For the Locals, You Need a SingPass
For locals, it is necessary to have a SingPass, (Singapore Personal Access). You can apply for this via an online request service at https://www.singpass.gov.sg/sppubsvc/req1.html. You will need this pass for all the government transactions. You also need to prepare the following items before registering:
- Check availability of business name
- Find the SSIC code for your business
- Choose a place of work as well as its address
- Top-up your Medisave statement from the Central Provident Fund Board (CPF)
- Obtain licenses and permits for particular types of business such as private schools and childcare centers by searching for and using the Online Business Licensing Service (OBLS).
The best part about this is that it can all be accomplished in little over than an hour. The reason why it has become this easy is because of statutory bodies like the Info-comm Development Authority of Singapore (IDA), which comes under the Ministry of Communication and Information and is working on areas such as national information communication planning, strategy planning and implementation of solutions.
Requirements That Need to Be Met for Foreigners
If you’re a foreigner and you want to register a company in Singapore, there are a lot of other things to consider. There are also some prerequisites that have to be met beforehand. The more general rules are as follows: First of all, the government has set a rule that an individual must be at least 18 years or older. He should also not be an undischarged bankrupt person or he will have to get permission specifically from the Official Assignee or the High Court of Singapore. The latter can take a quite some time.
Registering a company in Singapore also means that you should not in any case be disqualified under certain sections of the Company’s Act, namely: 149, 149A or 154. There are basically two options for a foreigner to run his company. He can either stay in Singapore to manage his company or he can stay in his native place and let someone else hold the rights. For the first type of option, an individual is required to make applications for an EntrePass from the Ministry of Manpower, called MOM for short.
About the EntrePass
The EntrePass is a type of work visa for foreign entrepreneurs. This is to enable them to actively participate in the operations of his company. You cannot qualify as a resident director if you are not a Singapore permanent resident or holding any valid work pass like the EntrePass and Employment Pass. Another great thing about the Entrepass is that holders can apply for Dependent Pass, which will allow their immediate family to reside with them in Singapore.
However, if the foreigner does not wish to stay in Singapore and manage the activities of the company, then he is not required to apply for an EntrePass. He is only needed to appoint 1 local/resident director when he is incorporating the company. This means that such a person possesses either a Singaporean permanent resident (PR). It is important to note that the EntrePass will only be issued to those individuals who want to register a company and not a sole-proprietorship, a partnership or other types of business entities.