Singapore Company Incorporation With Employment Pass
Before incorporating a company in Singapore as a foreigner, many people will probably go online or consult reputable agents like ones at singapore-visa.net so that they can understand what is required. There is a plethora of information all over the Internet with some promising registration within one hour. However, Singapore company incorporation with employment pass requires the use of the right process for a quick success. The insights below shows the step by step process to succeed in this process.
Before incorporating a business in Singapore
As a foreigner with the intention to permanently relocate to Singapore for business, then incorporating it is the best approach so that one can enjoy all the benefits that come with it. If you do not have an employment pass, then this is the first step. The process is fast when using an agent and actually, this is the recommended way. With an employment pass, then conducting business in Singapore is possible. As a matter of fact, you can now proceed to register and incorporate your business. Here is a step by step process.
Preparations for incorporation
Incorporation requires that the business have at least one director who is a Singapore permanent resident. With an employment pass, you qualify to be a director of the company to be incorporated. Shareholders are also needed and this can either be foreign or local in whatever percentage. When it comes to paid-up capital, the minimum amount is S$ 1. Other requirements needed for this process include a company secretary, registered address, and audit reports.
Application and submission of business incorporation forms
This process is done online and this is where an authorized agent comes in handy. They will ask for all the requirements so that they commence the process. With an experienced and authorized agent, the process is not only simple but also stands a high chance to succeed. They can anticipate any hindrance and will advise on this prior to commencing.
Some of the requirements include the following;
- A copy of identification which includes the passport for the foreigners.
- Something to prove your residence in Singapore like a copy of a utility bill.
- A copy of the subsidiary company either local or foreign.
- Making the company resolutions
Now that you have an employment pass and applied for the business incorporation through the online platform. You have to prepare the company resolutions. The agent will help with the signing of the resolutions as the director of the company.
Further, a qualified business expert will provide the business startup solutions like setting up an office, providing the IT solutions like the Internet and Computers, Contract template approved for Singapore and many others.
As the business owner ready to start your newly incorporated business, a declaration to comply with laws in Singapore is also a crucial part of the process.
The business incorporation fee
The Singapore has clearly stipulated the fee that a foreigner must pay to incorporate a business in Singapore. The fee of S$ 3,155 covers registering the business, getting an employment pass and appointing a secretary for one year and registering the business address among others. With this fee, you are sure to complete the process in success.