New regime allows foreign companies to re-domicile to Singapore

FOREIGN companies will be allowed to transfer their registration from their home jurisdiction to Singapore, under the new inward re-domiciliation regime, starting Wednesday.

The introduction of this regime was one of the key changes made to the Companies Act in March.

It will allow foreign companies to re-domicile to Singapore, instead of having to set up a subsidiary here.

The move is expected to boost Singapore's competitiveness as a business hub, by facilitating the transfer or the setting-up of business in the city-state for foreigners.

More information can be found at the Accounting and Corporate Regulatory Authority's website (www.acra.gov.sg).