Company Set Up For Foreign Individuals
Setting up a company in Singapore is possible even if you’re not from the city-state. You can do this without worrying about a thing. However, there are certain matters that you need to consider beforehand to prevent hassle along the way. Some of the most notable ones are elaborated below:
- You must be at least 18 years of age.
- You can begin setting up a company in Singapore by applying for sole-proprietorship. In the process, make sure to appoint at least one resident director; you can appoint an unlimited number of non-residents, but they need to be at least 18 years old, free of past malpractice charge, and not bankrupt. Addressing this is essential since the Ministry of Manpower is not going to issue a work visa for foreign individuals/entities. This is because self registering companies is exclusive for locals.
If you are relocating to Singapore
If you’re setting up a company in Singapore and relocating to the city-state in the process, you’re mandated by law to apply for work passes. There are two types of passes that you need to obtain: employment pass and entrepreneur pass.
- Employment pass
The employment pass is for foreign individuals of all nationalities who:
- Have an existing job offer in Singapore
- Work in an executive, managerial, or specialised job
- Have a fixed monthly salary of at least $3,600
- Have a good university degree, specialist skills, professional capacities, and other acceptable qualifications.
- Entrepreneur Pass
- The Entrepreneur Pass is for foreign individuals who are setting up a company in Singapore and relocating in the process. Those who are doing the former, but not the latter do not require the said pass.
If you are NOT relocating to Singapore
- As mentioned above, you don’t need an Entrepreneur Pass if you’re setting up a company in Singapore, but not relocating. However, you need to assign a Singapore citizen/permanent resident to be the director of your business. In line with this, your family member of friend who resides in the city-state can also act as the director.
- Resident/non-resident shareholders and directors:
- Copy of passport identification page or passport (if available)
- Copy of Employment Pass
- Bank reference letter
- Documents that confirm address (may include recent utility bill, bank statement, etc.)
- Business details of corporate shareholders:
- Registration/incorporation documents of the corporate shareholder
- Copy of passport identification page of a representative of the corporate shareholder
- Confirm that a Singapore resident director has undergone nomination procedures
- Incorporate company by hiring a professional entity to file the application via the Internet or in person
- Apply for company name and business registration