Singapore Company Registration with Employment Pass
Are you a foreign professional or a person seeking to incorporate a Singapore company and relocate for running the business operations? If yes, then you will have to do the following:
- Incorporate your Singapore company
- Get a work visa known as Singapore Employment Pass
Requirements for Setting up Singapore Company
- At least one shareholder
- Must have one resident director
- Must have one company secretary
- SGD 1 initial paid-up capital
- Must have Singapore registered office address
Eligibility for Singapore Employment Pass (EP)
Application for a Singapore EP can be made only after a Singapore company has been incorporated. After getting the EP, it is possible to act as the essential resident director.
Types of Pass and Requirements
||Chief Executive Officers, Chief Financial Officers, Managing Directors, Top Level Managers; Specialists – Subject Matter Experts or SMEs|
||Middle-level Managers, Senior Executives and Skilled Technicians|
||Recent graduates from reputed educational institutes; having 5+ years of experience may be equivalent to recognized qualifications|
PERSONAL TAX FOR EP HOLDERS
Because EP holders fall in the category of Singapore tax residents, they qualify for resident tax rates. The country has a dynamic personal tax regime as compared to the income of an individual.
The taxable income covers fixed salary, bonus, and other benefits like stock or housing. Taxable income of SGD 320,000 attracts 20 percent of peak resident tax rate.
As a foreign person seeking to incorporate your Singapore company and then relocate to the country, you must meet the following:
- Hire the services of Richmond for the incorporation of the Singapore company and get a nominee resident director appointed temporarily until you are able to get your EP.
- Apply for EP.
- Transfer of directorship after getting your EP.
- Relocate and begin business operations.
It is possible to handle everything ranging from application for work pass to company registration without you being present in Singapore.