Singapore Incorporation Services: Get Your EntrePass and Register a Private Limited Company
Singapore is a place that brings the best out of everyone. It really makes a positive impression on the individuals who have an entrepreneurial streak in them. It makes these individuals see the abundance of available opportunities in Singapore. It inspires the expats as well as its own citizens to incorporate a company in Singapore and be the master of their destiny.
The foreigners, however, need to apply and acquire a work visa and assistance in establishing their Singapore company setup. Singapore incorporation services lend their expert assistance to them.
Take the Benefit of Entrepreneur Pass (EntrePass) Scheme
If you, as a foreigner, wants to relocate and work in Singapore, you need to have a work pass, such as an EntrePass (Entrepreneur Pass). It is useful to the foreign entrepreneurs lacking in qualifications but who are rich in experience.
They can send the EntrePass application through Singapore incorporation services before applying for the Singapore company formation. However, if the company already exists, the entrepreneur has the window period of 6 months from the date of incorporation to send his or EntrePass application to the authorities.
After acquiring the EntrePass, a foreigner can start working as the director of their companies and take charge of all of its business activities.
Requirements of the Entrepreneur Pass
- The applicant must be above 21 years in age.
- The applicant must be sponsored by a Singapore-based company or be able to provide a Banker’s Guarantee to the tune of $3,000 issued by a Singapore-based bank
- If you are taking assistance of Singapore incorporation services for the purpose, they can be your sponsor
- The entrepreneur must have started or intends to register a private limited company in Singapore
- The entrepreneur must plan to own at least 30% of the shares
- The company must have at least S$50,000 in paid-up-capital
- The individual also need to fulfill one of the innovativeness requirements
Documents to Submit with an EntrePass Application
- Properly filled EntrePass application form
- Documents fulfilling the innovativeness requirements
- A detailed business plan in the prescribed format
- If the company already exists, its bank statement must show at least S$ 50,000
- A copy of company’s business profile
- A recent passport-sized photograph
- A copy of the passport
- Documents of the previous employments or business ventures
- Copies of educational certificates
- MOUs with your customers and suppliers, Licensing agreements, product certifications, and endorsements, etc.
All the above documents need to be submitted in English.
Registering a Singapore Private Limited Company
A private limited company is the most incorporated business structure in Singapore. It is dynamic and scales well for an expanding entity. For registering it, you must apply to the Company Registrar of Singapore which is ACRA (Accounting & Corporate Regulatory Authority).
The Singapore incorporation process is an online affair and needs SingPass ID for logging on the website. That is why ACRA advises the foreigners to appoint Singapore incorporation services for the task. It is a two-step process, A) Apply and register the name of the proposed company B) Send an application for the company registration.
Normally, it takes only 1 – 3 days for opening an offshore company in Singapore. It is important that you ask around and get a reference or introduction to an experienced and trusted incorporation service. Appoint it and supply it with your incorporation documents.
Singapore is well known for its low tax rates, pro-business attitude and the support system that the authorities have established to support the start-up companies. This country acts as the staging post for the entities that are interested in the emerging markets of Asia. And as an entrepot in facilitates the trade between the East and the West. It is to be expected that the entrepreneurs and corporate from the corners of the globe opt for the incorporation of company in Singapore.