The Advantages and Disadvantages of the Different Types of Business Entities in Singapore; Or The Pros and Cons of the Different Types of Business Entities in Singapore; Or The Advantages and Disadvantages of the Different Types of Business Firms in Singapore; Or The Advantages and Disadvantages of the Different Types of Business Organisations in Singapore; Or The Advantages and Disadvantages of the Different Types of Business Structures in Singapore: Here you can have a brief of major pros and cons of most popular types of business entities and firms in Singapore: · Separate legal entity from members and directors, which means that members and directors are not personally liable for the losses and debts incurred · Easier to obtain funding during start-up years and also eligible for government funded micro loans offered by local banks · Succession of Company is perpetual, until they are struck off or wound up · From the Year of Assessment 2020: Your company is required to pay the tax at 4.25% on the Net Profit for the first SGD100,000/-, whereas at 8.5% and 17% for the next SGD100,000/- and beyond first SGD200,000/- respectively effective from the Year of Assessment 2020. · Singapore companies do not have to pay taxes on capital gains or dividends. · And many more. · Higher registration cost and also costly to maintain · More compliance obligations (e.g., a company secretary has to be appointed within 6 months of the company’s incorporation) · Annual General Meeting has to be conducted · Annual Return filing with the Authority · Estimated Chargeable Income and Corporate Tax to be filed · Limitation in Fund Raising compare to Public Company · Lower registration cost and easy to set up · Reduced compliance obligations – general meetings, directors, company secretary, etc., are not required · Only an annual declaration of solvency or insolvency is required · LLPs are considered as a separate legal entity from their owners, which means that owners are not responsible for any debts or losses the business incurs · Easier than Partnerships and Sole Proprietorships to secure funding for the start-up years of the business · Succession of LLPs are perpetual, until they are struck off or wound up · Profits are taxed are based on the owner’s income level – this means that as the owner’s income level increases, taxes increase as well due to Singapore’s progressive tax system · Not eligible for Government funded micro loans · Tax benefits: As with a general partnership, the profits and losses in a limited partnership flow through the business to the partners, all of whom are taxed on their personal income tax returns. The difference is that the limited partners in the relationship get to share in the profits and losses, but they do not have to participate in the business itself. · Liability limits: A limited partner’s liability for the partnership’s debt is limited to the amount of money or property that individual partner contributed to the partnership. This is not true of the general partnership, where any money or property contributed becomes an asset of all the partners. · The general partners take charge: In a limited partnership, the general partners deal with the daily operations and responsibilities and don’t need to consult the limited partners for most business decisions. · No turnover issues: Limited partners can be replaced or leave without dissolving the limited partnership. · Less paperwork: Creating a limited partnership, like a general partnership, requires less paperwork than forming a corporation. However, it’s important to create and file a partnership agreement in the county where your company does business. · Investment opportunities: A limited partnership is a great way to offer investors the opportunity to benefit from the profits and losses of your business without getting them actually involved in the business. · Risks to the general partners: In a limited partnership, the general partners must carry the burden of all the business’s debts and obligations. If the company is sued or enters into bankruptcy, all debts and liabilities are the responsibility of the general partners. · Also, each general partner has the ability to make decisions on behalf of the company, and those decisions become the responsibility of all the general partners. · Compliance challenges: A general partnership does require less paperwork than a corporation, but because in essence you have investors (the limited partners), you must still hold annual meetings and create a detailed partnership agreement. · Partnerships face fewer statutory controls than companies. · There is no requirement to audit or publish accounts or to register the Partnership Agreement. No returns are required to be made by partnerships, except for income tax. · The internal structure of partnerships is very flexible. Most of the rules for the structure of partnerships can be overridden if the partners agree otherwise. · Partnerships can be simple and cheap to set up. There is no requirement to have any written documentation, although a Partnership Agreement is advisable (see above). · Partners owe a duty of good faith to each other. Partners must also account to the partnership for any secret profits that they make from the partnership without the consent of the other partners, including any profits gained from any competing business. · Partners face unlimited liability for all the debts of the partnership. This means that the personal assets of each partner are at risk. · Partners are jointly liable for partnership debts. This means that if one partner fails to pay his share of the partnership debt, the other partners must make up the shortfall. · Any individual partner can be sued for all the debts of the partnership. · The partnership does not have