Singapore company registration guidelines for foreigners to set up business

Singapore Company Registration Guidelines for Foreigners to Set-up Business Singapore is one of the urbanized destination in Asia, and it also ranks as the fourth largest financial center in the world. This fact sums up why foreigners are highly interested in company registration in Singapore. So let’s check out what are the necessary steps for foreigners to take in starting a business in Singapore.

Apply for an Employment Pass For those Foreigners who wish to settle down in Singapore and operate their business, the first steps are to apply for an employment pass from the Ministry of Manpower (MOM). But before applying for an EntrePass, it is important for the foreigner to fulfill different requirements. One such requirement is that the business must not be illegal. The other requirements include1. Filing the registration of company for not more than six months at the time of application 2. Foreign applicant holding at least 30% of shares in the business 3. Company must have the required paid-up capital as fixed by MOM 4. The director of the business must be at least 18 years of age Besides this basic requirement, in case an entrepreneur is looking up to merge a business, well, in that case, the company registration guidelines in Singapore include an additional set of rules.

To merge a business, one must appoint the service of a professional lawyer or for that matter a professional accountant who can submit the form online on behalf of the entrepreneur.

However, if the shareholder of the business wishing to merge the business owns a SingPass, in that case, he/she can submit the form or perform any online transaction and required endorsements via BizFile. To do this, the applicants can simply log in to BizFile by using NRIC or FIN number and SingPass. The BizFile is basically ACRA’s (Accounting and Corporate Regulatory Authority) online filing system.

What in case a foreigner do not wish to stay in Singapore?

For those businessman who wants to open up a shop in Singapore but do not wish to stay in Singapore to operate their business, those entrepreneur may not apply for an EntrePass. But, for them it is compulsory to appoint at least one local resident director of the company at the time of business incorporation and registration in Singapore. For speedy activity of appointment of local resident, one can simply hire or appoint the services of a professional. These professionals would help in the entire process of application filing online.

The EntrePass is important and its approval is subject to MOM. Once a green signal is waved in Favor of EntrePass Approval, merging a business or process to incorporate a business in Singapore is very easy. For further assistance to set-up a business in Singapore, partner with a professional business advisory firm that caters to business registration services in Singapore.

Discuss with them the business plans clearly and obtain specialized helps in company name registration, avail corporate secretary services, management of business finance and tax planning etc.

Reference Article: http://www.articlesbase.com/stories/article/singapore-companyregistration-guidelines-for-foreigners-to-set-up-business