How can expat open a company in singapore
Posted: Feb 08, 2019
You’re already in Singapore under Employment Pass and here comes time starting a business in Singapore. Congratulations! Here’s what you need to do.
With all the requirement ready, it is easy to set up a company in Singapore. An expat who is proposing to set up his company, offices or business branch in Singapore must particularly have an Employment pass which refers to a specific pass so he can stay in the region and also do business in Singapore. This is needed before his business can be incorporated. The incorporation of his legal company is made through its registration with the Accounting and Corporate Regulatory Authority (ACRA) through BizFile.
It is always a must for a foreign company to have a company secretary and a resident director. The directors and secretaries may be residents of Singapore, have an employment pass (EP) or a permanent resident. The period for the EntrePass to be obtained may reach up to 14 days, and additional written documentation is needed; though, it still depends on the type of business the expat want to start.
The Incorporation Process
Incorporation is handled by a professional firm, which also offers you services such as a local address, secretary etc. The agency files an incorporation request on your behalf and gets approval from ACRA (Accounting and Corporate Regulatory Authority).
This process can be completed in minutes if all incorporation documents are ready. The required documents include:
Your passport details
Resident or Nominee director particulars
Company secretary details
Description of business activity
The applications and process for the EntrePass may be long yet easy. However, to find someone to serve as a guarantor as an assurance to the Singapore authority that the expat does not go out of the country with outstanding taxes is the challenging part although a business colleague or a friend can assist and offer to guarantee the foreign company monetarily concerning this matter.
The expat must know the importance of his business plan, CV, qualifications, and work records to be added in his application form. The content in all document should be correctly spelled, clear and brief to make it easy for the inspector to review the documentation and the expat could probably earn many points for that. Requirements should be photocopied, and the expat’s "work certifications" from his previous companies should be attached as well.
The other important aspect of starting a business in Singapore is that the goals?nd the w???n?x??t d??? h?? bu??n??? in th???untr??h?uld b? d?f?n?d?? well. Wh?l? waiting for th? Entr?P???, setting up an f?x?d-t?rm??v?ng?????unt is a g??d?d??. H? w?ll th?n b? g?v?n the Banker’s Gu?r?nt?? letter, th? t?m?l?t??f which w?ll??m? from th? Ministry of Manpower (MOM).
After expecting for a week, the expat then presents h?? gu?r?nt??, l?tt?r,?nd??????rt t? th? MOM and after????ng a little f??, th? expat r????v?? his green??rd — the expat?? th?n g?v?n?n? m?nth t??ubm?t d?t??l??f h?? n?w??m??n? to th? MOM.
The author is a professional company secretary with more than 10 years of experience.