Basic Guide on Company Incorporation & Work Pass Application in Singapore
Company incorporation services in Singapore may be a relatively easier process than it is in other parts of the world. Singapore being a pro-business economy is happy to welcome foreign investors and businesses to set up their operations here. All that you need to do is to fulfill the various requirements asked of you when you first get registered, be it a sole proprietorship, private limited company, LLP, partnership, or any legal entities.
To set up a private limited company in Singapore, you need to have access to all of the following details:
- A company name. This has to be a fully approved name before you can register the company under that name. The check of the proposed name availability in advance will help to ensure that your requested name does not violate any regulations and that it is legal to be used.
- An address. Every Singapore Company has to have an address. A Business Address is a place where you carry out your business. A Registered Office Address will be where all register and records are kept and where all communications and notices to the company may be addressed. A P.O. box address is not allowed. So keep that in mind as you work out where your business will be based.
- A resident director. While you can have as many directors in your company, there must be a minimum of one local resident director. A local resident director should be a Singaporean citizen, or a Singapore permanent resident, or a person who is the holder of an Employment Pass, Entre pass or a Dependent Pass. This local resident director must be at least 18 years of age and is free from any malpractice charges.
- A company secretary. Next is the requirement by the Company Act that a company secretary is appointed. This must be an ordinary resident of Singapore. A person who is the sole director and/or shareholder cannot act as the company secretary at the same time.
- A shareholder. Your business must also have at least one shareholder, one who may or may not be part of the directorship. Shareholders of a company can be local or non-local. A 100% non-local shareholding is also possible. Shared can be transferred at any time you wish.
- You must have at least $1 of paid-up capital – share capital – within your Singapore business. This can be increased after the incorporation.
Once you have all of the above in place, you are ready to incorporate your Singapore Company. However, doing this by yourself can be challenging. Alternatively, you can leave this task to a professional corporate secretarial provider who provides the company incorporation services in Singapore.
Hiring company incorporation services in Singapore
With so many options, you want to make sure that you pick a company that you can trust. As ever, look into their experience, their service rates, and their general business structure. Make sure that there are the people whom you can trust to help you.
Bestar: ”Look nowhere! Here at Bestar Services Pte. Ltd., we have a dedicated team of experienced corporate secretarial consultants to ensure that your request for company incorporation services in Singapore is carried out swiftly and smoothly, leaving you the business owners more time and energy to be dedicated on the strategic work for your businesses.”
Getting a Work Pass in Singapore
With the Singapore Company incorporated, you may be looking at hiring employees to take care of the day to day operations. This is an important milestone! You as the business owner will need to ensure that your hiring meets your business needs, e.g. project deadlines and that the hiring practice meets the statutory requirements in Singapore, especially the hiring of foreign employees and getting them the work pass in Singapore to work.
Issued by Ministry of Manpower (MOM), a typical work pass can valid for at least 12 months up to 2 years/ 3 years, is renewable subject to the work pass holders and employers meeting the set criteria. The work pass in Singapore allows the foreign employee to live, work, travel in and out of Singapore without having to apply for an entry visa.
Each type of work pass in Singapore comes with their own particular requirements in terms of qualification thresholds and earning capacity:
- Employment Pass (EP) – for positions such as managers, executives, skills professionals and job specialists who meet the criteria such as the tertiary qualification from a recognized and reputable tertiary institution, possess relevant work experience, being offered a competitive salary that commensurates with the job market.
- Personalized Employment Pass (PEP) – aims at high-earning professionals who wish to have greater flexibility in their movement and capability. The holder must meet the salary criteria set for their job held oversea in addition to the job offer in Singapore.
- S Pass – for mid-skilled positions e.g. technicians or technical specialists who may possess a degree or diploma or technical certification of at least 1-year full-time study; and subject to meeting specific requirements for business activity, worker’s source country or region, quota and levy.
- Work Permit – for positions that are lower down the ladder, To apply for this work pass in Singapore, you will have to meet specific requirements for business activity, worker’s source country or region, quota and levy.
- Entre Pass –for foreign entrepreneurs who wish to move to the country and start and/or operate a new business within Singapore. Naturally, you’ll probably wish to hire company incorporation services in Singapore to help you navigate this stringent and complex process.
Whatever choice you make, you will find that it is much easier to make progress and positive adjustments to your working capacity in Singapore if you hire the right services. Such services will go a long way to help you get over the confusion and uncertainty about how to best set up a business and ensure that you can get employment within the country.
For those who are looking to make their next steps into the Singaporean market, this should be high up on your list of things to consider. Do that and you should find the process much easier than it might seem at this present moment in time.