Singapore company formation is one of the best tax-efficient structures for conducting international business. If you are a foreign national or company seeking to begin or expand your business in Singapore, follow the rules and regulations of obtaining a valid Singapore work permit or nominating a company director.
Singapore Company Formation without Relocation
If you seek to incorporate a company in Singapore and wish to operate from overseas, there is no need for a relocation visa. However, you will have to nominate at least one director to manage your Singapore operations. Individuals eligible for appointment as a nominee director are:
* A Singapore Citizen
* A Permanent Singapore Resident or
* A valid Singapore work permit holder
Most of the firms that specialize in Singapore company formation services can provide the services of a nominee local director as per client needs. Other statutory requirements for incorporating of a Singapore company include:
* A qualified company secretary
* A local registered office
* Minimum share capital of $1
You as a foreign person are eligible to own 100% of a Singapore company. All post-tax profits of the company can freely repatriate to you anywhere in the world. Singapore has no exchange control restrictions. Singapore dollar is one of the most stable currencies in the world.
Singapore Work Permit for Relocation
If you wish to have direct access to the administration of your Singapore Company, then you must consider relocating to Singapore. This requires you to have a valid work permit. Some of the main Singapore work permit schemes include:
Employment Pass (EP): An employment pass, meant for skilled workers and company owners, is valid for up to two years. It can be acquired even after the incorporation of your company. Based on the EP, you can apply for a Dependant Pass, which allows your immediate family members to live, study and work in Singapore.
An Employment Pass is approved by the Ministry of Manpower, Singapore, and is easier to acquire than an Entrepreneur Pass. Until the approval of your application, you will have to appoint a local nominee director.
Entrepreneur Pass (EntrePass): An EntrePass is granted to company owners only if they are able to furnish a detailed business plan. This plan must comprise key information, such as the marketing strategy, industry analysis reports, personnel strategy of the company and the company’s scope of economic value addition to the country. An EntrePass offers greater flexibility as it allows you to easily travel from and back to Singapore, anytime. You can also renew it as long as your business stays viable. Dependant passes can also be obtained on the basis of an Entrepreneur Pass.
The processing of an EntrePass takes over six weeks as it requires joint approval from the Standards, Productivity and Innovation Board Singapore (SPRING) and the Ministry of Manpower (MOM).