Incorporate A Company In Singapore
Guidelines For Foreign Business Entities Planning To Incorporate A Company In Singapore
Singapore is a country that poses a very lucrative opportunity for several businessmen both locally and internationally. However, akin to other nations, this location also imposes several policies prior to allowing new businesses to register. In order to be acquainted with the said policies, a business entity should approach the Accounting and Corporate Regulatory Authority (ACRA).
Incorporate A Company In Singapore: Applying For An EntrePass
International entities looking to incorporate a company in Singapore and have decided to stay in the country are required to apply for an EntrePass. This can be obtained from the Ministry Of Manpower (MOM). To be able to become eligible for an EntrePass, applicants are expected to satisfy the following requirements:
1. The company should have already been registered with ACRA. The registration should elicit that the business is a Private Limited Company.
2. The application should be done within the first six months of registration. If it is submitted beyond the said time frame, the request will not be entertained.
3. The entity applying for an EntrePass should be a shareholder of the company. His/ her total shares should be at least 30% of the total shares.
Other Requirements To Incorporate A Company In Singapore
If applying for an Entrepass is not considered as an option, foreign entities are also given the opportunity to hire Singapore residents to perform various managerial tasks. There are no special application forms or requirements that need to be fulfilled.
Additionally, if the company will be employing foreign individuals to work for the company based in Singapore, the employee is required to secure an Employment Pass from the MOM. This pass is required by the government for foreign professionals who are to undertake specialised, executive, or managerial jobs. The type of pass that one should apply for varies depending on the fixed monthly salary, professional qualifications, special skills, and the like.