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How Can Foreigners Start A Business in Singapore?

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How Can Foreigners Start A Business in Singapore?

2021-02-05T12:37:47+08:00May 12, 2013|156 Comments

Business Opportunities

Singapore topped the global ranking on the ease of doing business with its attractive corporate tax rate, strategic location, favorable business environment, and business-friendly policies.

Singapore is perfect to flex your entrepreneurial muscle with an abundance of business opportunities in the nation. In the 21st century, some popular businesses in Singapore are consulting firms, home tutoring services, digital marketing, copywriting, cleaning service, and babysitting service.

Options of Company Incorporation

Once you have done the market research and decided which industry/business you are going to venture; you can start a business in Singapore. There are two options for a foreigner to start a business in Singapore:

  1. Relocate to Singapore and manage your company
  2. Stay in your home country and let someone else hold the rights

If you want to relocate to Singapore, you can either:

  1. Start a business with Entrepreneur Pass (EntrePass)
  2. Start a business with Employment Pass (EP)

Both EntrePass and EP can be applied from the Ministry of Manpower.

Types of Companies

You can set up a branch, a subsidiary, or a representative office if you have a company in your home country. Or else, you can start a Private Limited Company in Singapore.

If you want to know the differences among these companies, Paul Hype Page representative will be more than happy to assist you.

Singapore Company Incorporation Requirements

To incorporate a company, make sure your company fulfills all the requirements 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 with LOC.
  • 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

**You can appoint a nominee director to get started before your EntrePass/Employment Pass is approved by the Ministry of Manpower. Engage a Paul Hype Page Incorporation Specialist for details.

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The steps for company incorporation

Once your company fulfills all the requirements of company incorporation, you can proceed to the incorporation process. Here are the steps for company incorporation in Singapore:

  1. Fill up the Singapore Company registration form
  2. Review your documents and make sure that all the relevant documents are available
  3. Register the company name
  4. Ensure all the necessary documents are ready
  5. Sign the incorporation documents
  6. Incorporate the company with the Accounting and Corporate Regulatory Authority (ACRA)
  7. Open a corporate bank account (Make sure you have the company resolution and supporting documents

Of course, it can be complicated for a foreigner to go through all the steps. Paul Hype Page Specialist can help if you prefer to start your business in a more efficient manner. Contact us today!

Visual Content

The solutions we offer for companies and their owners cover important areas such as incorporation, taxation, auditing, and work visas, among others.

Informative Content

We are always ready and willing to work with any genuine and legitimate company which requires our incorporation services or any other services we provide.

Packages

We offer company incorporation, consultancy services, auditing, taxation, immigration & compliance services.

Corporate Bank Account

Opening a corporate bank account in Singapore is relatively easy if you do it right. Most banks offer an online opening process. However, they would require you to be physically present in Singapore to complete some paperwork. Otherwise, the process might take 3-4 weeks.

Introducing Paul Hype Page’s preferred Business Neobank partner

Aspire is a Neobank that serves small businesses with convenient & inclusive financial services, currently operating across Thailand, Vietnam, Indonesia, Singapore. With Aspire, business owners can have fast and simple access to financial services for their business operations anywhere and at any time through their mobile phones. For now, the Aspire Business Account is only available in Singapore.

Note: Aspire is operating under the Monetary Authority of Singapore in accordance with the Payment Services Act (No. 2 of 2019).

Opening an Aspire Business Account can be done entirely online, from anywhere at any time. The best part is that it is free, requires no minimum deposit, and has no monthly fees or fall below fees. Furthermore, Aspire also features significantly lower foreign transfer fees when compared to the banks, making their offering highly competitive in the market.

More features can be found on their website: www.aspireapp.com

Special Licenses

If you are starting up specific businesses like banks, insurance companies, or medical services, then you might require securing special business licenses from the relevant departments. These licenses might also be required for manufacturing tobacco products and other items like firecrackers. If you are new to the business world and it is your first time taking your company to foreign soil, you might find the procedures overwhelming. We highly recommend that to avoid any problems, you contact us as soon as you decide to set up your company in Singapore!

