Singapore is an attractive country not only because of its remarkable economic results registered in the last decade, but also because it is very open to foreign investors interested in starting a business here. There are several ways to open a company inn Singapore and it is important to know that the main requirement for incorporating a business as a foreigner is to appoint a local agent who completes the formalities with the Companies Register. However, such the role of such an agent can be taken by a family member if he or she has obtained a dependant pass.
The Singapore dependant pass is issued by the Ministry of Manpower (MOM) and targets individuals who need to comply with certain requirements. Below, our company formation agents in Singapore explain how to set up a business under the dependant pass.
Foreign investors can rely on us for assistance in obtaining a Singapore dependant pass and registering a business in the city-state.
There are several criteria imposed by the Ministry of Manpower a person must comply with in order to obtain the Singapore dependant pass. There are also several advantages to be obtained once such a permit has been obtained.
Here is what you need to know about the Singapore dependant pass:
The main advantage of the dependant pass is that it grants the right to open a company in Singapore.
If you are interested in starting a business under the dependant pass, our company registration consultants in Singapore can assist you.
The following documents need to be prepared and filed with the Ministry of Manpower when applying for a Singapore dependant pass:
The Singapore dependant visa is issued within 3 to 5 weeks after the application and prior to its issuance, an In-Principle-Approval letter is issued by the Ministry of Manpower.
Our Singapore company formation specialists can help foreign citizens interested in obtaining various licenses and permits.
The good news for those who want to open a company in Singapore after having obtained their dependant pass is that the business registration process will imply the same steps as for any other local or foreign investor. One needs to draft the incorporation documents, file them with the Accounting and Corporate Regulatory Authority and obtain the Certificate of Registration and all the licenses allowing them to operate.
Starting a business under the Singapore dependant pass implies no special requirements related to the types of companies one can set up, therefore foreign citizens can operate as sole traders or can establish limited liability companies which are preferred by most investors.
Should you need any advice on how to choose the right business form, our company formation agents in Singapore are at your disposal.
Starting a business in Singapore under the dependant visa will definitely have a positive impact on one’s financial future and living style. According to recent reports, in 2019 the Singapore economy:
For assistance in starting a company under the Singapore dependant pass, please contact our local advisors.