Starting a Company in Singapore as EP Holder
As per the Company Act of Singapore, anyone over the age of 18 years can start a business in Singapore. Even foreigners on the Visitor’s Visa can set up their Singapore company hassle-free.
However, when you ask, “Can I start my own business if I am on an employment pass in Singapore?”, it needs explaining.
Being a Shareholder of Business on Employment Pass
Yes, you can start a business on an employment pass in Singapore. Read on to know what it exactly means.
You, like any other investor, can invest in the shares of any company and be its shareholder (owner). In short, you can incorporate a Singapore company and be its shareholder (owner).
It is obvious that you will need to fulfill the pre-incorporation requirements by the ACRA, the Company Registrar of Singapore. The requirements are as follows:
- Minimum initial paid-up share capital of S$1
- At least one nominee or local director
- At least one shareholders
- At least a company secretary
- Registered address for the office
You can easily put up the capital of S$1 and provide your details to be the shareholder (owner) of your company. You can also hire a company secretary and registered address (virtual office address) services to comply with the requirements.
The law demands the details of a resident director, i.e. a Singapore citizen or Permanent Resident at the time of registering a new company.
Can an EP Holder be the Director of His or Her Singapore Company?
Let us say you are an EP holder working in Company ABC Pte Ltd. You want to set up your own Company XYZ Pte Ltd in Singapore.
“Yes, Sir,” you can register it. You will need to appoint a Singaporean or Permanent Resident as the local director of company XYZ Pte Ltd.
Do you also want to be your company’s director & lead it from the front and grow it?
Yes, it is possible! After incorporating XYZ Pte Ltd, you can be one of its directors provided you get LOC from MOM and LOC from your employer.
If you have any queries regarding registering a company in Singapore, phone us on +65-6536 0036 or email us at firstname.lastname@example.org to get answers.