Yes, as a foreigner, you can incorporate a company in Singapore and apply for a work pass to work in your own company. However, there are specific requirements and steps you need to follow to meet Singapore’s legal and regulatory standards. Here’s how you can proceed:
1. Incorporating a Company in Singapore
Foreigners can incorporate a company in Singapore, but there are certain conditions:
- Resident Director Requirement: Every Singapore company must have at least one director who is a resident (Singapore citizen, Permanent Resident, or holder of an EntrePass, Employment Pass, or Dependant Pass with LOC).
- If you are not eligible to act as a local director initially, you can appoint a nominee director until you secure your work pass.
- Company Secretary: You must appoint a qualified company secretary within six months of incorporation.
- Registered Address: The company must have a physical address in Singapore.
You can incorporate the company through the Accounting and Corporate Regulatory Authority (ACRA) or engage professional service providers to assist with the process.
2. Applying for a Work Pass
After incorporating your company, you can apply for a work pass to work in it. Common options include:
a. EntrePass (more difficult because of the criteria)
- For foreign entrepreneurs looking to start and operate a business in Singapore.
- Eligibility Criteria:
- The company must be less than 6 months old at the time of application.
- Your business must be in a high-value field (e.g., technology, research, innovative sectors).
- Meet other qualifying criteria, such as securing funding, having relevant entrepreneurial experience, or innovative business ideas.
- Renewal: EntrePass renewals require you to meet certain business milestones (e.g., local job creation, revenue).
b. Employment Pass (EP) (more common)
- If your role within the company is as a professional, manager, or executive.
- Eligibility Criteria:
- The company must demonstrate financial viability (e.g., capital investment, operational readiness).
- Minimum monthly salary of SGD 5,000 (or higher for certain industries and older applicants).
- The company must have sufficient funds to pay the proposed salary.
3. Key Considerations
- Paid-Up Capital: There is no minimum requirement, but a higher paid-up capital (e.g., SGD 50,000 or more) can improve your chances of securing a work pass.
- Local Hiring: For certain passes (like EntrePass), you may need to hire locals as part of the visa renewal criteria.
- Approval: The Ministry of Manpower (MOM) assesses work pass applications based on your qualifications, company performance, and the economic contributions of your business.
4. Steps to Start
- Engage a Corporate Service Provider: Professional agencies can handle the incorporation process and advise on nominee directors, work pass applications, and compliance requirements.
- Incorporate the Company: Register your business with ACRA, ensuring it aligns with your business plan and work pass requirements.
- Apply for a Work Pass: Submit the necessary documentation (e.g., company details, your qualifications, business plan) to MOM.
- Operationalize the Business: Set up a bank account, secure office space, and ensure the company is prepared to demonstrate viability.
Advantages of This Approach
- Ownership of your business.
- Ability to work and live in Singapore.
- Leverage Singapore’s favorable business environment, including tax incentives and access to global markets.
This route is viable but requires careful planning, adherence to regulations, and possibly the guidance of experts.
Here is an article about the process:
If you are looking to incorporate a Singapore company and or apply for a valid work pass, you can contact the Raffles Corporate Services corporate secretarial team at [email protected] or you can also visit https://singaporeemploymentagency.com/ if you are looking to apply for work passes.
Yours sincerely,
The editorial team at Raffles Corporate Services
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