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Singapore Company Incorporation For Foreigners

Singapore Company Incorporation For Foreigners

Singapore can be a lucrative business opportunity, not just for locals but for foreigners as well. The Accounting and Corporate Regulatory Authority (ACRA), Singapore’s primary business regulatory arm, has laid down certain requirements for foreigners who plan to open up business in Singapore.

Rules On Singapore Company Incorporation For Foreigners

Foreigners can, among others, incorporate a company for local operation in Singapore. Before this can be done, the foreigner must first secure an EntrePass from the Ministry of Manpower or MOM if he or she decides to stay in Singapore on an active managerial function for the company. If not, he or she could simply appoint a director who is locally resident in Singapore to fulfill such managerial duties.

Secondly, foreigners also need to secure the services of a professional firm which would be in charge of applying on his or her behalf for the company incorporation. This move is necessary should the incorporators, shareholders, or officers not hold a SingPass. All applications can be lodged via the BizFile, ACRA’s online business portal.

Additional Considerations For Singapore Company Incorporation For Foreigners

Ideally, the ACRA can approve applications with complete and satisfactory requirements quickly, at which time new companies are given the go signal to start operations.

However, for those that need prior approval of other ministries or government bodies, such as schools (which require evaluation of the Ministry of Education), the process may take longer.

Foreigners who wish to employ foreign individuals must note too that any foreigner who works for a company in Singapore should secure the appropriate Employment Pass from MOM.

Foreigners can start a private company or a public company that is limited by shares. A private company in Singapore comprises no more than 50 stockholders while a public company limited by shares is composed of stockholders that can exceed 50. Public companies can also opt to open part of their shares and debentures for public ownership in order to raise capital. Companies who decide on this must first register a prospectus with the Monetary Authority of Singapore.