For Immediate Release
September 27, 2010 - Singapore has been called the world’s easiest place to do business, a safe city with low corruption, and the best place in Asia to live, work and play in.
The business-friendly status of Singapore and its recognition for being one of the most competitive and innovative economy in the world have encourage many foreign individuals and corporations to set up an establishment in Singapore.
You just need to be aware of the setup requirements and additional regulations and permits such as work visas that apply to non-Singapore Citizens.
For Foreign Individuals
As a foreign entrepreneur you can freely incorporate a private limited company in Singapore. 100% foreign shareholding is allowed.
Setup Requirements for Singapore Company Registration
- Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary
- Minimum initial paid-up share capital is S$1
- Singapore Company must have a Singapore registered office address
A few considerations :
- Singapore Companies Act does not allow foreign individuals or entities to self-register a company. You can engage Rikvin, Singapore’s leading incorporation specialist, to set up your company.
-Appoint a Singapore resident to be the director of the company. A Singapore resident can be a Singapore citizen, permanent resident or holder of an EP or EntrePass. In the event that you are unable to appoint a Singapore resident director, Rikvin can provide you with one through our Nominee Director service. The service can be temporary or long term depending on your needs.
Work Visas :
You will need to apply for an work Pass from the Ministry of Manpower (MOM) if you are going to be actively involved in managing the company's operations.
You have two work pass options to choose from :
Apply for employment pass, if you are a Foreign Entrepreneurs, Professionals and Managing Directors who possess an acceptable diploma/degree, professional qualifications or specialist skills. Oftentimes, relevant work experience also plays a significant role in determining your eligibility. Employment Pass is the preferred choice for most foreigners who want to set up a company in Singapore.
Entrepreneur Pass (commonly known as EntrePass)
Apply for entrepreneurs pass, if you are a Foreign Entrepreneur who lacks the appropriate educational qualification or does not qualify under the Employment Pass scheme, but has proven track records of successful entrepreneurial experience. The application process for EntrePass is more complex than that of Employment Pass. In addition, it requires a minimum paid-up capital of S$50,000. Given the above, EntrePass is the least popular choice.
Foreigner who wishes to incorporate the company with no intention to stay on in Singapore to manage its operations, then he can do so without having to apply for an work Pass. However he will need to have at least 1 local resident director at the point of incorporation. "Local resident" refers to a person who is a Singapore Citizen or Singapore Permanent Resident (PR), Employment pass or EntrePass holders and must resides in Singapore. You are also entitle to apply for a multiple visa once you have incorporated a Singapore company. This visa facilitates the entry of business executives from countries that require a visa into Singapore. This is ideal if you anticipate the need to make frequent trips to and from Singapore.
New start-up companies pay Zero tax on the first S$100,000 of chargeable income for the first three consecutive years. A further 50% exemption is given on the next S$200,000 of the chargeable income. For more details, refer to Singapore Corporate Tax
Singapore’s Personal Income Tax structure is one of the friendliest and most competitive in the world. Personal income tax is payable annually on a preceding year basis. Overseas income received in Singapore is not taxable. For more details, refer to Singapore Personal Tax Rates
Rikvin is Singapore’s leading Company incorporation and work pass specialists. It has assist thousand of foreign entrepreneurs setup up their Singapore Company operations including securing their work visas.
Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD")
If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours. Appointments are welcome but definitely not necessary.
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : firstname.lastname@example.org