Hiring talents for your company

With its friendly immigration policy, Singapore is a global talent pool. You can easily hire local or foreign employees for your company. Popular ways to source talents in Singapore are through university and polytechnics campuses, career and job fairs, recruitment agencies, as well as the digital platform like Jobstreet, Indeed, JobsCentral, MyCareersFuture, GrabJobs, etc.

Grants

Singapore offers a lot of grants to encourage startups in the nation.

If you require government grants for small business opportunities, we at Paul Hype Page & Co can help you receive them. With our vast experience and knowledge, we help foreigners start their own business in various countries, of which Singapore is one.

How Can Foreigners Start A Business in Singapore? FAQs

How do I know if my company is successfully incorporated in Singapore before my relocation?2020-11-19T14:06:55+08:00

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. 

What is the corporate rate in Singapore?2020-11-19T14:07:08+08:00

17%.  

How long the registered company name is being reserved before my company is being incorporated.2020-11-19T14:07:20+08:00

Your registered company name will be reserved for 60 days before incorporation. You can apply for another 60 days extension if you need it. 

How long is the validity of my Employment Pass?2020-11-19T14:07:30+08:00

The validity of an employment pass is 2 years in general. 

156 Comments

  1. Arifur rahman ariff August 19, 2020 at 1:21 am - Reply

    Hi good evenin..
    Hope you are doing well. Im ariff from Banglades. I would like to rice Start Business in Singapor. I wanna imports rice from India and sell it in Singapor. So how can i open up a company? Is it possible for me to do business there as a foreigner?
    Can i have all the details for set up my business company in Singapor?
    How much does cost to open a Business in Singapor?
    Thank you

    • Tiwi September 4, 2020 at 10:12 am - Reply

      Arifur:

      Thank you for contacting us.
      We are happy to assist you with incorporation of private limited in Singapore. Please be informed that to incorporate a company in Singapore, at least one director must be a local director – Singapore Citizen, Singapore PR, or employment pass holder. The incorporation can be done online and not required to be physically present in Singapore.
      The following are the packages we provided:
      1. Incorporation with local (if you have your own local director);
      2. Incorporation with employment pass (if you going to relocate to Singapore); and
      3. Incorporation with nominee director (if you need local nominee director).
      If you are going to relocate to Singapore, second option is the best for you whereby you can own the company and can manage it after your employment pass is approved.

      To understand what is required for incorporation/to START your incorporation, please find the link below.
      https://my.ibizfile.com/auth/signup

      To understand what is required for your employment pass/to START your employment pass, please find the link below.
      https://ibizfile.com/employement-pass-form/

      Please contact us via Paul Hype Page to discuss further.

      Thank you for your question.
      Warm regards
      Paul

  2. janagi kristnan January 18, 2018 at 7:38 pm - Reply

    Me a malaysian woman having a registered company in malaysia trading textiles,home appliances etc…i want to open a branch of my malaysian registered company in singapore…can i do it?? As woman can i get any supports from singapore govt.

    • Paul Hype Page January 19, 2018 at 7:05 am - Reply

      Hi Janagi,

      Yes, you can incorporate a company in Singapore provided you meet all the requirements. You may refer to the Ministry of Manpower (MOM)’s website for the needed requirements. Hope this help.

      Best Regards,
      Paul

  3. Neo December 2, 2017 at 12:25 pm - Reply

    Hello, I am a singapore citizen and my girlfriend is a malaysian working in Singapore for 3 years on work permit. She is thinking of quitting her job to start a small business together with me. We are thinking of starting small dessert/pastry shop together. Please advise on our options

    • Paul Hype Page December 8, 2017 at 10:38 am - Reply

      Dear Neo,

      The quickest option we would recommend would be our all-in-one Incorporation with Employment Pass package. Do drop us an email at paulhypepage@php-cpa.com.sg to set up an appointment to discuss the details, we look forward to hearing from you.

