Singapore Company Registration for Foreign Individuals

Singapore Company Registration for Foreign Individuals

Considered as the most ideal business hub in the Asia Pacific region, Singapore is attracting thousands of foreign companies and individuals every year. With this, the government has adopted several immigration policies that would further encourage qualified businessmen from abroad to setup a Singapore company.

For foreign individuals who want to relocate in the country to personally manage their companies, the most important thing they have to do is apply for a work pass visa such as the Employment Pass and EntrePass.

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.

On the other hand, EntrePass is usually given to foreign businessmen who lack college education but make up for this with their entrepreneurial background and skills that will help them succeed in their business venture in Singapore.

But between these two visas, most experts agree that the Employment Pass is better since it has no requirement in the number of hired local employees and total business spending, and only requires a paid-up capital of $1 unlike the EntrePass which entails businessmen to spend at least $50,000 in 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. However, this kind of arrangement legally requires them to appoint a resident director who may be a local resident or a foreigner who holds Employment Pass, EntrePass, or Dependant Pass.

In case that foreign businessmen have no trusted contact who can act as a resident director, they can ask their business registration firms to provide them 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.

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.

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