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Singapore Company Formation with Employment Pass – The Procedures and Requirements
If you are a foreign business professional interested in Singapore Company Formation and obtaining an employment pass, we can help guide you through it as we are professionals in this subject.
Singapore Company Formation and Employment Pass Procedures
Foreign individuals can incorporate a company and relocate to Singapore as long as the following steps are followed. It should be noted that Singapore Company Formation and obtaining an employment pass can be handled without requiring the physical presence of applicants in Singapore.
- Contact us and we can help you with the process of Singapore Company Formation and obtaining an employment pass.
- A provisional resident nominee director will need to appointed until the foreign director obtains an employment pass and switches out with the nominee director.
- The company will first be incorporated in Singapore under the provisional nominee director.
- Once the foreign director completes the procedures for obtaining a Singapore employment pass, they can assume their position by replacing the provisional nominee director.
- They can then relocate to Singapore and start running the company.
Requirements for Singapore Company Formation
- A registered office address
- Minimum paid-up capital is S$1, but registering a company with more than S$50,000 paid-up capital will increase the chances of getting an employment pass
- 1 company secretary
- A minimum of 1 shareholder
- A minimum of 1 local resident director
The following details will also need to be provided to the Ministry of Manpower (MoM) when applying for Singapore Company Formation:
- Company name
- Short summary of the business
- Shareholders’ details
- Directors’ details
- Registered address of the Singapore incorporated company
- Particulars of the final beneficial owner
Documents Required for Singapore Company Formation
Please note that all official paperwork should be in English, or translated to English. Singapore Company Formation documents should be properly signed.
For non-resident shareholder and director:
- Proof of residential address (e.g. a bank statement of accounts, utility bill, domestic phone bill, or tax bill).
- A copy of their passport.
For resident shareholder and director:
- A copy of their employment pass or dependent pass (a letter of consent to do business in Singapore may also be required).
- A copy of their Singapore Identity Card (NRIC).
For shareholders who are the corporate entity:
- A copy of the Registration Certificate.
- A recent copy of the company details from the Registrar of Companies.
- A copy of the company’s constitution (or Memorandum of Articles).
- A copy of the board of directors resolution authorizing the Singapore Company Formation and the planned shareholding.
Obtaining a Singapore Employment Pass
Foreign business professionals who want to incorporate a company in Singapore will need to obtain a Singapore employment pass. The employment pass is required for renting property, opening bank accounts, conducting business activities, and for holding directorship positions for a Singaporean company.
Applicants must meet the criteria as follows:
- Have a job offer from a Singaporean company.
- Work in a specialised, managerial, or executive position.
- Earn a minimum fixed monthly salary of $3,600.
- Have acceptable qualifications such as a good university degree, professional qualifications or specialised skills (qualifications for unaccredited institutions are not accepted).
In this case, the applicant’s own company will be applying for a Singapore Employment Pass on their behalf.
The following documents will need to be submitted to the Ministry of Manpower:
- Candidate’s passport details.
- Company’s latest business profile or instant information registered with the Accounting and Corporate Regulatory Authority (ACRA).
- Candidate’s educational certificates.
- For online applications, a written consent from the candidate is required.
Additional Employment Pass Details
Rejected Applications: Only the company or the authorized third party can make enquiries and appeals about the Singapore employment pass application. A time frame of 3 months is given to appeal an unsuccessful application, but the reasons for rejection will need to be addressed – this can be found in the EP online rejection advisory section. Appeal matters can only be done through an online process. It will take at least 3 weeks or longer before an appeal is processed.
Duration: An Employment Pass will last up to two years for first-time candidates, after which it can be renewed for up to three years.
Family Visa: Employment Pass holders are eligible to get visa passes for their family members to come to Singapore. The company will need to submit a separate application for each family member.
Replacement of Card: If the Employment Pass card is lost or damaged, the company will have to apply for a replacement within 1 week. It costs $100 for the first replacement and $300 for subsequent replacements.
Cancellation of Card: Employment Pass cards must be cancelled by the employer within 1 week after the last day of notice or 1 day after the card expires.
Legal Compliance for Singapore Companies
It is important to note that Singaporean companies are required to file an annual return with the Accounting and Corporate Regulatory Authority (ACRA) and file tax returns with the Inland Revenue Authority of Singapore (IRAS).
Failure to do so will be subject to legal punishments, so make sure to adhere to appropriate procedures and guidelines.
Contact Us Today
Interested in Singapore Company Formation with an employment pass?
3E Accounting is the wise choice for you. Singapore has been our base for a long time and we have the experience and necessary know-how to ensure your success.
Contact us today to benefit from our effective and high-quality work.