What Is Singapore Company Formation
One of the best tax-efficient structures for conducting international business is Singapore company formation. A foreign national or company interested in starting or expanding his business in Singapore must comply with the rules and regulations on applying for a valid Singapore work permit or nominating a company director.
If you are interested in incorporating a Singapore company and wish to handle the business operations from overseas, you need not apply for a relocation visa. However, you are required to nominate at least one director to manage your Singapore operations. In order to be eligible for being appointed as nominee director, you must be:
- A Singapore Citizen
- A Permanent Singapore Resident or
- A valid Singapore work permit holder
Most firms that specialize in Singapore company formation services can provide the services of a nominee local director depending on the needs of the client. The following are other statutory requirements for incorporating of a Singapore company:
- A qualified company secretary
- A local registered office
- Minimum share capital of $1
A foreigner is allowed to own 100% of the shares of a Singapore company. All of the company’s post-tax profits can freely repatriate to you anywhere in the world. No exchange control restrictions are imposed in Singapore. Moreover, the Singapore dollar is one of the world’s most stable currencies.
If you desire direct access to the administration of your Singapore Company, then you must seriously consider relocating to Singapore. Through this, you will be required to obtain a valid work permit. The main work permits in Singapore are the following:
Employment Pass (EP): An employment pass is designed for skilled workers and company owners and has a term of up to two years. The same can be obtained even after the incorporation of your company. Obtaining an EP makes you eligible to apply for a Dependant Pass, where your immediate family members are allowed to live, study and work in Singapore.
The the Ministry of Manpower, Singapore approves the Employment Pass, which is much easier to acquire than an Entrepreneur Pass. Upon approval of the application, you are required to appoint a local nominee director.
Entrepreneur Pass (EntrePass): An EntrePass is issued only to company owners who are able to furnish a detailed business plan. The said business plan must include the following key information: marketing strategy, industry analysis reports, personnel strategy of the company and the company’s scope of economic value addition to the country. Through an EntrePass, you can easily travel to and from Singapore at anytime. As long as your business stays viable, you can continually renew the EnrePass. Holding an Entrepreneur Pass also makes you eligible to apply for Dependent Passes.
It takes more than 6 weeks to process an EntrePass applications considering the fact that it needs approval from both the Standards, Productivity and Innovation Board Singapore (SPRING) and the Ministry of Manpower (MOM).
Rikvin has effectively facilitated the Singapore company formation and Singapore representative office for both non-resident and resident financiers build business firms in Singapore.
Incoming calls in our phones are answered by live persons and not by an answering machine. We recognize the importance of your time and we are aware that technology cannot replace a person most especially, when we need to make vital business moves. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887.
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