Singapore Company Registration for Foreign Entrepreneurs

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

it continues to captivate thousands of foreign individuals and companies. With this, the government has adopted several immigration policies that would further encourage qualified businessmen from abroad to setup a Singapore company.

In order to personally manage their own companies and permanently reside 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. Also, this visa is given to foreign professionals, shareholders, managing directors, and high-ranking employees.

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 is no requirement as to the number of employees to be hired locally. Also, the amount of investments allocated only takes a mere $1 paid up capital.

Meanwhile, it is possible for foreign individuals to have a business and incorporate a company in Singapore without having to relocate in 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 not be involved in the management, operational, and financial matters of the company but are expected to perform the statutory requirements such as the submission of the income tax returns of the company; ensuring the accuracy of the company's declaration; and giving an accurate declaration of income.

In the mean time, it is also essential for foreign businessmen to appoint at least one individual preferably one of the shareholders, to act as a director. The latter is responsible in the company management and decision making.

Singapore Company Registration for Foreign Entrepreneurs

By: Barbara Clinton

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