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Formation of a Company in Singapore

Formation of a Company in Singapore
Singapore has become the industrial hub of Southeast Asia providing opportunity for entrepreneurs to set up their business in the country. The flexible immigration policies attract investors who show a great deal of interest in establishing their firms in Singapore. Both seasoned entrepreneurs and new ones find a lot of interest in investing in Singapore as it has the capability to give back almost double their investment. Singapore is among the world's leading countries in per capita income and GDP. The economy of Singapore is both stable and progressive, and hence attracts a large number of investors.

There is a lot of scope to explore the different types of industries in Singapore. Right from hospitality to medicine, from electronics to real estate, every industry is flourishing in the country. Singapore follows the free market system, which enables rapid understanding between the optimum allocation of economic resources and the market dynamics. Obtaining licenses, work permits, registering property and employment is quite easy.

Obtaining work permit in Singapore
Singapore work permit is provided from the Ministry of Manpower. A work permit or an employment pass could be obtained based on the educational qualification, amount of monthly salary and the nature of job. The four types of Singapore work permit schemes available for foreigners trying to set up business in Singapore are:
  • Employment Pass - This is the main work permit in Singapore provided for business owners or employees employed in a company in Singapore. You must be a degree holder from a recognized university and your monthly income should be over S$2,500. There is officially no quota for this pass. This pass is valid for 1-2 years and is renewable till the person concerned continues to work in Singapore. Employment pass holders can apply for permanent residence gradually.
  • Entrepreneur Pass - This pass is provided for people are interested to set up business in Singapore but are little less qualified in terms of education. The pass is valid for 1-2 years and is renewable as long as he is doing the business.
  • S Pass - This pass is for people who are employed in Singapore, earning $1,800 on a monthly basis. This pass is also valid for 1-2 years and is renewable. It comes under a quota system, which states that only 25% S pass holders can work in a company.
  • Personalized Employment Pass - This pass is special since the employees holding it can switch jobs as per their convenience. The validity of this pass is for 5 years and is non renewable. Expert professionals are handed this pass and they are not allowed to start business in Singapore.


Two more passes are miscellaneous work pass and training employment pass, which provide certain opportunities for people.
GuideMeSingapore is a Singapore-focused website that offers comprehensive information about how to incorporate a Singapore company, save taxes, and relocate to Singapore.



Posted by: Heather    Source