Xignam Incorporation Services: Your Gateway to Business Success in Singapore
Looking to incorporate or expand your business to Singapore? Depending on your business objectives, here are some options that you can consider.
Singapore’s reputation as a strategic gateway to South East Asia makes it an attractive hub for foreign companies to establish or consolidate their business in the region.
If you’re a non-Singaporean looking to set up your company in Singapore, it may be worthwhile to look into engaging the services of a professional firm to register your company in Singapore.
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- Appoint at least one resident director.
- Appoint at least one shareholder.
- Appoint at least one secretary within 6 months of incorporation.
- Minimum paid-up capital of S$1.
- Designate a local registered address for the company.
- Put together a Company Kit with documents that detail the following:
- Company name.
- Brief description of business activities.
- Shareholders’ particulars.
- Director’s particulars.
- Company’s secretary particulars.
- Memorandum and articles of associations.
It is also important to note that under Singaporean laws, foreign entities/individuals must engage a professional firm to register a Singapore company.
A BVI company usually entail the following benefits:
- Low incorporation costs and annual maintenance fees.
- Does not require a local secretary.
- No annual return or audit of financial statements by external third parties.
- No minimum capital required.
- Income is exempted from local tax.
- No withholding tax.
Only eligible candidates will be considered for an Employment Pass. Criteria include a minimum salary of S$3,600 and acceptable qualifications. The Employment Pass is for foreign professionals who:
- Have a job offer in Singapore.
- Work in a managerial, executive or specialized job.
- Earn a fixed monthly salary of at least S$3,600 (more experienced candidates need higher salaries).
- Have acceptable qualifications, usually a good university degree, professional qualifications or specialist skills.
Application for an Employment Pass is open to all nationalities. Prior to application, utilize the Self-Assessment Tool (SAT) to verify the candidate’s eligibility for the pass. https://www.mom.gov.sg/eservices/services/employment-s-pass-self-assessment-tool
Note on salaries:
- Young graduates from good institutions can qualify if they earn at least S$3,600.
- Older, more experienced candidates need higher salaries to qualify.
Note on acceptable qualifications:
- MOM does not have a list of approved institutions. Instead, they evaluate each application on its own merit, based on a wide range of criteria such as global and country rankings, and enrolment standards.
- Candidates without acceptable qualifications may not necessarily be rejected. Similarly, having acceptable qualifications does not guarantee approval.
- MOM also looks at other factors such as proven track records and exceptional skill sets on a case-by-case basis.