A detailed guide on Company Formation with Employment Pass in Singapore
For foreigners looking to establish a business in Singapore, or for professionals and entrepreneurs planning to relocate and manage their company operations in this vibrant economic hub, understanding the requirements is key. To successfully complete the formation of a company in Singapore and begin operations, you will need to:
- Incorporate the Singapore company
- Obtain a Singapore Employment Pass work visa
With its pro-business environment, strategic location, and robust legal framework, Singapore offers unparalleled opportunities for growth. Navigating the process effectively ensures a seamless transition for you and your business.
Singapore Company Formation and Employment Pass Procedures
Foreign individuals can incorporate a company and relocate to Singapore as long as the following steps are followed. It should be noted that Singapore company formation and obtaining an employment pass can be handled without requiring the physical presence of applicants in Singapore.
- Contact us and we can help you with the process of Singapore Company formation and obtaining an employment pass.
- A provisional resident nominee director will need to be appointed until the foreign director obtains an employment pass and switches out with the nominee director.
- .The formation of a Singapore company will first be completed under the provisional nominee director.
- Once the foreign director completes the procedures for obtaining a Singapore employment pass, they can assume their position by replacing the provisional nominee director.
- They can then relocate to Singapore and start running the company.
Requirements for Singapore Company Formation
- A registered office address
- Minimum paid-up capital is S$1, but registering a company with more than S$50,000 paid-up capital will increase the chances of getting an employment pass
- 1 company secretary
- A minimum of 1 shareholder
- A minimum of 1 local resident director
The following details will also need to be provided to the Ministry of Manpower (MoM) when applying for Singapore Company Formation:
- Company name
- Short summary of the business
- Shareholders’ details
- Directors’ details
- Registered address of the Singapore incorporated company
- Particulars of the final beneficial owner
Documents Required for Singapore Company Formation
Please note that all official paperwork should be in English, or translated to English. Singapore Company Formation documents should be properly signed.
For non-resident shareholder and director:
- Proof of residential address (e.g. a bank statement of accounts, utility bill, domestic phone bill, or tax bill).
- A copy of their passport.
For resident shareholder and director:
- A copy of their employment pass or dependent pass (a letter of consent to do business in Singapore may also be required).
- A copy of their Singapore Identity Card (NRIC).
For shareholders who are the corporate entity:
- A copy of the Registration Certificate.
- A recent copy of the company details from the Registrar of Companies.
- A copy of the company’s constitution (or Memorandum of Articles).
- A copy of the board of directors resolution authorizing the Singapore Company Formation and the planned shareholding.
Obtaining a Singapore Employment Pass
Foreign business professionals who want to incorporate a company in Singapore will need to obtain a Singapore employment pass. The employment pass is required for renting property, opening bank accounts, conducting business activities, and for holding directorship positions for a Singaporean company.
Applicants must meet the criteria as follows:
- Have a job offer from a Singaporean company.
- Work in a specialised, managerial, or executive position.
- Earn a minimum fixed monthly salary of $5,000.
- Have acceptable qualifications such as a good university degree, professional qualifications or specialised skills (qualifications for unaccredited institutions are not accepted).
In this case, the applicant’s own company will be applying for a Singapore Employment Pass on their behalf.
The following documents will need to be submitted to the Ministry of Manpower:
- Candidate’s passport details.
- Company’s latest business profile or instant information registered with the Accounting and Corporate Regulatory Authority (ACRA).
- Candidate’s educational certificates.
- For online applications, a written consent from the candidate is required.
Process for Singapore Company Incorporation with Employment Pass
Navigating the Singapore company incorporation process with an Employment Pass involves a few straightforward steps. Our streamlined services ensure a hassle-free and compliant experience.
Step 1: Submit Your Request
- Provide your company details, and we will:
- Check the availability of your proposed company name.
- Address any queries and provide guidance.
- Issue an invoice for our services.
- Conduct a compliance review of shareholders and directors.
Step 2: Prepare Incorporation Documents
- After payment, we’ll prepare the required incorporation documents.
- You can sign these documents in Singapore or before a Notary Public if you’re overseas.
Step 3: Incorporate Your Company & Open a Bank Account
- Once the documents are signed, we’ll register your company with the Accounting and Corporate Regulatory Authority (ACRA).
- After incorporation, we’ll introduce you to banks for your corporate account setup (subject to bank KYC processes).
Step 4: Apply for Your Employment Pass (EP)
- We’ll submit your EP application electronically to the Ministry of Manpower (MOM).
- Processing takes 7–25 working days.
- Once approved, we’ll assist with collecting your EP.
Legal Compliance for Singapore Companies
It is important to note that Singaporean companies are required to file an annual return with the Accounting and Corporate Regulatory Authority (ACRA) and file tax returns with the Inland Revenue Authority of Singapore (IRAS).
Failure to do so will be subject to legal punishments, so make sure to adhere to appropriate procedures and guidelines.
