FAQs

[dropdown_box expand_text=”What are the requirements for setting up a company in Singapore?” show_more=”” show_less=”” start=”hide”]

• The first step is to check the availability of the proposed name and get the approval of it. An entrepreneur can propose three company names. The approval may take time, if the application needs to be referred by other authorities for its approval or review, otherwise, the approval takes within an hour.
• At least one director who is minimum 18 years old, who should be a Singapore citizen, Singapore PR holder or employment pass holder.
• Minimum one shareholder, who need not to be a Singapore citizen.
• One company secretary, who must be a Singapore resident.
• Minimum Share capital of $1 is required. But in reality, the share capital may increase depending upon the nature of the business and its future plans.
• Registered Local Address.

[/dropdown_box]
[dropdown_box expand_text=”Is it compulsory for me to visit Singapore to incorporate a company?” show_more=”” show_less=”” start=”hide”]

No.Its not compulsory to visit Singapore, since the Incorporation can be done via emails and couriers. Only during the account opening in the bank, your presence is needed, that too is advised for smoother process. Even that can be done through conducting interviews via phone by the banks.

[/dropdown_box]
[dropdown_box expand_text=”What is Memorandum and Articles of Association?” show_more=”” show_less=”” start=”hide”]

It is the law designed to draft the structure and regulations of the company to be incorporated. It defines the various things connected to business operation. While Articles of Association define the relationship between the company and the members and the relationship among the members.

Contents of Memorandum of Association

• Company name.
• Company’s Share capital details.
• Memorandum Subscribers full name, address and occupation.
• A statement of desire to form the company by the subscriber and the agreement of shares.

Contents of Articles of Association

• Rights, Shares of the parties involved.
• Board and general Meetings conduction.
• Directors Appointment for the company.

[/dropdown_box]
[dropdown_box expand_text=”What is the base salary and type of Employment Pass issued?” show_more=”” show_less=”” start=”hide”]

The Ministry of Manpower (MOM) tightened the norms from January 2012.Based on that the requirements are:

P1 Pass:
Proposed for foreigners holding university degree who works in managerial or specialist jobs earning at least $8,000.

P2 Pass:
Proposed for foreigners with acceptable tertiary qualification holding managerial or specialist jobs earning at least $4,500.

Q1 Pass:
Proposed for foreigners with acceptable tertiary qualification holding managerial or specialist job earning at least $3,000.

Note:
You can use MOM’s self-assessment tool to check whether you can meet the designated criteria.

[/dropdown_box]
[dropdown_box expand_text=”What are the responsibilities of a company secretary?” show_more=”” show_less=”” start=”hide”]

• Ascertaining that the company and its directors operate within boundaries of the law.
• Ensuring Registration and communication with shareholders.
• Maintaining the company’s records which hold the list of directors, shareholders and annual accounts.
• Participating Board meetings and General meetings.
• Maintaining Statuary registers and returns.

[/dropdown_box]
[dropdown_box expand_text=”What is the individual tax percentage for foreigners?” show_more=”” show_less=”” start=”hide”]

The Non-residents are taxed, at the rate of 15%.

[/dropdown_box]
[dropdown_box expand_text=”Is the Nominee Directors security deposit and service fee the same?” show_more=”” show_less=”” start=”hide”]

No they are different. Service fee is not refunded ,whereas the security deposit can be refunded, upon the termination of the nominee director service.

[/dropdown_box]
[dropdown_box expand_text=”What is the time-period for me to maintain Company’s accounting records?” show_more=”” show_less=”” start=”hide”]

The company’s accounting records and documents relating to its business operation should be maintained for at least 5 years from the transaction completion date.

[/dropdown_box]
[dropdown_box expand_text=”Do foreign entrepreneurs need to invest S$50,000 for business registration?” show_more=”” show_less=”” start=”hide”]

Foreign Entrepreneurs with Employment Pass need the minimum investment of S$1 as paid-up capital however foreigners’ with Entre Pass must invest S$50,000 as paid-up capital during the company Incorporation.

[/dropdown_box]
[dropdown_box expand_text=”How often should Annual General Meetings be held after company incorporation?” show_more=”” show_less=”” start=”hide”]

Within 18 months from the date of Company’s Incorporation, One Annual General Meeting (AGM) should be conducted. Further on every calendar year, meetings should be conducted.

[/dropdown_box]