Singapore Company Setup: The Need of an Employment Pass or Entrepreneur Pass
Strong foreign trade and investment makes Singapore the world’s easiest place to do business in and the most competitive business nation in Asia. Many foreign business entrepreneurs and investors find the place favorable for global business. These individuals, after opting for the new company setup in Singapore, need to acquire work permits to immigrate and work in Singapore.
New Company Setup in Singapore: Steps and Requirements
The nation’s liberal policies, state-of-the-art infrastructure, attractive tax regime, and the simple company registration process are the few factors that make the nation a perfect business destination for all. The Singapore incorporation process is very much easy and convenient one. It lures the prospective entrepreneurs to Singapore.
Most businesses in Singapore are registered as either a Private Limited Company or a subsidiary company. The startups enjoy the benefits provided by the government. It takes only a day or two to incorporate a company in Singapore if all required documents are ready on hand.
The Things ACRA Insists on for a Successful Company Setup in Singapore
The government of Singapore has set some strict guidelines and policies for all the individuals who seek to open company in Singapore. Nevertheless, policies are relatively liberal and least restrictive than other nations.
- Any local or foreign individual above the age of 18 years of age can incorporate a Singapore company
- The company name should be decent, unique, and meaningful
- A Singapore Company must have at least one local nominee director who must be essentially a Permanent Resident of Singapore, Singapore Citizen or holder of an Employment, a Dependent, or an EntrePass
- A Company in Singapore can have 1 – 50 shareholders
- It is mandatory to appoint a company secretary within the 6 months of incorporation of a Singapore Company
- A company in Singapore must have a registered physical address for its office.
- Minimum initial paid-up share capital for company incorporation in Singapore is S$1.
Steps for Singapore Company Incorporation
- Approval of Company’s name
- Determination of business activities with brief description
- Submission of application along with the required documents to Accounting and Corporate Regularity Authority (ACRA)
- Receiving Certificate of Incorporation from the Company Registrar
- Opening a corporate bank account
- Applying for the business licenses and permits, and;
- Goods and Services Tax (GST) Registration
Documents Required for Company Registration
- Approved Company Name
- Brief Description of Business Activities
- Shareholders Particulars
- Directors Particulars
- Company Secretary Particulars
- Registered Address in Singapore
- Memorandum and Articles of Association (M&A)
- Copy of Singapore identity card for the Singapore residents
There are different types of Singapore work visas available to the entrepreneurs, professionals, and workers. They not only, enable people to pursue employment opportunities in this country, but also help them in setting up their own business enterprises. The process to obtain Singaporean work passes is organized.
Acquire Singapore Passes and Work Visas and Setup a Company in Singapore
The following are the features and benefits associated with these passes and the manner in which they help you set up a company in Singapore.
Singapore Employment Pass
- The Employment Pass or EP is meant for the skilled the professional, executives, and entrepreneurs.
- The EP is valid for 1-2 years for first-time applicants. It can be renewed up to 3 years.
- The issuance of EP helps the entrepreneurs to move in and out of the country without applying for the entry visas.
Features and Benefits of Singapore Entrepreneur Pass
- The Entrepreneur Pass (EntrePass) issued by Singapore government is most suited for entrepreneurs who wish to set up a new company in Singapore.
- It is awarded to those who have no formal education, but have tremendous industry experience.
- Any individual holding 30% shares in a company can also avail the Entrepreneur Pass.
- One can also apply for the EntrePass even before incorporating their business in Singapore or within six months of the incorporation.
- If you have a minimum paid-up capital of S$50,000, you can apply for EntrePass.
It is easy to register a business in Singapore and acquire work passes. It is without bureaucratic hurdles and delays. The foreign entrepreneurs, who opt for Singapore company incorporation and want to direct it from their own native country, can do so. They need no Entrepass or Employment Pass.
However, they need to appoint a local director, in order to comply with the requirements imposed by the Companies Law of Singapore, chapter 50 and implemented by the Accounting and Corporate Regularity Authority of Singapore.