Singapore is a land full of business opportunities. If you are a huge fan of Singapore, dream to live in the eternal summer, swim all the long in the Marina Bay Sand’s infinity pool during your day off, kick-starting a business in Singapore might be a good path for you to get in.
To incorporate a company in Singapore as a foreigner, you will need an employment pass to run your business. Once your employment pass is approved by the relevant authorities, you may register a business and commence business activities in Singapore.
One-stop solution for Company Incorporation and Employment Pass Application
If you are planning to relocate to Singapore and set up a company in Singapore, engaging with Paul Hype Page (PHP) to incorporate your company will be your best option. While you are waiting for your Employment Pass, PHP can employ a nominee director as the resident director to form the company. The Nominee Director only serve temporarily in your company (Normally two months). Once you secure your employment pass and relocate your business, you can take over the director position and commence business activities in Singapore.
PHP can help you with the company incorporation and employment pass without you physically in Singapore.
Fees for Incorporation with Employment Pass (Package)
| Package for Foreign Entrepreneurs Relocating to Singapore | |
|---|---|
Company Incorporation with Employment Pass | |
Company Registration | S$800 |
Acra Registration Fee | S$315 |
Appointment of Company Secretary (for 1 year) | S$600 |
Application for Employment Pass (EP) | S$800 |
Nominee Director (for 2 months) | $400 |
Registered Office Address (for 1 year) | S$240 |
Total | S$3,155 |
Additional Services (Optional) | |
Dependent Pass for the spouse or child under 18 years old (each) | S$500 |
Tax Services and Form C submission (for 1 year) | S$600 |
Accounting Services and Financial Statement Preparation (for 1 year) | S$600 |
Employment Pass
To relocate to Singapore and launch a business, you can apply for an Employment Pass. The Employment Pass is suitable for any businessman who has the relevant skill/ experience to operate a business in Singapore and a degree from a reputable institution.
Singapore Company Incorporation Requirements
To incorporate a company in Singapore, your company must be able to fulfill the requirement below:
- Director. The director must be at least one local resident director. A resident director means individuals who are a Singaporean citizen, a Singaporean permanent resident, or an EntrePass/Employment Pass/ Dependent’s Pass’s holder.
- Shareholders. Shareholders can either be corporate entities or individuals. The shareholding of a company can be fully foreign or fully local. Any other combination is also allowed. A director can also be among the company’s shareholders.
- At least S$1 paid-up capital
- A physical local address
- A company secretary
The steps for company incorporation in Singapore
- Fill up the Singapore Company registration form
- Review your documents and make sure that all the relevant documents are available
- Register the company name
- Ensure all the necessary documents are ready
- Sign the incorporation documents
- Incorporate the company with the Accounting and Corporate Regulatory Authority (ACRA)
- Open a corporate bank account (Make sure you have the company resolution and supporting documents
Type of Banks
As mentioned, opening a corporate bank account is part of the company’s incorporation processes. You can choose any local banks, foreign banks, or digital banks to open a corporate account. Depending on your needs and preferences, opening a corporate bank account in Singapore can be easy or complex.
If you are a new startup in Singapore, you might want to check out Aspire! With Aspire, you, as the business owner can have fast and simple access to financial services for your business operations anywhere and at any time through your mobile phones.
You can also get cashback for all your “online marketing” expenses (e.g. Facebook Advertising) and “software as a service” (e.g. Mailchimp). What’s more, it is also free to open an Aspire Business Account. There are no monthly fees, fall below fees, or FAST transfer fees, and no minimum deposit is required as well.
The account can be opened entirely online with Paul Hype Page, so you can get it done before you relocate to Singapore. More Aspire features on www.aspireapp.com
Singapore Company Incorporation with Employment Pass FAQs
The validity of an employment pass is 2 years in general.
After your company has been successfully incorporated, you will receive the Certificate of Good Standing from ACRA and a Company Business Profile. Once you have these documents in hand, you will be assured that your company has been successfully incorporated.
Your registered company name will be reserved for 60 days before incorporation. You can apply for another 60 days extension if you need it.
