• Business Owner in Singapore Own Another Company Abroad at the Same Time

Some who own a business in Singapore have been considering simultaneously owning and operating a business based in another country. However, they might not be certain if such is possible. The information in this FAQ will therefore provide an answer to this important question. We will cover:

Many business owners in Singapore are interested in starting and owning another company based in a country other than Singapore. They may do so for any of a great number of reasons. Some choose to do so because they view Singapore as merely a temporary business destination in their ultimate quest to start and run a business in another country. Others intend to increase their personal revenue by benefitting from the increased level of access to customers which would be received by expanding abroad. Still others prefer to primarily concentrate on their Singapore-based business but believe that the insights gained from operating a business on another country will serve them well as they run their business in Singapore. Whatever the reason a Singapore business owner may have for owning and running a company in another country, such a business owner must be properly informed about all necessary information regarding this matter before doing so.

In any case, you might be interested in owning a Singapore company because of the advantages that doing so brings. If such is the case, we at Paul Hype Page & Co will be able to supply you with high-quality incorporation services. Our incorporation team has done much to help our clients incorporate their company in Singapore; we are always willing to do the same for you.

It is possible for a business owner in Singapore to own another company abroad at the same time. There are no laws which exist in Singapore today that forbid such from being the case. As long as the business in Singapore has been registered and incorporated via a method deemed satisfactory to all government authorities involved, the business in Singapore may remain in operation. Likewise, the business which is based in the other country must be fully compliant with all of the business and incorporation regulations which exist in that country. If all required matters of both businesses have been properly addressed, there is no reason why a business owner in Singapore should not be able to own both a Singaporean and a foreign company at the same time.

There are also no restrictions which exist in Singapore regarding the ability of either foreigners or local residents of Singapore to have multiple businesses at the same time which are located in Singapore and other countries. Business owners in Singapore are also allowed to have their own offshore companies. In general, there are relatively few restrictions which are related to company ownership in Singapore. This lack of restrictions is a key reason why conducting business activities in Singapore is much easier than it is in almost every other country in the world.

Some foreigners who own companies in Singapore and another country at the same time have done so by already owning a company in their home country before they ever arrived in Singapore. However, any foreign business owner who plans to do so is required to obtain an Employment Pass (EP), Entrepreneur Pass (EntrePass), or any other suitable work visa which may be used in Singapore. However, those who select the Entrepreneur Pass ought to tread with more caution. This is because the criteria for obtaining an Entrepreneur Pass are much stricter than those associated with obtaining an Employment Pass. In either case, obtaining a visa of any type will ensure that a foreigner’s stay and employment in Singapore are legal and approved by all necessary authorities.

What to consider when choosing a country to own a different company in

Research and find out about the economic and political stability of that country and compare it with another one so that at the end of the day you select the best.

Most important is your business type. Is it permitted in that country? Find out how the competition is in that country for those with the same business. Are there businesses that are likely to threaten the survival of your business?

Find out if the raw materials you intend to use and the qualified employees are readily available in that country. If not readily available, where can you obtain them, and at what cost?

Do not forget to know the compliance requirements for your business type and if you are in a position to comply with them.

Should you be a foreigner who needs an Employment Pass of your own, we at Paul Hype Page & Co are able to offer you our assistance. We provide services that allow a foreigner to obtain an Employment Pass with as few problems as possible. Once you have received your Employment Pass through our services, you will then be able to live and work in Singapore as you see fit.

Can a Business Owner in Singapore Own Another Company Abroad at the Same Time? FAQs

What is the worst thing that can happen if you do not comply fully with the company regulations of the other country that you choose for a second company other than Singapore?2020-11-27T11:53:19+08:00
  • You may be sued for selling unpermitted goods or for offering unpermitted services.
  • You may be sued for none compliance in terms of required documents, or for conflicting information that doesn’t match your documents.
  • You may lose your company and company assets.
Are there countries that Singaporean business owners cannot own a business in?2020-11-27T11:52:54+08:00

Yes, there are sanctioned countries that Singaporeans can don’t own companies inIt is always important to check with the company registrar before setting out to research a potential market. 

Do the Singaporean laws forbid someone from owning a company in Singapore and another one in a different country at the same time?2020-11-27T11:52:30+08:00

No. there are no Singaporean laws that forbid someone from owning a company in Singapore and another in a different country at the same time.  

Why would someone want to run a company in Singapore and at the same time own another in another country?2020-11-27T11:51:53+08:00

Those who own two companies, one in Singapore and another one in a different place at the same time do so to:

  • Increase personal revenue, and
  • To gain insight into running their company by learning different aspects like customer taste, trends, and new ways to diversify the business.

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