Company Incorporation

Singapore welcomes foreign talents in order to sustain a vibrant and dynamic talent pool Singapore follows a relatively liberal immigration policy to attract and retain foreigners who fall under various categories such as Qualified and skilled professionals, entrepreneurs, meritorious professionals etc. Foreigners can apply for work passes which are available under various schemes.

Singapore has an open immigration policy that welcomes professionals with excellent skills and experiences from all over the world. There are various options for foreign professionals to live and work in Singapore.

Types of work pass for foreigners Employment Pass (EP) Entrepreneur Pass (EntrePass) Personalized Employment Pass (PEP) S Pass Employment Pass

Employment Pass (EP) designated for foreign professionals employed by companies operating in Singapore. A foreign entrepreneur who has incorporated a Singapore private limited company is also eligible for an EP so as to operate the business in Singapore. All managing directors and shareholders of a company, who are not Singapore citizens or permanent residents, are also eligible for EP.

There are three categories of Employment Pass: P1, P2 and Q1 Pass. The P Pass is for foreigners seeking managerial, executive or specialist jobs.

P1 Pass — for applicants earning a fixed monthly salary of more than S$7,000 P2 Pass — for applicants earning a fixed monthly salary of more than S$3,500 and up to S$7,000, and he/she possesses recognised qualifications Q1 Pass — for applicants earning a fixed monthly salary of more than S$2,500 and he/she possesses recognised qualifications

Validity: Ministry of Manpower grants each EP with a validity of 1 or 2 years, and it is renewable as long as the pass holder remains employed in the company.

Benefits: With an EP, you can travel in and out of Singapore with minimum hassle at the immigration. All EP holders may apply for Dependant Pass and/or Long-Term Visit Pass for their family members.

Permanent Residence Eligibility: EP holders are eligible to apply for Permanent Residence. There is no designated waiting period but since one of the documents required is 6 months of salary record, hence it is advisable to wait for at least six months prior to application. It is, however, advisable for Q1 pass holders wait for at least 2 years before applying for permanent residence.

Eligibility: To be considered for an Employment Pass, you must have a fixed monthly salary of at least S$2,500, and possess one or more of the following:

Acceptable educational diploma/degree Professional qualifications Specialist skills Work related experience

The Ministry of Manpower evaluates each applicant based on individual’s merits. Other factors which also play a very important role are:

Salary of applicant Age of applicant Roles & responsibility Related work experience Repute of the company Company paid up capital Applicant current citizenship Entrepreneur Pass

Entrepreneur Pass (EntrePass) or EntrePass is a work visa designed for foreign entrepreneurs, whom may lack the appropriate educational or specialist skills qualification, but have proven track records of successful business ventures or possess an innovative business idea that has good prospects.

Validity:

First-time applicants — One year EntrePass renewals — Contingent on meeting the requirements of the Total Business Spending and employment of local workers.

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Benefits: With an EntrePass, you can travel in and out of Singapore with minimum hassle at the immigration. All EntrePass holders may apply for Dependant Pass and/or Long-Term Visit Pass for their family members.

Permanent Residence Eligibility: EntrePass holders of P1, P2 and Q status are eligible to apply for Permanent Residence. There is a designated waiting period of six months since one of the assessing criteria is to have a minimum of six months pay slips, and preferably with IRAS tax assessment.

Eligibility:

Incorporate a company with the Accounting and Corporate Regulatory Authority no more than 6 months at the point of submission of the EntrePass application Own 30%-100% of shareholding in the company Have relevant experience and track record in creating and managing successful businesses Provide S$50,000 and above in paid-up capital for the new company Submit a 10-page business plan detailing business goals and objectives. It must also include a strategy to meet the requirements stipulated by Ministry of Manpower in which your business venture must demonstrate in a one-year period that it will meet the employment requirement of a minimum number of Singaporean or local workers; and with a Total Business Spending (TBS) of: P1 Pass — 8 local employees; TBS S$300,000 P2 Pass — 4 local employees; TBS S$150,000 Q1 Pass — 2 local employees; TBS S$100,000 S Pass

The S Pass is designed for mid-level skilled foreign workers employed by companies operating in Singapore. The application is assessed based on a point system with consideration for each of the following factors: salary, education qualifications, skills, job type and work experience. The number of S Pass holders a Singapore company can employ is capped at a sub-quota of 25% of the company’s total workforce.

Validity: It has a validity of 1 or 2 years and is renewable as long as the pass holder remains employed in the company.

Benefits: S Pass applicants whose fixed monthly salary is more than S$2,500 may apply for Dependant Pass and/or Long-Term Visit Pass for their family members.

Permanent Residence Eligibility: S pass holders are eligible to apply for Permanent Residence. There is no designated waiting period but it is advisable to wait for at least two years before applying for Permanent Residence.

Eligibility:

Fixed monthly salary of S$1,800 and above General degree or diploma level educational qualifications Technical certificate may be considered Relevant work experience and skills Personalised Employment Pass (PEP)

Personalised Employment Pass or PEP application is not tied to an employer for it is granted based on the applicant’s individual merits. The PEP pass holder can switch employers without affecting the status of his pass and has up to 6 months in between jobs to stay in Singapore to seek employment opportunities.

Validity: It is issued for a period of 5 years however it is not renewable thereafter.

Benefits: With a PEP, you can travel in and out of Singapore with minimum hassle at the immigration.

All PEP holders may apply for Dependant Pass and/or Long-Term Visit Pass for their family members.

Permanent Residence Eligibility: EP holders are eligible to apply for Permanent Residence. There is no designated waiting period but since one of the documents required is 6 months of salary record, hence it is advisable to wait for at least six months prior to application. It is, however, advisable for Q1 pass holders wait for at least 2 years before applying for permanent residence.