its own separate legal identity from the partners. Therefore, unless otherwise agreed, the partnership will come to an end each time a partner leaves. · The avenues available for access to further capital for expansion are restricted by the amount of security that can be given personally by the individual partners. · It is an easy procedure to register a sole-proprietorship. · It is easy and quick to start trading as a sole trader as there are no formalities to comply with other than notifying the Tax Authorities. · The business itself is flexible. Any decisions and changes can be made easily as there is only one person to make the relevant choices. · All the profits generated by the business will belong to the sole-trader. · Sole-traders own their business and so are able to sell or transfer the business assets & liabilities as they wish. · One of the advantages of this form of business is that there are fewer formalities in terms of its formation and registration. · Pay income tax for your trade income at individual income tax rate. · CPF contribution is not mandatory. · Due to flexible structure it’s easy to convert into Partnership just by adding another person as a Partner. · A sole-trader has unlimited liability. This means that if the business should collapse, the sole-trader could loose not only the cash and other assets invested in the business but all his/her personal assets as well excluding HDB flat, to meet the debts of the business. · As there is only one person with overall responsibility for the success of the business this may increase the pressure on that individual. · A sole-proprietorship is a business firm owned by one person or one locally incorporated company. There are no partners. The sole-proprietor has absolute say in the running of the business firm. Management rests on that one person and his liability is unlimited. · There is no requirement for a sole-trader to maintain accounts for auditing purposes however the records shall be kept for five years. For tax purposes, a balance sheet or statement of affairs as at the end of the year and a detailed profit and loss account must be submitted to the tax authorities. · If such a business fails or is declared bankrupt, the creditors can sue the proprietor for all debts incurred. A legal claim can be made against the personal assets of the proprietor. · In addition to personal income tax the owner is mandatorily required to top-up his/her Medisave Account for the net trade income after tax assessment · Sole Proprietor could not transfer the ownership of Firm however the assets & liabilities of the Firm could be easily transferred to another person. The Advantages Different Types of Business Entities in Singapore; Or The Pros Different Types of Business Entities in Singapore; Or The Advantages Different Types of Business Firms in Singapore; Or The Advantages Different Types of Business Organisations in Singapore; Or The Advantages Different Types of Business Structures in Singapore: Here you can have a brief of major pros of most popular types of business entities and firms in Singapore: · Easier to obtain funding during start-up years and also eligible for government funded micro loans offered by local banks · Succession of Company is perpetual, until they are struck off or wound up · From the Year of Assessment 2020: Your company is required to pay the tax at 4.25% on the Net Profit for the first SGD100,000/-, whereas at 8.5% and 17% for the next SGD100,000/- and beyond first SGD200,000/- respectively effective from the Year of Assessment 2020. · Singapore companies do not have to pay taxes on capital gains or dividends. · And many more. · Reduced compliance obligations – general meetings, directors, company secretary, etc., are not required · Only an annual declaration of solvency or insolvency is required · LLPs are considered as a separate legal entity from their owners, which means that owners are not responsible for any debts or losses the business incurs · Easier than Partnerships and Sole Proprietorships to secure funding for the start-up years of the business · Succession of LLPs are perpetual, until they are struck off or wound up · Liability limits: A limited partner’s liability for the partnership’s debt is limited to the amount of money or property that individual partner contributed to the partnership. This is not true of the general partnership, where any money or property contributed becomes an asset of all the partners. · The general partners take charge: In a limited partnership, the general partners deal with the daily operations and responsibilities and don’t need to consult the limited partners for most business decisions. · No turnover issues: Limited partners can be replaced or leave without dissolving the limited partnership. · Less paperwork: Creating a limited partnership, like a general partnership, requires less paperwork than forming a corporation. However, it’s important to create and file a partnership agreement in the county where your company does business. · Investment opportunities: A limited partnership is a great way to offer investors the opportunity to benefit from the profits and losses of your business without getting them actually involved in the business. · There is no requirement to audit or publish accounts or to register the Partnership Agreement. No returns are required to be made by partnerships, except for income tax. · The internal structure of partnerships is very flexible. Most of the rules for the structure of partnerships can be overridden if the partners agree otherwise. · Partnerships can be simple and cheap to set up. There is no requirement to have any written documentation, although a Partnership Agreement is advisable (see above). · Partners owe a duty of good faith to each