Singapore-Entrepreneurs

Overview on Singapore Business Formation

Singapore offers one of the best tax efficient structures in terms of the Singapore company formation. Many of the foreign nationals look at Singapore as one of the best destination to start a profitable business. There are certain rules and regulations that the companies should abide by while trying to start up or expand your business in Singapore. You can get a work permit for Singapore business formation or nominate a company director. There are two different processes for Singapore business formation.

Singapore business formation without any relocation

In case you want to incorporate a company in Singapore and operate it from an overseas location then there is no need to get a relocation visa. You will however need to nominate a director who would run your Singapore operations. The director should either be a Singapore citizen, a permanent resident of Singapore or should possess a valid work permit in Singapore. There are many companies offering services for Singapore business formation and these companies will provide you an eligible director. Some of the other requirements for Singapore business formation are that the company should have a qualified secretary, a local office and a minimum share capital of at least $1. It is to be noted that the foreign nationals are eligible to own 100% of Singapore Company. There are also no exchange control restrictions in Singapore and the Singapore dollar is one of the most stable currencies in the world.

Singapore work permit for relocation of foreign nationals

If you want to have direct access to the administration of the company and want to relocate to Singapore then you will require a valid work permit. There are mainly two work permit schemes available. These are Employment Pass and Entrepreneur Pass. The employment pass is valid for two years and can be acquired after your business set up is done. The Employment pass lets you further apply for Dependent Pass which will let your family members live, work or study in Singapore. The employment pass is sanctioned by the Ministry of Manpower in Singapore. For the Entrepreneur pass the company owners will have to furnish several documents such as the marketing strategy, company’s scope in adding value to the economy of the nation and industry analysis report. With the help of the Entrepreneur pass you can move in and out of Singapore anytime. It takes nearly six weeks for the Ministry of Manpower to grant the pass.

Summary: There are various processes for Singapore business formation. The process for the business owners looking to set up business is totally different from the ones looking to relocate.

Tags: Singapore business formation, Singapore business startup, singapore taxation services