Challenges when you register a company in Singapore as a foreigner
1. Obtaining work passes
If you’re not relocating to Singapore, you don’t have to worry about this. For those who are looking to relocate to Singapore, you still don’t have to worry about this if you’re with Paul Hype Page.
First off, you need to decide between an Employment Pass (EP), EntrePass or Tech.Pass for your relocation. You can apply yourself as an employer or you can engage an employment agency. In all honesty, the Ministry Of Manpower (MOM) is reasonable in their approvals for work passes. By no means does it make your application easy. You should have insight to what they look out for, and the only way is to engage industry experts like us.
||Applicable to foreigners who are equipped with years of management skills and formal tertiary education while also having met the minimum salary requirement. An EP can be applied with the Ministry of Manpower (MOM).
||Also known as an Entrepreneur Pass, this is for foreign entrepreneurs who are actively involved in business operations and who do not have a formal tertiary education. Applications can be made with MOM. Approval of this visa is on a case-by-case basis.
Those who want to incorporate a company as a sole proprietor or partnership entity are not eligible for this visa.
2. Corporate bank account opening
After your Singapore company registration, the next step would be to open your corporate bank account.
Corporate bank account openings used to be a breeze back in 2018. 3 years and a pandemic later, most account openings can be done remotely but AML regulations are stricter than ever. What used to be a form filling administrative task is now a presentation of whether your business has viable tax substance.
Your best-case scenario is if you are physically in Singapore for your account opening, or if you have an EP. If not, be ready to provide an executive summary of your business nexus in Singapore. We drill into this in our article here.
At this point, you would have covered all the bases to your Singapore Company Incorporation. There is still a lot more to know for what comes after your incorporation: running your business, accounting, tax, annual returns, annual general meetings and more. If you’re a foreigner relocating, you’ll have to think about living arrangements, tax implications, healthcare and so much more. You can either read more about these from our guides, or you can drop us a call to talk about all of these.