other. Partners must also account to the partnership for any secret profits that they make from the partnership without the consent of the other partners, including any profits gained from any competing business. · It is easy and quick to start trading as a sole trader as there are no formalities to comply with other than notifying the Tax Authorities. · The business itself is flexible. Any decisions and changes can be made easily as there is only one person to make the relevant choices. · All the profits generated by the business will belong to the sole-trader. · Sole-traders own their business and so are able to sell or transfer the business assets & liabilities as they wish. · One of the advantages of this form of business is that there are fewer formalities in terms of its formation and registration. · Pay income tax for your trade income at individual income tax rate. · CPF contribution is not mandatory. · Due to flexible structure it’s easy to convert into Partnership just by adding another person as a Partner. Employer must advertise on the Jobs Bank for at least 14 calendar days unless MOM has explicitly The Personalised Employment Pass (PEP) is issued only up to 3 years period which is not renewable. In case of unsuccessful for obtaining PR status or EP after the expiry of PEP then the PEP holder will not be able to continue the employment in Singapore hence the PEP holder may have to leave Singapore. There is no age limit to be a director of a company in Singapore. AGM-Exempt or Exemption for all private companies from holding AGMs: This rule applies to private companies with FYE after 31-Aug-2018. Under the Companies (Amendment) Act 2017, private companies are exempted from holding AGMs if they send their financial statements to members within 5 months of the financial year end (FYE). Shareholders should note that safeguards have been put in place so that companies must still hold an AGM / general meeting if requested by shareholder or auditor. The details are as follows: Safeguards are put in place so that private companies will still need to hold: The option for private companies to dispense with the holding of AGMs remains. Click the below link to learn more about comparison of most popular work passes in Singapore (excluding EntrePass due to specific requirements): Click the below link to learn more about comparison of most popular work permits in Singapore (excluding Training Work Permit due to specific requirements): Amendment of company constitution: Company can alter its adopted constitution by passing a special resolution in an Extraordinary General Meeting (EGM). This special resolution requires more than 75% support from members, with members getting at least 14 days or 21 days’ notice of the EGM in advance for private and public companies respectively. Companies that are not required to file financial statements must instead submit a declaration online when they file their Annual Returns via BizFile+. The declaration will appear in the transaction based on the company type selected during annual return filing with ACRA. Yes. The foreign worker quota varies according to the sectors with industry specific rules and regulations. Under section 205 of the Companies Act, the directors of a company are required to appoint at least one accounting entity to be the company’s auditor within 3 months of the company’s incorporation. In Singapore, only public accountants or accounting firms approved by the Accounting and Corporate Regulatory Authority (ACRA) can act as company auditors. Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year. In general, a company will be considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following criteria for each of the 2 financial years immediately before the current financial year: Refer to the Thirteenth Schedule of the CA for the criteria that companies incorporated for less than 3 years, or incorporated before 1 July 2015, have to meet in order to be considered a “small company”. From 1 April 2018, employers are no longer required to bear the pregnancy-related medical costs incurred by their S Pass holders. This is to achieve a better balance of the medical obligations between employers and S Pass holders. However for S Pass holders covered under the Employment Act, employers must still: Under the Companies Act, the disclosure requirements of directors, are now extended to CEOs of all companies, and these include: The disclosures would need to be made by the CEO to the company, and the information disclosed would appear in the company register. This would align the disclosure requirements under the Securities and Futures Act for CEOs of listed companies. If you are a current or former Work Permit holder who wishes to marry a Singapore citizen or permanent resident (PR), you must seek approval from MOM. However, you do not have to apply for approval if you: To apply for approval, complete the Marriage Application Form and mail it with the required documents to: Work Pass Division (Marriage Screening Section) It takes about 4 weeks to process the application. MOM will notify you of the outcome by post. If you are required to seek approval but fail to do so, your privilege to work in Singapore could be withdrawn. You may also be prevented from entering Singapore for a period of time. Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year. Companies that are regarded as a “small company” for a particular financial year, or are dormant, are exempt from audit requirements. These companies therefore do not need to appoint auditors (or have their financial statements audited) for that financial year. In general, a company will be considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following criteria for each of the 2 financial years immediately before the current financial year: Refer to the Thirteenth Schedule of the CA for the criteria that companies incorporated for less than 3 years, or incorporated before 1 July 2015, have to meet in order to be considered a “small company”. Even if a company is exempt from audit requirements, the Registrar may still require the company to lodge its audited financial statements and an auditor’s report if the Registrar is satisfied that the company has breached laws relating to the: Companies that are exempted from audit requirements are not required to have their financial statements audited. Instead, they will prepare unaudited financial statements for purposes of AGMs and filing with ACRA. If the company chooses to have the financial statements audited, it will submit the audited financial statements together with the auditor’s report. Marriage to a Singapore Citizen does not automatically qualify a foreigner for long term stay, permanent residence (PR) or citizenship in Singapore. Foreign spouses of SCs may apply for long term stay, PR or citizenship for ICA’s consideration. All applications are assessed based on the prevailing guidelines enacted by the Government of Singapore that include considerations such as whether the sponsor is able to support his/her dependant’s stay here and whether the marriage is genuine. All applications will be considered on its own merits and subject to approval by ICA. If you prefer to be your own boss, then a basic and simple form of starting the small scale business with low risks in Singapore is a Sole Proprietorship firm where you are your own boss. Please refer to our GUIDES and SERVICES for more detailed information. The Corporate Service Providers (CSP) in Singapore is providing the services from registration of entities till cessation / de-registration of your business. By paying a much lower or very fair amount for the professional costs, you get services, which are highly efficient from the Professional Firm. When you are engaging a CSP, you could focus on your viable business instead of secretarial tasks. You would not have to worry whether you have overlooked any deadline which may attract penalties. The CSP is generally discharging the duties and responsibilities as required under the Acts. Hence, every CSP will remind the company, Directors and members like an alarm clock in due course to adhere with compliance. Most of the CSPs in Singapore provide the required corporate secretarial services under one roof otherwise through their associate or subsidiary entities which would save your efforts. When you are engaging the CSPs for more than one service then most of the times you may try to find the meaning of negotiation. Generally, the CSPs would respect your negotiation towards projecting the long-term business relationship. Features of EntrePass: As an Entrepreneur and founder, you will hold at least 30% of your new company’s shares. The EntrePass applicant must submit an appropriate business plan. The business idea you bring forward must be beneficial for the Singapore economy, innovative, and show great promise for growth and boosting employment of local professionals. The PEP (Personalised Employment Pass) gives you greater job flexibility than other work passes: The PEP gives you greater job flexibility than other work passes: Get a complete overview of different types of Singapore business firms and entities, along with their respective benefits and features. According to their nature of structure, all of these firms and entities have to comply with annual regulations and applicable various tax rates. The most common type of Business Firms and Corporate Entities in Singapore are: You are not required to know anybody to start a business but everything about business. To comply with Law, we will provide the local resident director also known as Nominee Director together with you as a foreign director to format the company. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration along with all other requires services under one roof. Please refer to our GUIDES and SERVICES for more detailed information. Get a complete overview of different types of Singapore business firms and entities, along with their respective benefits and features. According to their nature of structure, all of these firms and entities have to comply with annual regulations and applicable various tax rates. The most common type of Business Firms and Corporate Entities in Singapore are: Generally Singapore company is meant for Pte Ltd company by shares and there are a few types of packages for incorporating it. We offer custom services based on the needs of businesses ranging from small to mid-sized different types of firms and entities. Click the individual type to learn more about the pricing and processing for incorporation: A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients: For companies that are GST-registered, please refer to the Guide “Record Keeping Guide for GST-Registered Businesses” for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems. For companies that are not GST-registered, please refer to the Guide “Record Keeping Guide for Non GST-Registered Businesses” for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems. Companies are required to keep proper records and accounts of business transactions. Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business. Using an accounting software helps businesses improve record keeping and comply with tax obligations. Businesses can also use the information captured in the software to ensure that operations are effective and efficient. The IRAS’ Accounting Software Register lists the accounting software that are able to meet IRAS’ technical requirements and businesses considering to use an accounting software for record keeping are encouraged to consider those in this list. Any small scale form of business can be registered for a Partnership where the risks are at low level since the Partners are personally liable for debts loans and losses of the business. Eg: Employment Agency, Renovation Business, etc Any small scale form of business can be registered for a Sole Proprietorship where the risks are at low level since the owner is personally liable for debts loans and losses of the business. Eg: Saloon, Minimart, etc. It is common form of business type for professionals such as Audit Firm, Law Firm, etc. Any small and medium scale form of business looking for larger investments for projects or providing professional services can be registered for a Limited Partnership where the risks are at medium level since one General Partner is personally liable whereas another Partner with Limited Liability for debts, loans and losses of the business. Eg: Real Estate Business (an experienced property manager are the general partners and outside investors serve as the limited partner) Eg: Medical Firms, Accounting Firms, Law Firms, etc No, an Employment Pass holder (EP) can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. Undischarged bankrupts cannot be a director and cannot manage a company without approval from the Court or the Official Assignee (OA). No. Undischarged bankrupts could not manage the business without approval from the Court or the Official Assignee (OA). No. Undischarged bankrupts could not manage the business without approval from the Court or the Official Assignee (OA). No. Undischarged bankrupts could not manage the business without approval from the Court or the Official Assignee (OA). No. Undischarged bankrupts could not manage the business without approval from the Court or the Official Assignee (OA). Yes. As long as there is no restriction in your company’s constitution, the company can carry on any legal business activities. This rule applies to private companies with FYE after 31-Aug-2018. Under the Companies (Amendment) Act 2017, private companies are exempted from holding AGMs if they send their financial statements to members within 5 months of the financial year end (FYE). The company can file its Annual Return (AR) once the Financial Statements has been sent to all of the members of the company within 5 months of the financial year end (FYE). What would happen if any member or Auditor requests to hold AGM after filing AR? Yes. Only one share with the value of S$1 for a Pte Ltd Co by a sole (one) shareholder is allowed in Singapore. Yes. A company can lend, (subject to some specified terms, below), funds, to a director for meeting expenditure incurred or to be incurred by him in defending criminal/ civil proceedings in connection with any alleged negligence, default or breach of duty/ trust by the director in relation to the company. This is to enable the director to avoid incurring such expenditure. Specified terms: The loan must be repaid to the company / or any liability of the company must be discharged if in the event that the director is convicted in the proceedings, or judgment is given against him in the proceedings, or the court refuses to grant the director relief. Yes. Corporate shareholder is allowed to be the shareholder of Singapore Companies. Yes, foreigners or foreign corporate entities can hold 100% shareholding in the company. However, certain nature of businesses require to be with local shareholding in order to be eligible for some grants, etc. Foreign entrepreneurs can establish a Private Limited Company, but only with a Singapore Citizen or Singapore Permanent Resident as a local director. Yes. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes, any foreigner is allowed to register firms or incorporate the companies in Singapore. Foreign entrepreneurs can establish a Private Limited Company, but only with a Singapore Citizen or Singapore Permanent Resident as a local director. Yes, foreigners or foreign corporate entities can hold 100% shareholding in the company. However, certain nature of businesses require to be with local shareholding in order to be eligible for some grants, etc. Yes. Foreigners or foreign corporate entities can hold 100% shareholding in the company. However, certain nature of businesses require to be with local shareholding in order to be eligible for some grants, etc. Yes, foreigners or foreign corporate entities can hold 100% shareholding in the company. However, certain nature of businesses require to be with local shareholding in order to be eligible for some grants, etc. Foreign entrepreneurs can establish a Private Limited Company, but only with a Singapore Citizen or Singapore Permanent Resident as a local director. Yes. Foreigners can register a Limited Liability Partnership (LLP) in Singapore which is duly subject to the requirement of appointment of a local manager who is ordinarily resident in Singapore while the foreigners do not reside in Singapore. Yes. Foreigners can register a Limited Partnership in Singapore which is duly subject to the requirement of appointment of a local manager who is ordinarily resident in Singapore while the foreigners do not reside in Singapore. Yes. Foreigners can register a Partnership in Singapore which is duly subject to the requirement of appointment of authorised representative who is ordinarily resident in Singapore while the foreigners do not reside in Singapore. Yes. Foreigners can register a sole proprietorship in Singapore which is duly subject to the requirement of appointment of authorised representative who is ordinarily resident in Singapore while the foreigners do not reside in Singapore. Yes, foreigners are allowed to set up business in Singapore. Foreign entrepreneurs can establish a