5 Things For Foreigners Who Plan To Open a Company In Singapore

5 Things For Foreigners Who Plan To Open a Company In Singapore

Are you a foreigner looking to open a company in Singapore? You might ask if it is possible to open a company in Singapore, but it’s not hard especially with ACRA Singapore going digital. Processing of papers and company incorporation in Singapore has never been easier. Requirements, qualification and even the company registration in Singapore, can be found and are all done online. So, if you are a foreigner seeking to open a company in Singapore, you can go to ACRA’s website and check the documents you need, how to register your company, which agency to approach and even find out how much you need to pay.

Before you can think of starting a business in Singapore, it is important to be aware of 5 important things to keep in mind. Being aware of these 5 things can help you a great deal in your plan to open a company in Singapore.

The Things To Note If You’re a Foreigner

1. Hire a secretarial company to register your business

Before you think of going here to open a company in Singapore, you have to be aware of the rules about company registration in Singapore. As a foreigner, you have to be aware that you cannot register your company yourself. It is a rule that if you want to do a company incorporation in Singapore, you have to employ the services of a local company to register you. This local company can be in the form of a secretarial company like LEXiCO, or a registered accountant; it can also be a firm. It doesn’t matter what type of company you approach as long as you hire one to do the registering for you.

Your chosen company will help you process your papers as well as guide you through the whole procedure of setting up your company.

2. Get a nominee director

Starting a business in Singapore can be easy. In terms of management you have two choices: one, you can manage your business yourself or two, you can hire a company director to do it for you. If you have no plans to run your company yourself, then hiring a director is best for you.

Secretarial companies like LEXiCO offer nominee secretarial services. You won’t have to shuffle through pages of applications, because secretarial companies have a wide portfolio of qualified candidates you can trust. It would be too much of a hassle for you, going to Singapore just to look for possible directors for your company. And it is crucial to note that you need a local director in order to pass ACRA’s requirements.

3. Process your registration online

All online application for company registration must be made online. Singapore makes full use of digital technology to process all their documents. This shift to digital and almost paperless transactions makes the registration process faster and more transparent.

4. Apply for a work visa

You need to apply for a work visa if you plan to conduct business in Singapore. As a business owner wanting to start your business in the country, the work visa you should apply for is the EntrePass.

An EntrePass is a visa given to foreigners who plan to open a company in Singapore or those who plan on starting a business in Singapore.  Applying for an EntrePass is easy. You just have to make sure you meet the qualifications as stated in Ministry of Manpower’s eligibility page.

5. Double check your requirements

Finally, before you proceed to register and open a company in Singapore, it is vital that you double check your requirements and qualifications. One example is the age allowed to do business. In Singapore, the allowed age to do business is 18 years of age. There are young entrepreneurs now in our society, so if you fall short of the required age, you should consider waiting until you reach 18.

Conclusion

These 5 points can guide you through your registration process, think of it as your checklist to getting things done. Being mindful of these 5 points will make your task to open a company in Singapore, systematic and convenient.