Singapore Office Rental Releases Guidelines To Assist Foreigners In Establishing Business In Singapore
Singapore is one of the countries in Asia that has a surging economy. Aside from being highly urbanized, the Singaporean government has a pro-business policy. These are the reasons why foreigners are attracted to come and built businesses in Singapore but starting a business in Singapore require much of work besides having a good business plan and sufficient resources. Foreigners must comply the protocols to avoid hefty fines and run-ins with the SG law. Hence, the Singapore Office Rentals, the trusted team company of office leasing specialist releases a guideline on how a foreigner can start a business in Singapore.
Foreigner’s Guidelines in Establishing Business in Singapore
Prior To The Establishment Of Business
Before any foreigners can do business in Singapore, they must get an E Pass and EntrePass from the MOM or Ministry of Manpower. In order to get that, here are the requirements needed: the business must not be illegal and it must be registered as a private limited company, you must have a minimum of fifty thousand Singaporean dollars for capital. For businesses like food courts, employment agencies for parlor this requirements are lifted. This EntrePass or E Pass is not needed if the foreigner has to intention to stay in Singapore to manage the business but there must be an appointed local director. For PR and Singaporean citizen, E Pass, S Pass, and EntrePass holders and their dependents, they are qualified to get SingPass.
Determining Business Structure
A foreigner can register his/her as sole-proprietorship, partnership, or company incorporation.
For sole-proprietorship, you may need to appoint a local resident as representative if you wish to live outside Singapore. Other necessary works for business includes registering it and furnishing a form on BizFile, which needs the use of the SingPass.
For a partnership, the other partner of the business can be an ordinary resident in Singapore. If they are both foreigners, they need to appoint someone who is an ordinary resident in Singapore for the registration process.
For company incorporation, a foreigner is allowed to set up a corporation though this can be time-consuming and tedious. For the office space rentals, the Singaporean Office Rental can better guide and help you get a space that fits your type of business. For more information, you can visit their website at www.singaporeanofficerental.sg or you may call them for consultation at +65 98582680.
About Singaporean Office Rentals
Singaporean Office Rentals is working to assist the expansion of business in Singapore by finding a perfect office space to rent within the region. The company has a team that is not just fluent in Mandarin and English, they are also specialists in office leasing in Singapore with a vision to secure office space for their client that meets the functionality, budget, timeline, and profile of the business. For a free consultation, you can reach the team at +65 98582680 or visit their website at www.singaporeanofficerental.sg. and get ready to speak for your requirements.