Singapore Business Formation: A One Stop Business Solution
With the recent recovery of the financial condition on a global scale there are more
and more people that are looking for investment opportunities in various lucrative markets. One such market is the Singapore business frame. Though Singapore was largely known to the world as a booming economy even recently but today their economy is at its pinnacle and this is the reason why there are so many companies that are looking for information about Singapore company formation. The business infrastructure in Singapore is tax efficient for all the international investors and thus people from all corners of the globe are flocking to make money. Though the policies are liberal yet there are certain rules and regulations that you have to keep in mind in your Singapore business formation. Initial steps to start off a business in this part of the world may include getting a valid employment pass in Singapore and secondly nominating a company director to make the process smooth.Now there are primarily two different types of Singapore business formation. First is Singapore company formation without relocation and second is getting a Singapore employment pass for relocation. Now let us take a look at both these one by one:
Singapore Company Formation without Relocation
In case you plan to set up a business in Singapore and then operate from other parts of the world then there is no need for relocation visa. In such cases you will have to nominate one resident director who will manage your Singapore operations. The individuals who will best fit in this role are:
Any Singapore Citizen
Any Singapore permanent resident.
A person having valid work permit.
There are some firms in Singapore who can help in the Singapore company formation by finding a local nominee as would be your requirement. Other statutory requirements are:
Having an experienced/qualified company secretary.
Registered Address for the local office.
At least share capital of the value of $1.
If a foreign national wants to own a Singapore company then he/she is 100% eligible to do so. The tax benefits are eligible for all the owners whichever nationality they might belong to. Exchange control restrictions are not valid in Singapore.
Singapore Employment Pass for Relocation
In order to get more control over the working of the company you require to get a valid employment pass. There are some basic work permit schemes in Singapore that are required for Singapore company formation:
Employment Pass (EP): This type of pass is valid for two years even after the Singapore business formation. Once you can get the EP you will also be able to apply for a Dependant Pass which will allow some of your immediate family members to study, live or work in Singapore. Subject to conditions, this pass is approved by the Ministry of Manpower in Singapore and has fewer hassles than an Entrepreneur Pass.
Entrepreneur Pass (Entre Pass): This type of a pass is allowed to the business owners only if they are able to submit a detailed work plan for their Singapore company formation. This plan should consist information such as marketing strategies to be adopted, industry analysis, personnel or recruitment strategies and a broad presentation on how the company can lead to the economic value addition for the country. The crux of the pass approval lies in your intention to contribute to the Singapore economy like hiring local staff, committing expenditures within the economy or simply having a brilliant business idea.
In order to speed up the process of Singapore company formation it is better advised that you take up the services of a professional services firm/company.
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