for small to mid-size businesses.

The name of the Singapore branch office must be the same as that of the head office and must be approved first before branch office registration. The company registrar generally approves the proposed name unless a name is identical to an existing company name.

Singapore Companies Act requires that a branch office appoint 2 agents who are ordinarily resident in Singapore to accept services of process and notices. A branch office must have a registered office address in Singapore.

A Singapore branch office is allowed to conduct any type of business activity that falls within the scope of its parent company and can repatriate its earnings and capital. The portion of the income of the branch office, which is derived from or attributable to the operations carried out outside Singapore, will not be subject to taxes. Only the earnings derived from its operations in Singapore will be subject to the prevailing local corporate tax rates.

For a complete guide on setting up a branch office in Singapore, refer to Singapore branch office registration guide.

Representative Office
Foreign companies that are only interested in exploring the market or managing the company affairs without conducting any business activity of profit yielding nature, can setup a representative office in Singapore. A representative office is a temporary setup without any legal persona. Therefore it cannot enter into any contract, engage in trading directly or on behalf of the foreign company, lease warehouse, raise invoices, open letter of credit, etc. Representative office in Singapore can only undertake market research or feasibility studies on behalf of its parent company.

The foreign company bears implicit liability for the activities of the representative office in Singapore. The representative office must be staffed by a representative from the foreign company's head office and can engage a small number of local support staff not exceeding five employees.

International Enterprise Singapore (IE Singapore) is the registration authority for representative offices for most of the industries including manufacturing, business services, commerce and other sectors but excluding banking, finance, insurance that have to be registered with the Monetary Authority of Singapore (MAS).

The foreign company and its assets cannot be held for the debts and liabilities of the subsidiary. Raising funds locally or availing government incentives are easier. A subsidiary company will generally enjoy a resident status and can avail the benefits of several favorable tax treaties that Singapore has concluded.

Advantage of a Branch: 
It is administratively easier to maintain than a company. In addition, closing a branch is easier than liquidating a company.

Disadvantage of a Branch: 
The liabilities of a branch extend to its head office. A branch having a registered office in Singapore means that its head office (foreign corporation) can be served with legal process in Singapore. Another disadvantage is that the accounts of the head office must be lodged with the ACRA and they are available for public inspection.

Comparison Chart for Subsidiary Company Vs Branch Office Vs Representative Office

Types	Subsidiary Company	Representative Office	Branch Office
Entity Name	Need not be the same as parent company	Must be the same as parent company	Must be the same as the parent company
Allowed Activities	Can conduct all business activities	Can only conduct  market research or coordinating activities	Must be the same as the parent company
Suitable For	For local or Foreign Companies that wish to expand  their operations in Singapore	For Foreign Companies that wish to set up temporary vehicle in Singapore to conduct research and act as liaison office	For Foreign Companies thay wish to expand  their operations in Singapore
Disadvantages	Continuing Compliance  Obligations eg Financial Reports, Audit, AGMS, etc	It is a temporary vehicle and cannot generate revenue	Continuing Compliance  Obligations eg Financial Reports, Audit etc
Ownership	Can be 100% foreign or locally owned	No Ownership	Owned 100% by the head office
Separate Legal Entity	Yes	No	No
Cap on Number of Members	Yes, max 50	Not Applicable	Not Applicable
Minimum Setting up Requirement	Min One shareholder, that can be an Individual or corporate (100% local or foreign shareholding allowed. Must have at least one resident director	Must appoint a Chief Representative who will relocate from headquarters	Must have two Singapore Resident Agents
Limited Liability	Yes	No	No
Need for Audited Accounts	Yes	No	Yes
Filing of Accounts with ACRA and IRAS	Yes	No	Yes
Annual Filing	Must file audit report of subsidiary	Not Applicable	Must file branch office's as well as parent company's audit reports
Tax Treatment	Taxed as Singapore resident entity, local tax benefits available	Not Applicable	Taxed as non-resident entity, local tax benefits not available
Tax Benefits	A subsidiary company, with at least one individual shareholder with minimum of 10 percent shareholding, is entitled to local tax incentives and rebates	No Corporate tax. Employees have to pay personal tax	Partial tax exemption
Cessation of Business upon Death of a Member/Partner	No. Equity shares go on in perpetuity	Not Applicable	No
Validity Period	Perpetually until deregistered	This is a temporary Setup. It is intended not to last more than 3 years	Perpetually until deregistered
Normal Registration Time	3 hours	3-5 days	3 hours
Appointment of Officers	Must appoint at least one local resident director	Must appoint a Chief Representative who will relocate from headquarters	Must appoint two resident agents
Governing Body	ACRA & IRAS	International Enterprise Singapore	ACRA & IRAS

