Hi there,
I'm currently an LTVP+ holder and want to start a small business here with my wife who is a SG citizen, reading online and seen that FIN holders are advised to seek consent from the relevant pass issuing authority (e.g. MOM/ICA) before registering or taking on an appointment (e.g. director, secretary) in an entity.
Whats exactly needs to be obtained in this case? I have a full time job here, would I have to notify my employer?
Hi there,
I'm currently an LTVP+ holder and want to start a small business here with my wife who is a SG citizen, reading online and seen that FIN holders are advised to seek consent from the relevant pass issuing authority (e.g. MOM/ICA) before registering or taking on an appointment (e.g. director, secretary) in an entity.
Whats exactly needs to be obtained in this case? I have a full time job here, would I have to notify my employer?
There are a few things to note for LTVP + holders starting a business in Singapore:
- Being a shareholder: No restrictions, you can own shares in your business.
- Being a director: The best way to be the director of your company is through an Employment Pass under your new business.
- Notifying your current employer: To ensure there is no conflict of interest, it is advisable for you to notify your current employer.
- Registering your company for business: Take note that every company should have 1 local director (in this case, your wife who is a SG citizen), 1 company secretary, and 1 registered office address.