Singapore Company Incorporation with Paul Hype Page
Company Registration at Paul Hype Page Singapore

Singapore is a good option if you are a foreign entrepreneur & looking to start a business in a jurisdiction that provides low taxation and a hassle-free system.

Singapore Entrepreneurship Development

Singapore is a good option if you are a foreign entrepreneur who is looking to start a business in a jurisdiction that provides low taxation, friendly system in setting up a company, and an open and supportive government that encourages startups.

Also, Singapore is the fourth-leading financial center of the world and has an extraordinary GDP of about $65,000 per capita (the figure for 2019). Furthermore, the country is also considered one of the easiest places to do business in the whole world. For all the reasons mentioned, it is no wonder that it is the go-to place for foreigners seeking to become successful businessmen.

Work Visa Which Allows You to Work in Singapore?

For a foreigner who want to register a company in Singapore, he/she should be aware that in most cases, it is required to obtain a work visa to work and stay in the country in compliance with the law.

Employment Pass

The most common applied-for type of visa is called the Employment Pass. It is geared towards foreign individuals whose salary is at least $4,500 per month with the necessary qualification, which usually consists of at least a university degree, a professional qualification, or some special skills. On top of that, the individual must be active in a managerial, executive, or specialized job and he/she must have a job offer in Singapore. Also, the person may not apply for the visa themselves, as this action needs to be taken by the person’s employer or appointed person on his/her behalf. The Employment Pass lasts 2 years and is renewable. The renewed pass lasts up to 3 years.

Dependent Pass

For foreigners who are on Employment Pass, their family members may join them in Singapore with a Dependent Pass. To obtain the Dependent Pass, the spouse must be legally married to a foreign person and the children must be under 21 years of age. As in the case of the Employment Pass, only an employer or an appointed person may apply for this pass on behalf of the person or group of people. Again, the pass lasts 2 years and is renewable. The family members of the foreign person may start searching for a job in Singapore once they have been granted a Dependent Pass.

EntrePass

Thirdly, a foreigner may apply for an EntrePass. However, to do so, he/she must meet certain criteria. First, let’s look at what the EntrePass allows the person to do in Singapore. If you are a foreigner and want to start a new company in Singapore, this is what this visa allows you to do. This visa can be awarded to a foreigner of any nationality. However, you must have registered a company (or at least plan to do so) and must have done so in cooperation with the Accounting and Corporate Regulatory Authority. The company may not be older than 6 months on the day of application for the EntrePass. Moreover, you must own at least 30% of shares in the company and the company must possess at least $50,000 of capital. This must be proven using a bank statement.

Conclusion

All in all, it can be said that the Singapore company setup is a straight-forward process. However, a foreign person must obtain a certain type of work visa, depending on his/her circumstances, to seize the business opportunities in Singapore.

Singapore Entrepreneurship Development FAQs

Can dependent pass holders work in Singapore?2020-11-17T17:42:33+08:00

Yes, dependents of Employment Pass & EntrePass holders can work in Singapore with a Letter of Consent (LOC). 

Can I bring my family to Singapore as an EntrePass holder?2020-11-17T17:42:17+08:00

Yes, you can bring your family along as an Entre Pass holder if you meet the requirements for total annual business spending and local employment. Check out the details here.

Do I need to pay CPF as an Employment Pass holder?2020-11-17T17:41:52+08:00

No, you don’t need to pay CPF with as an Employment Pass holder. 

Is there any grant for entrepreneurs in Singapore?2020-11-17T17:40:56+08:00

Yes, there are grants available for entrepreneurs in Singapore. Among the grants are:

  1. Startup SG Founder
  2. Startup SG Tech
  3. Startup SG Equity
2021-06-03T17:29:39+08:00July 23, 2015|0 Comments

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