If you wish to migrate to Singapore and start a business (or already have). The most popular relocation choice is the Employment Pass, a visa that your employer requests and extends an invitation to work under. Find out what it takes and why it’s the easiest way in our simple guide.
ACRA Register Company
The Accounting & Corporate Regulatory Authority (ACRA) is the Company Registrar. It oversees the registration of Singaporean corporations. Many Singaporean and foreign owners choosing to register a company with ACRA require assistance. For assistance in Singapore company formation, they may hire an agent. These experts provide guidance and help with Singapore company formation.
Understanding the Singapore Company Formation Process for Non-Residents
In Singapore, foreign nationals cannot self-register or form a company by themselves. Their duty is facilitated by hiring an agent for Singapore business registration. To migrate and work in Singapore, foreigners also require a Singapore work visa or permit.
Your agent helps you save both time and money thanks to their comprehensive expertise of Singapore business formation. They offer you detailed options for forming a business in Singapore.
How to Set Up Company Singapore?
In order to register a business in Singapore, you must:
- Choose a business structure that meets your needs.
- Sign up your business with ACRA.
- Create a business bank account
Anyone over 18 may register a corporation in Singapore, according to ACRA. Residents of Singapore, owners of the Entrepreneur Pass (EntrePass), Employment Pass (EP), and Dependant Pass (DP), and foreigners are all eligible to register a business there.
Important Steps for Foreigners to Register a Company in Singapore
You must fulfil additional requirements as a foreigner in order to accomplish Singapore company registration.
- Hire a local or resident director (a Singaporean, permanent resident, EP, or EntrePass holder)
- Give your local office’s registered address.
Select an accountancy, legal, or corporate secretarial firm that offers Singapore company registration services for the incorporation of your business.
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EntrePass
You can request an EntrePass from the Ministry of Manpower (MoM) as a foreigner and then choose to incorporate a company in Singapore. You must meet all the requirements for Entrepass and demonstrate your credentials as a serial entrepreneur. As a local or resident director for the business, you are free to migrate.
· Employment Pass
You can register a company in Singapore with an Employment Pass and become its owner or shareholder. However, you cannot be its local/resident director, as you cannot work for a company other than your employer.
You may have to engage nominee director services when forming the company.
Alternatively, you might register a company in Singapore. Then, ask your company secretary to submit an Employment Pass application on your behalf to MoM. You can remove the nominee director and assume full control of your firm once you’ve moved to Singapore.
Should I Move To Singapore To Run My New Company?
No, absolutely not! You are not required to move to Singapore after the firm is incorporated. You can also manage your business from your home or another location.
However, you must name and retain at least one nominee director at the time of Singapore company registration.
How long does it take to register a company in Singapore?
ACRA typically needs 1-3 days to register a Singaporean corporation. The approval process could take up to two months if your application is referred to the Minister.
It also relies on how quickly you and the other shareholders and directors provide your company secretary with the necessary paperwork for confirmation.
Wrap-Up
Even competent candidates may have their EP applications denied in light of the Ministry of Manpower’s (MOM) recent implementation of a strict EP framework. However, EBOS can assist you in estimating your likelihood of getting an Employment Pass.
Foreigners are more likely to fulfil the conditions for this visa if the Employment Pass application process is made simpler. If the reasons listed in the advice are taken care of, the likelihood of the process being successful is greatly increased. Less risk for them would result in fewer rejections. Companies will find it simpler to streamline their internal HR procedures as a result, enabling them to draw in more international talent from all around the world.
Contact us at EBOS today to learn how our experts can help you with your Singapore employment pass application.