Fees: Lower cost/ Fees/ Charge

Email us: contact@sfconsultingbd.com
Singapore City, Singapore

Read More »

Branch Office Open in Malaysia

Branch Office Open in Malaysia

Do you know the process of branch office opening of foreign company in Malaysia? Do you know the require papers of registering a branch office in Malaysia of parent company? Malaysia as developing country most of the foreign entrepreneurs plan to setup whether branch office or, limited liability company in Malaysia located in Penang or KL.

Branch office open in Malaysia

As law of fdi of Malaysia some papers of parent company's have to supply before registering a branch office such as audit report, Memorandum and Article of association, Passport of the directors, directors share holding paper, board meeting resolution, an office in Malaysia and contact detail.

Fees of opening a branch office in Malaysia

US$ 3000 may need to complete all permission of registering a branch office in Malaysia. 

Conditions of registering a branch office

RM 500000 may need to remit in bank account of Malaysia to get approval of branch office. Additionally local Malaysian residence require too for registering a branch office. 
Contact us for services of company registration in Malaysia for foreigner.

Read More »

Branch Office open in Myanmar

Branch Office open in Myanmar

S & F CONSULTING FIRM LIMITED is an international business/ company registration consultancy firm.

Foreign Company Registration (100% Foreign Investment, Joint Venture, Virtual/ Branch/ Liason Office, Foundation), Taxation, Accounts & Audit, Legal, Company Secretarial & Management Consultancy.

Company Registration/ Formation/ incorporation in Myanmar

Foreign Direct Investment in Myanmar

Doing Business in Myanmar

Company Formation / Registration in Myanmar

BUSINESS ORGANIZATION

1. Registration of business Organization 
Operation in Myanmar can be carried out through one of the following business organizations:
- Partnerships
- Companies limited by shares. i.e. joint venture companies; local companies; foreign companies
- Branch or Representative offices of a foreign company
- Associations not for profit

2. Limited by Shares company in Myanmar

A company limited by shares is required to register. For foreign enterprises, the most normal method of doing business in Myanmar is through a limited company. Such a company could be a foreign company registered in Myanmar or by means of a branch office or representative office formed outside Myanmar. If one share is owned by a foreign partner, the company shall come under the definition of a foreign company, and shall apply and obtain a Permit before registration. There are two main types of company: a private limited liability company and a public limited liability company.

- In a private limited Liability company, the transfer of shares is restricted, the public cannot be called upon to subscribe for shares, and the number of members is limited to fifty.
- In a public limited liability company, the number of shareholders must be at least seven. The company, after registration, must apply for a Certificate of Commencement of Business to enable start the business operation.
- The governing law for the limited companies is the Myanmar Companies Act 1914. A company with share contribution of the State shall be registered under the Special Company Act 1950 and the Myanmar Companies Act 1914.
- There are generally no minimum share capital requirements. However, minimum requirements do exist for banking and insurance companies and foreign companies and branches of all business. For foreign companies and branches, the minimum capital to be brought in is as follows:
- Industrial company - foreign currency equivalent to K. 1,000,000.
- Services company - foreign currency equivalent to K. 300,000.

4. Documents required for registration a company in Myanmar

Under section 27A of the Myanmar Companies Act, a foreign company, whether a hundred percent owned or a joint-venture and a branch/representative office, is required to obtain a PERMIT before registration. However, a joint-venture with the State equity formed under Special Company Act 1950 is exempted from obtaining a PERMIT.

The application for PERMIT is to be accompanied by the following documents:
(1) Form A of the Myanmar Companies Regulation 1957
(2) Draft Memorandum and Articles of Association
(3) Duly completed questionnaire form
(4) Intended activities to be performed
(5) Estimated expenditures to be incurred in Myanmar for the first year operations
(6) Financial credibility of the company/individual
(7) Board of Directors' resolution, if the subscriber is a company.

