Singapore is a developed city and it is worldwide popular for being a global financial centre. Every year a throng of visitors come to this place to enjoy the spellbinding beauty, which is popular around the globe. It has always been a fascinating place for the tourists coming from different parts of the world. Along with it, the people also come here in search of better job opportunities. Both the natives and the foreigners, who are abiding by the rules and regulations of their country, can only maintain the dignity and decorum of the nation. The country is famous for its clean, safe and green environment. Therefore, it attracts many visitors. Let’s focus more on tips and guidelines before you start your business in Singapore.
- Employment/Entrepreneur pass: The candidates, who have a job offer at the post of manager, executive or any other high-profile job from Singapore, can easily acquire Singapore employment pass from the Singapore government. It allows the foreign professionals and intellectuals to get the work permit of Singapore. The foreigners who have plans to establish an enterprise or small scale industry based upon their skills can also apply for Entrepreneur Pass.
- Minimum assets: It is mandatory for the candidates to have minimum assets to initiate a business decided by Singaporean EP. The application for entrepreneur pass can be submitted online along with some mandatory documents to get the approval from EP office. The pass is issued within the period of three weeks if submitted online.
- Get your company registered with ACRA: It is quite significant to decide the name of the company first along with its detailed procedure because it would be required while filling up the documentation of your company. It will be given certification by ACRA which is a national agency that registers and inspects the businesses. You cannot think of initiating your business without the approval of ACRA.
- Nominee director: it is mandatory to keep one nominee director in the board of directors. It is one of the conditions to work in Singapore. This nominee director is the resident of Singapore and gives the detailed information of the processing of the company to ACRA. Though, the nominee director has no direct link to intervene in the decisions of the board of directors and does not play a major role in the growth of the business.
- Delegate the filing: As a foreigner, you cannot process everything yourself so you need to take assistance from the consultants working there to incorporate the company and submit all the legal documentation to ACRA. These filing agents guide you correctly to take your company to the next level.
- Open a corporate bank account: it is another important factor to initiate your business in Singapore. Opening of the corporate bank account which will help you to return the file and execute all kinds of transactions to deal in its financial settlements.
The local public company in Singapore is working at two levels. First is a public company limited by shares and secondly, a public company limited by guarantee. The former has more than 50 shareholders and works like the private company and offers its shares to the public. The latter one works for charity or you can say on minimum profit. It promotes arts and works for non-commercial entities.