      Best Regards,
      Paul

  4. KayDee November 21, 2017 at 1:16 pm - Reply

    Hi,I am British national in EP in Singapore. Getting married to an Indian national who works in Stock trading in India. We plan to apply for depend pass through my company. But wondering about his options of working in Singapore.he plans to continue his trading in Indian market (as his clients are based there). Can he continue to work remotely without any legal issues? What steps will we need to make so that he can start trading in Singapore trading market also? We would like to ensure all legal steps and tax duties are fulfilled in India and Singapore. Thanks, kan

    • Paul Hype Page November 23, 2017 at 7:13 am - Reply

      Dear KayDee,

      Your husband can still work remotely for the India operation part. As for Singapore, he needs to set up a company and obtain a work pass under the company. With the company and the work pass, he will then need to go ahead to register as a securities trading company. Hope this helps.

      Best Regards,
      Paul

      • KayDee November 23, 2017 at 11:39 am - Reply

        Thanks Paul, much appreciated for a quick revert. In terms of setting up a company and paperwork associated, do you provide any services? And what is the b st way to contact please? I assume once that is done he will need to different visa than a Dependent Pass?

        Also in terms of his remote working, assume any tax implications need to be fulfilled on the basis of Indian Tax structure? Are there any implications of Double tax at all until the time he sets up and starts his work in Singapore?

        Many thanks

  5. gina November 6, 2017 at 8:45 am - Reply

    Hi,
    I am Singapore PR, can I set up a company with another partner who is come from Malaysia?

    Hope to hear you soon.

    Thank you.

    • Paul Hype Page November 7, 2017 at 3:35 am - Reply

      Dear Gina,

      Yes, you can. Should you need further advise on incorporation and company setup in Singapore, do drop us an email at paulhypepage@php-cpa.com.sg to set up an appointment. We have a branch office in Malaysia as well.

      Best Regards,
      Paul

  6. Ali October 21, 2017 at 5:17 pm - Reply

    Hello sir,
    Good day.Hope you are fine.I’m Ali from Pakistan.
    Sir i have a question is it right singapore don’t give work permit for Pakistani People?
    If it is right then how you will provide me employment pass with my company registration.
    Hope you will answer soon.
    Best Regards,
    Ali

  7. Ali October 2, 2017 at 8:04 am - Reply

    Hello sir,
    Good day.Hope you are fine.I’m Ali from Pakistan.
    Sir i want to tell you i have a company of medical instruments want to open my company in singapore.But i have no big company.So can you help me to register my company there.And can i also do there any job during company registration.
    And please tell me all expenses.
    And i’m also coming in singapore so can we meet in singapore.
    Hope you will answer soon.
    Best Regards,
    Ali

    • Paul Hype Page October 3, 2017 at 9:53 am - Reply

      Dear Ali,

      Singapore is one of the best places for a startup company of any size. Our all-in-one Incorporation with Employment Pass would be the ideal solution to what you may be looking for. Do drop us an email at paulhypepage@php-cpa.com.sg for more details and charges. We will be better able to advise you once we know more about your company.

      We look forward to meeting and working with you.

      Best Regards,
      Paul

      • Ali October 3, 2017 at 10:19 am - Reply

        Thank you very much for your kind reply.
        And i have been sent you email.
        Please check and tell me.
        Thanks

  8. Iysha September 28, 2017 at 8:34 am - Reply

    Hi I’m having a garment showroom in India and I would like to start the same in Singapore. My friend is a DP holder in Singapore. What are the formalities to be followed for setting up a retail shop in Singapore?

    • elise September 29, 2017 at 9:26 am - Reply

      Hi Iysha,

      You can certainly set up your business in Singapore with our support, especially with our all-in-one Incorporation with Employment Pass package. Our helpful sales personnel will email you with the details.

      Best Regards,
      Paul

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