In the case of a foreign branch/representative office, the following shall be furnished in addition to the above mentioned documents.
(1) Instead of the companies draft Memorandum and Articles of Association, a copy of the Head Office’s Memorandum and Articles of Association or of the Charter, Statute or other instruments constituting or defining the constitution of the company, duly notarized and consularized by the Myanmar Embassy concerned in the country where the company is incorporated.
(2) The Annual Report for the last two financial years (OR) if it is the copies of the Head Office Balance Sheet and Profit and Loss accounts for the last two financial years, it is to be notarised and consularized by the Myanmar Embassy concerned in the country where the company is incorporated.
(3) Where the original Memorandum and Articles of Association and other relevant documents are not in English language, authentication of the translation into English.

The application for registration is to be accompanied by the following documents.
(1) Two sets of Memorandum and Articles of Association duly stamped and printed both in Myanmar and English
(2) Declaration of registration
(3) Declaration of legal and official version of the documents
(4) Declaration of the situation of registered office
(5) Translation certificate by a competent translator
(6) List of Directors
(7) List of person(s) authorized to accept services of process and notice in Myanmar on behalf of the company (i.e. for a branch office of a foreign company.)

For a Public company, the following additional documents shall be submitted before commencing the business
(1) List of person to act as directors
(2) List of person who have consented to act as director
(3) Agreement to take qualification shares.

Source: Directorate of Investment and Company Administration (DICA), Minstry of National Planing and Economic Development

MCA Companies – Foreign Ownership company formation in Myanmar

It is fully possible to own 100% of an MCA (as well as an MIC) company even if you are a foreigner. The implication of this is that you will not be able to operate certain kinds of businesses like trading or education. However, it is important to note that any Myanmar company with one or more foreign shareholders is automatically considered foreign except in rare cases that involve joint ventures with the government.

Minimum Capital Requirements
The minimum investment required by a foreign service company under the MCA is US$ 50,000. Half of this amount needs to be invested in the company upon approval of the incorporation application. The remaining half needs to be invested in the company within 1 year of incorporation.

FIL INCENTIVES
Currently, a foreign investor (whether investing through a joint venture or a 100% owned entity) manufacturing goods or providing services in Myanmar under an FIL Permit will be granted an exemption from income tax for three consecutive years, inclusive of the year of commencement, and the investment is "guaranteed" against nationalisation. The FIL also guarantees the right to repatriate "the rightful entitlement of the foreign investor" in foreign currency after the termination of the business and entitles foreign employees of the company resident in Myanmar to repatriate their savings.

In addition, any one or more of the following incentives may be granted by the MIC to the foreign investor which invests and operates under an FIL Permit:

Exemption or relief from income tax on the profits of the business kept in a reserve fund and reinvested in the business within one (1) year after the reserve is made

Accelerated depreciation in respect of machinery, equipment, building or other capital assets used in the business, at the rate approved by the MIC

Relief from tax on up to 50% of the profits accrued from the export of goods produced in Myanmar

The right to pay foreign employees' income tax and deduct such payments from assessable income

The right to deduct from assessable income expenses incurred in respect of necessary research and development carried out within Myanmar

The ability to carry forward and set off losses up to three (3) consecutive years after the year in which the loss is sustained

Exemption or relief from customs duty, licensing requirements and internal taxes on the import of machinery, and components, equipment, instruments, spare parts and materials used in the business and deemed required by the MIC during the initial period/period of construction

Exemption or relief from customs duty, licensing requirements and internal taxes on the import of raw materials imported within the first three years' of commercial production following start up/the completion of construction.

The incentives actually granted by the MIC to the foreign investor are specified in the FIL Permit when issued.

In addition to tax incentives, foreign investors holding an FIL Permit are entitled to "lease" land for up to 30 years from the Government at reasonable rates (see discussion below under "Investor Concerns") and are exempted from obtaining an import licence from the Ministry of Trade for certain capital investment items and raw materials.

Fees: Lower cost/ Fees/ Charge

Email us: contact@sfconsultingbd.com
Naypyidaw, Yangunr, Myanmar

S & F Consulting Firm Limited

Branch Office open in Myanmar

Read More »