Singapore – a place that is well known for foreign workers and business men for setting up their career in their field of interest. It is mainly because of its well-developed infrastructure, user-friendly tax regime, strong legal protection, large population of business talents and very well-supportive Government.
If you are planning to set up a Company in Singapore, then you need to know few things before go for the new venture:
The registration process is fully computerised. You need to pay a nominal charge for application and registration. There are several online companies who will guide you and help you in this process. The company incorporation services Singapore fees may range from $300 to $400 based on your requirement.
If we have to think about the total costing or how much to set up a company in Singapore, then as per the various rates offered by various online merchants, it may range from $400 to $1400. You also need to know the basic criteria before setting up a company in Singapore. They are as follows:
- At least one shareholder (individual/corporate entity)
- One Local Director
- One Company Secretary
- The initial paid-up capital should be at least S$1
- One physical registered office in Singapore.
New rules regarding WP, DP and S Pass
Along with the basic costing, you also have to taken into consideration the changed visa rules in Singapore. The changes in rule for the Employment Pass (EP), the Dependent Pass (DP) and the spouse visa or S visa as announced by MOM is as follows:
- With effect from 1 May 2021, thecompanies applying for EP for foreign professionals need to change the base salary from $3900 to $4500.
- Companies requiting DP holders, need to arrange for work passes once the LOC expires for them.
- The minimum wage for the SP Pass holder needs to be increased from $2400 to $2500.
However, in case of a DP holder who is running a business in Singapore and is generating local employments can be permitted to work with the present LOC provided:
- He/she is the sole proprietor, company director of partner of the company
- Holds at least 30% shares of the business.
- The business has employed at least on Singaporean or permanent resident of Singapore with a base salary of $1400 and is contributing to is contributing to Central Provident Fund account for at least a period of 3 months.
So, along with the new visa rules and the idea of how much to set up a company in Singapore, if you think you can move ahead, then it is high time to think of setting up a company in Singapore. Due to Corona, the employment sector is facing a decline in various sectors like tourism, food etc but technology and financial companies are still looking for new talents and hiring regularly. So, choose your field and go ahead by fulfilling all criteria for your new venture.