Eligibility:

Overseas foreign professional whose last drawn fixed monthly salary overseas was at least S$7,000 Former P1 Pass holders who are residing overseas P1 Pass holders P2 Pass holders with at least two years of work experience on a P Pass Q1 Pass holders with at least five years of work experience on a Q1 pass Foreign graduates from institutions of higher learning in Singapore with at least two years of work experience on a P or Q1 Pass Miscellaneous Work Pass

Foreigners working in Singapore on short-term assignments of up to 60 days are required to obtain a Miscellaneous Work Pass (MWS). Professional Visit Pass has been replaced by MWS.

The following groups require a MWS

Foreigners involved in activities directly related to the organisation or conduct of any seminar, conference, workshop, gathering or talk concerning any religion, race or community, or political end Foreign religious worker giving talks relating directly or indirectly to any religion Foreign journalist, reporter or an accompanying crew member not sponsored by any Singapore Government agency

Validity: Up to 2 months

Training Employment Pass

Training Employment Pass is required for foreigners to undergo practical training attachments for professional, managerial, executive or specialist jobs in Singapore.

The following categories of foreigners are eligible to apply for the pass:

An undergraduate -The training attachment in Singapore must be part of the trainee’s degree programme from an acceptable educational institution. An intra-company trainee — Companies can bring employees from their foreign offices/subsidiaries to Singapore for professional or executive training. Intra-company trainees should have a degree or diploma.

Eligibility: Earn a fixed monthly salary of more than S$2,500 and/or hold acceptable tertiary or professional qualifications.

Multiple Journey Business Visa

Multiple Journey visa facilitates the frequent entry of business executives from visa-requiring countries into Singapore. This will benefit the foreign investors or business people who visit Singapore frequently to attend to the business or investment needs.

Multiple visits, each lasting up to 30 days, are allowed during the validity period of the visa which may be for 1,2 or 5 year depending on the prevailing ICA’s guidelines.

AsiaBiz is Singapore leading one stop corporate solution provider, specialising in Singapore company incorporation, accounting, tax, immigration and related Singapore business services. AsiaBiz has a dedicated team to handle all your Singapore company setup and Singapore work pass needs.

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Originally published here.

When a person is trying to establish a professional title concerning their business venture, there are various paths of identification to pursue including sole proprietorship, partnership and pty limited company. A sole proprietorship is the style of business several people realize themselves involved in though this title is accompanied by a large amount of risks because of the regular amalgamation that’s discovered between individual finances and business finances.

A partnership represents a company that is owned by multiple partners that operate together for the benefit of their company. Partnership concerns are found with the hierarchy that’s established in this business venture, clouding authority and spreading threat to multiple people as company and private finances merge.

What’s recommended for most successful businesses is to include a business so as to establish a true business structure and provide financial protection. When you incorporate a business you facilitate to develop a clear structure of power in your company, putting a transparent line with regard to who will make the ultimate decisions together with divvying up tasks based mostly on position.

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In addition, once you incorporate a business you’re creating a brand new entity in the eyes of the legal system that helps in making the line that separates a person’s business from a person’s personal finances. When you incorporate your business you will give protection to all or any of the individuals concerned within the business in the event that something catastrophic occurs inflicting you to claim responsibility.

Along with the structure and liability protection that is provided after you incorporate a business, a brand new feature is created that is not offered with sole proprietorship or partnership. In those conventional business formats you are directly responsible to your investors and therefore the refunding of any cash that’s provided towards your business.

With business incorporation concerning a pty limited business you generate stocks that investors will purchase in the hope that the stock value will increase as you achieve company success. With stocks, investors will purchase and sell the stocks generated from your company incorporation leaving investment responsibility in the hands of stock investors that permits you to target your company success.

The leading reason that people don’t pursue company incorporation is found with the legal difficulty that is involved in establishing this sort of pty limited company. Luckily for individuals who still want the protections and safety that are found with company incorporation, the use of a professional helps to make the method simple.

Originally published here.

When a person is trying to establish a professional title concerning their business venture, there are various paths of identification to pursue including sole proprietorship, partnership and pty limited company. A sole proprietorship is the style of business several people realize themselves involved in though this title is accompanied by a large amount of risks because of the regular amalgamation that’s discovered between individual finances and business finances.

A partnership represents a company that is owned by multiple partners that operate together for the benefit of their company. Partnership concerns are found with the hierarchy that’s established in this business venture, clouding authority and spreading threat to multiple people as company and private finances merge.

What’s recommended for most successful businesses is to include a business so as to establish a true business structure and provide financial protection. When you incorporate a business you facilitate to develop a clear structure of power in your company, putting a transparent line with regard to who will make the ultimate decisions together with divvying up tasks based mostly on position.

]]>

In addition, once you incorporate a business you’re creating a brand new entity in the eyes of the legal system that helps in making the line that separates a person’s business from a person’s personal finances. When you incorporate your business you will give protection to all or any of the individuals concerned within the business in the event that something catastrophic occurs inflicting you to claim responsibility.

Along with the structure and liability protection that is provided after you incorporate a business, a brand new feature is created that is not offered with sole proprietorship or partnership. In those conventional business formats you are directly responsible to your investors and therefore the refunding of any cash that’s provided towards your business.

With business incorporation concerning a pty limited business you generate stocks that investors will purchase in the hope that the stock value will increase as you achieve company success. With stocks, investors will purchase and sell the stocks generated from your company incorporation leaving investment responsibility in the hands of stock investors that permits you to target your company success.

The leading reason that people don’t pursue company incorporation is found with the legal difficulty that is involved in establishing this sort of pty limited company. Luckily for individuals who still want the protections and safety that are found with company incorporation, the use of a professional helps to make the method simple.

Originally published here.