Asiabizservices Explains to Entrepreneurs How to Form a Singapore Company 

Two of the advantages of an Employment Pass are the exemption from hiring a certain number of local residents and exemption from satisfying a particular amount of annual business expenditure.

by Ashley Varghese Saturday, December 04, 2010
Consistent to the goal of fostering Singapore as a global entrepreneurial city is its flexible business policy stating that foreign entrepreneurs can do business in Singapore with or without relocation.

“If relocation is not an option, foreign entrepreneurs must appoint a local resident director,” explains a business consultant of Asiabizservices, a company engaged in assisting foreign entrepreneurs start a Singapore company.

The local resident director is either a Singaporean citizen or a permanent resident who resides in the country. It could likewise qualify foreign individuals who have a working visa such as an Employment, Entrepreneur, or Dependent Pass.

Foreign entrepreneurs may also employ a Singapore Nominee Director service or statutory compliance. Under this agreement, the nominee director does not have executory powers. Nor should he or she participate in internal affairs. And the position can be transferred to another individual at the discretion of the shareholder.

There should also be a company secretary who holds an ordinary or permanent residence and appointed within 6 months following the incorporation of a company. The secretary must be knowledgeable on the Singapore Company Act.

For its shareholders, a minimum of 1 and a maximum of 50 is allowed. The shareholder can be and individual or corporate shareholder.

Entrepreneurs wishing for relocation may secure either an Employment Pass or Entrepreneur Pass.

“An Employment Pass requires a tertiary education degree from a reputable university and professional qualifications,” Asiabizservices continues its explanation, “this will enable the applicant to express his or her potential economic contributions to the city-state.”

If the aspiring businessman has an existing business offshore, Asiabizservices elaborates further that the Ministry of Manpower shall assess the reputation, business potential and paid-up capital of that company.

Two of the advantages of an Employment Pass are the exemption from hiring a certain number of local residents and exemption from satisfying a particular amount of annual business expenditure.

“Such is not the case in Entrepreneur Pass,” cites the business consultant of Asiabizservices, “its holder is obliged to employ at least 2 local residents and ought to post a minimum amount of S$100,000 annual business expenditure, including having a minimum paid up capital of S$50,000.

Nonetheless, an Entrepreneur Pass does not require a tertiary level of education provided that the individual has excellent entrepreneurial skills. On the other hand, should the entrepreneur prefers an Employment Pass and yet a tertiary level education is not met, the Ministry of Manpower may waive such requirement and instead focuses its assessment on the investor’s impressive specialization skills like developing a business.

Since its inception, Asiabizservices assists foreign entrepreneurs establish a company in Singapore. Among its specializations are corporate services, accounting services and nominee services.

About the publisher:

Asiabizservices does not waver in its goal to establish its reputation in the industry by helping investors register a company in Singapore. Such efforts pay off as the company is among the prestigious corporate solutions providers in Singapore.

Among its specializations are Singapore company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, and accounting services including payroll preparation.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs incorporate a Singapore Company.

For more information:
Address: 120 Telok Ayer Street Singapore 068589
Phone: +6563034614

0    submitted by Ashley Varghese
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