subject: Singapore Company Registration Procedures [print this page] 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. EP is a special pass given only to high-ranking individuals in the company such as managing directors and other foreign professionals.
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.
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.
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.
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.
Hiring a business registration firm in Singapore is necessary for foreign individuals and companies since foreign companies are not allowed to register their own companies 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.
