Singapore is a great place to do business. Singapore is considered as the 4th major financial center in the world. As a corruption-free country in Asia and among the other developed nations, Singapore makes it easy for foreigners to do business in the country.
In this blog, we will discuss how can foreigner start a business in Singapore? It will help the foreigner who wants to start a business in Singapore. Let’s start the journey.
Can a foreigner start a business in Singapore?
Definitely yes, a foreigner can start a business in Singapore. For foreigners there are three options to select and set up as company in Singapore. List of the options is given below:
1) Private Limited company with employment passes.
2) Private Limited company with enter pass
3) A foreigner can engage a resident director.
What are the requirements for foreigners to start a business in Singapore?
Foreigners who wish to start a business in Singapore have to fulfill certain requirements. List of the requirements is given below:
1) Foreigners have to make sure that they obtain the accurate visas.
2) Foreigners must be able to meet the necessary requirements need for registration of foreign business. They must have clear cut idea about registration process of their business in Singapore.
3) Foreigners require to obtain work pass which is know as an Employment pass
4) Foreigners need to appoint a local resident director because it is mandatory for a Singapore registered company to have at least one local resident director
5) To incorporate a company an individual has to log in to Accounting and Corporate Regulatory Authority (ACRA). Since foreigners do not have access to ACRA, they need to engage a corporate service provider to do so.
6) It is compulsory on part of foreigners to obtain business license.
7) A foreigner who intends to stay in Singapore to administer his/her company then he/she is bound to apply for an employment pass and entrepreneur pass. Ministry of Manpower is authorized person to issue these passes.
8) It is compulsory on part of foreigners to obtain single pass/Singapore Personal access which enables the foreigners to access and perform online transaction.
How to start a business in Singapore for foreigner?
We will explain the complete guideline and options which will help a foreigner to start a business in Singapore. The guideline is discussed below.
1) Sole proprietorship - Foreigners can apply for a sole proprietorship in Singapore. Foreigners need to apply to the Ministry of Manpower for an enterpass. This pass allows a foreigner to work in Singapore. After getting the enter pass, you can make an application for registration of a sole proprietorship.
2) Partnership - Similarly like sole proprietorship, Foreigners need to apply for an enterpass to run their partnership firm in Singapore. If one of partners is a resident of Singapore then there is no necessity of applying for enterpass. In case all the partners are foreigners then appointment of an authorized representative is mandatory.
3) Company Formation - For foreigners setting up a company in Singapore involves some tedious and time consuming process. There are two types situation when a foreigner wishes to setup a company in Singapore.
i) Foreign companies wishing to set up in Singapore - There are 3 business types available for those foreign companies who wish to setup a company in Singapore. List of the business types are listed below:
a) A branch office
b) A subsidiary
c) A representative office
ii) Foreigners wishing to setup a local company in Singapore - If a foreigner is setting up a local company in Singapore, then incorporation process is same as that of locally-incorporated company.
Conclusion
Singapore is one of the investments hotspots in Asia where foreigners can easily do business. Singapore attracts foreign investors with its strong currency, investment climate and corruption free political reputation. Enterslice provides best service in matter of starting a business in Singapore.
If you are planning to start a business in Singapore then kindly contact Enterslice and any of it's consultant to get best and reasonable service.