Yes. An Employment Pass does include Dependent’s Pass and Long-Term Visit Pass for your family members.
Hi, I am a foreigner in SG and I trying to renew my entrepass in SG but I would like to switch to an employment pass, since I am employed by my own company as CEO. At the monent I am also the sole director of my company. My salary is high enough. How can I do it? Can I apply for EP while the renewal of the entrepass in process? Thank you- Simon
Hi Simon,
Your question has been answered under our forum.
https://www.paulhypepage.com/forums/business-forums-singapore/renewal-of-the-entrepass-in-singapore/
Feel free to interact with us in the forum if you need further clarification. We will be happy to assist.
Best Regards,
Paul
Hello,
I am in Singapore on a stable long-term Employment Pass. Would there be any workaround for me to start an online business while still on EP? I wouldn’t want to lose the EP but would be keen to run an online business in parallel.
Thank you,
Alex
Hello Alex
Yes, we are able to assist in helping you register your business and you can keep your current employment. If you would like to discuss this further, please contact us via Paul Hype Page.
Thank you for your comment.
Warm regards
Paul
Hi,
I want to get Employment Pass by incorporating a private limited company in Singapore. How do I show proof of the minimum monthly fixed salary of Singapore Dollar $3900? I have not been getting fixed salary as I have been a freelancer. Can I show this salary proof with this new company by me drawing the fixed salary as CEO? Thank you.
Hi Fred
We are able to assist in your application. Please contact us via Paul Hype Page so we can discuss this further.
Thank you for your comment.
Warm regards
Paul
Hi ,
I am a singaporean holder planning to set up a local photography company with my foreigner holder (malaysian) . Can you guide me further with the procedures and details on how to go further about it. After researching, can i check if a upfront paid up capital of $50,000 is neccessary for applying an employment pass or base on case to case basis?
Thank you.
Hello Chris,
Since you and a foreigner plan to set up a company in Singapore together, you must first fulfill all of the relevant requirements. Your company must have at least one local director and company secretary, a number of shareholders between one and 50, a registered address located in Singapore, paid up capital is minimum S$1,000 and an approved company name.
There is no need for you to pay such a large amount of money to apply for an Employment Pass because we provide Employment Pass application services. Our fee is S$800. Please contact us for further information.
Thank you for your questions.
Paul
My wife is in a DP, we are looking at her setting up a small company in Singapore which she can change her DP into and independent EP (we do not want to have a LOC for the DP), is this somthing you could assist with and be possible?
Hello Nigel,
Any Dependent Pass holder who intends to set up a company in Singapore must first apply for and receive an Employment Pass before doing so.
We provide services related to Employment Pass applications as well as others related to company incorporation in Singapore. Please contact us if you would like to know more.
Thank you for your question.
Paul
Hi
I want to open company and get e pass and dependent pass.
How is it possible please guide me on this.
Hello Nilesh,
If you would like to open a company in Singapore as a foreigner, you will require the services of a professional firm to do so because foreigners may not incorporate a company on their own. You will also need documents which state details about shareholders, directors, the company secretary, the company name, business activities, the company’s constitution, and a non-PO Box registered address in Singapore.
To apply for Dependent’s Pass, you will need to hold either an Employment Pass or S Pass, earn at least S$6,000 in fixed monthly salary, and be sponsored by a Singapore company.
We will be of service to you regarding the opening of your company and application of work passes. Just contact us to find out more.
Thank you.
Paul
Hi there,
I am Malaysia and has been living and working in Australia for the last 13 years. My husband (Australian) has been issued with an EP and his company is in the process of applying a dependant pass on my behalf. I intend to set up a company of my own to run a consulting business, would I be eligible being a dependant pass holder?
Thank you.
Sam
Hello Sam,
As a Dependant’s Pass holder, you could own a company in Singapore. However, to work in the company, you will need to apply for EP after the company is setup.
Our specialists can help you with both setting up a Singapore private limited company and allowing you to receive an Employment Pass. You may reach us via email or telephone for further information.
Paul