Foreign Individual Ways of Registering a Company in Singapore

Singapore has been the favorite hub of business investors worldwide and each year

it continues to captivate thousands of foreign individuals and companies. For this reason, Singapore government has been initiating several ways like supporting sensible immigration laws to be able to further encourage eligible businessmen worldwide to set up business in the country.

In order to personally manage their own companies and relocate in Singapore, foreign businessmen should apply for a work pass visa like the EntrePass or the Employment Pass.

Employment Pass is generally issued to foreign individuals who have a college degree from a reputable university and have extensive entrepreneurial skills. EP is a special pass given only to high-ranking individuals in the company such as managing directors and other foreign professionals.

Contrary to Employment Pass, an EntrePass is a pass given to employees who have no degree in college but compensate the absence of such through acquiring business background and skills that is useful to make them become successful in their business endeavor in Singapore.

A lot of experts think that from the two visas-- EntrePass and Employment Pass, the latter is most preferable since there are less stringent requirements compared the EntrePass. Also, the amount of investments allocated only takes a mere $1 paid up capital.

In the mean time, foreign businessmen can operate a business in Singapore even if he is not a permanent resident of the country. A foreign businessmen can appoint a local resident or a foreigner who has Employment Pass, EntrePass, or Dependant Pass.

If for some reasons foreign businessmen don't have a reliable contact person to appoint as a resident director, he/she can request the company's registration firm to provide him/her a nominee director.

It is important to note that hiring a business registration firm is a legal requirement for foreign individuals and companies because they are prohibited to self-register their business under the Singapore Companies Act.

A nominee director will only be involved in processing legal documents such as submitting company's income tax returns; making sure that declaration of the company is accurate; and submitting a accurate declaration of income.

Meanwhile, foreign businessmen should appoint one or more individuals (preferably a shareholder) to be a director who will be responsible for managing the company and making decisions for the business.

Foreign Individual Ways of Registering a Company in Singapore

By: Frederick Antler

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