Packages for Foreigner to Set Up a Company in Singapore

Singapore government provides numerous options to form a company in Singapore to foreign nationals. The friendly government facilitates the procedure of incorporating a company in Singapore by providing an-easy-to-follow process. If an individual is pondering opportunities to be an entrepreneur in Singapore, this island country is the best pick of the lot.

If a person does not have a university degree from anywhere in the world, yet if he can produce enough proofs of a successful entrepreneurial experience, is eligible to apply for Singapore Entrepreneur Pass (Entre Pass). The Ministry of Manpower (MOM) and the Standards,Productivity and Innovation Board of Singapore jointly assess the Entre Pass applications. The minimum paid up capital is $50,000. This amount is an assurance of financial stability to support the business and sustaining the stay in Singapore.

The following are the prerequisites for a foreigner to set up a company in Singapore:   

• The person must be 18 years and above. (w.e.f. March 1, 2009)
•  The person should not be an un-discharged bankrupt. Otherwise, permission from the High Court or Official Assignee has to be obtained.
• The person should not be disqualified under sections 149, 149A, and 154 of the Singapore Companies Act.
• The person needs to obtain an EntrePass from the Singapore’s Ministry of Manpower in order to involve in active management of company’s operations.
• The company should be registered as a Private Limited Company. Singapore’s governing authority of businesses and public accountants the Accounting and Corporate Regulatory Authority (ACRA) is responsible for company registration in Singapore. MOM does not provide EntrePass to a foreign national who wants to register a sole proprietorship or Limited Liability Company.
• The person should hold 30% of shares in his registered company.
• The person should produce a bank statement of at least $50,000 of a Singapore based company back account for verification.
• The business should not fall under the category of illegal businesses.
• EntrePass is not issued to an individual who wants to launch a business of the following category:

Ø  A coffee shop

Ø  A food court

Ø  A night club and bar

Ø  A massage parlor

Ø  A Chinese medical centre or acupuncture centre

Ø  An employment agency

An EntrePass holder can also apply for a SingPass. Both the passes share a common password that allows online transaction with different government agencies.