What Singapore is ideal for expats to set up a company
Singapore is probably one of the easiest spots for an expat to start a business in the world for a couple of reasons:
- Reasonable corporate tax
- Open market
- Diverse cultures
- Full of diverse talented workforce
With all the necessary requirements ready, it is relatively easy to set up a company in Singapore.
An expat who is planning on applying to set up his company, enterprise, business branch, or offices in Singapore must have an Employment Pass (EP). With an EP, the expat can stay in Singapore and apply to set up a company in Singapore. The incorporation of his legal company is made possible through its registration with the ACRA (Accounting and Corporate Regulatory Authority) through BizFile.
It is a must for an international company in Singapore to have a resident director as well as a secretary. The secretaries and directors must be residents of Singapore, individuals who possess an employment pass (EP) or a permanent resident.
Timeframe to obtain an Entre Pass
The timeframe for the Entre Pass to be obtained may reach up to 14 days and additional written documentation is needed; however, it still depends on the type of company the expat is setting up.
To apply for an Entre Pass, the expat must include the following documents:
- Business plan
- The reasons and the manner the expat want to conduct his business in Singapore.
- Qualifications should be photocopied and the expat’s “work certifications” from his previous employers should be attached.
- Work history
The content in every document should be spelled correctly, clear and concise to make it easy for the reviewer to review the documentation and the expat could probably earn good points for that.
While waiting for the Entre Pass, setting up a fixed-term savings account is a good idea. He will then be given the Banker’s Guarantee letter, the template of which will come from the Ministry of Manpower (MOM). After waiting for generally a week, the expat then submits his guarantee, letter, and passport to the MOM and after paying a little fee the expat receives his green card. The expat is then given one month to submit details of his new company to the MOM.