private limited company, but with a Singapore Citizen or Singapore Permanent Resident as a local director. No. The alternate address is intended to be the place where a person can be located, and this should be the same place for any particular individual, regardless of how many companies in which he is holding position as an officer. No, an S Pass holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. If you are a current or former Work Permit holder who wishes to marry a Singapore citizen or permanent resident (PR), you must seek approval from MOM. However, you do not have to apply for approval if you: To apply for approval, complete the Marriage Application Form and mail it with the required documents to: Work Pass Division (Marriage Screening Section) It takes about 4 weeks to process the application. MOM will notify you of the outcome by post. If you are required to seek approval but fail to do so, your privilege to work in Singapore could be withdrawn. You may also be prevented from entering Singapore for a period of time. A Sole Proprietor can own the property in individual’s name. Yes. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. No, a Work Permit holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. No. Not get pregnant or deliver a child in Singapore during the validity of their Work Permit unless they are already married to a Singapore citizen or permanent resident with the approval of MOM. This applies even after their Work Permit is expired, cancelled or revoked. If you are a current or former Work Permit holder who wishes to marry a Singapore citizen or permanent resident (PR), you must seek approval from MOM. However, you do not have to apply for approval if you: To apply for approval, complete the Marriage Application Form and mail it with the required documents to: Work Pass Division (Marriage Screening Section) It takes about 4 weeks to process the application. MOM will notify you of the outcome by post. If you are required to seek approval but fail to do so, your privilege to work in Singapore could be withdrawn. You may also be prevented from entering Singapore for a period of time. No, a Work Permit holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. Yes, provided that the company address is one where they can be located. However, if there is a foreign director, he may not be able to use the company address as his alternate address because he may not be located i.e. physically present at that company’s address. No, an EP holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. No, an Employment Pass holder (EP) can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. Can an Expatriate format a company in Singapore? Can an Expat register a company in Singapore? Can an Expatriate incorporate a company in Singapore? Expat starting a Singapore company? Can an Expat formatting a Singapore company? Can an Expatriate register a Singapore company? Can an Expat incorporate a Singapore company? Yes, any foreigner is allowed to set up or incorporate the businesses in Singapore. Foreign entrepreneurs can establish a private limited company, but with a Singapore Citizen or Singapore Permanent Resident as a local director. Please click the below link to learn more about costs for setting-up a company in Singapore as an expatriate (expat): No, an S Pass holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. No. Pass for family members is not available for Work Holiday Pass (under Work Holiday Programme) (WHP) holders. Yes. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes. Company can own property in its (company’s) name. The Dependant Pass (EP) holder of Employment Pass (EP) is allowed to work only with Letter Of Consent (LOC). The Employer should apply for LOC. After obtaining the approval of LOC, the DP holder can start to work. The LOC is tied up with the validity of the EP holder. No. The Dependant Pass (EP) holder of Employment Pass (EP) is allowed to work only with Letter Of Consent (LOC). The LOC holder is not allowed to work multiple Employers (jobs). The Employer should apply for LOC. After obtaining the approval of LOC, the DP holder can start to work. The LOC is tied up with the validity of the EP holder. Dependants of S Pass holders will need to apply for a Work Permit, S Pass or Employment Pass instead. They will have to meet the eligibility criteria for these passes. Dependants (DP) of S Pass holders will need to apply for a Work Permit, S Pass or Employment Pass instead. They will have to meet the eligibility criteria for these passes. No. Yes, if the dormant company is unlisted, is not a subsidiary or a listed company, and the company’s total assets is not more than S$500,000, the company is exempted from preparing financial statements (FS) even if it is insolvent. Yes. Dependant Pass (DP) holder of Employment Pass (EP) holder can work with Letter Of Consent (LOC). Dependants (DP) of S Pass holders will need to apply for a Work Permit, S Pass or Employment Pass instead. They will have to meet the eligibility criteria for these passes. In order to be eligible to apply for (PR) Singapore Permanent Residence under PTS Scheme, you must be holding Employment Pass (EP) for at least certain years and preferably 50 years or less which is subject to case by case basis by ICA. The PTS Scheme allows the pass holder to include in the PR application for your spouse and unmarried children who are below 21 years old. No. Employer cannot reject employee’s resignation. Employee has the right to resign at any time, by serving the required notice or by paying compensation to the employer in lieu of notice. Note: It is an offence for employers to disallow employees to leave their job. Employees have the right to resign at any time, by serving notice or by compensating the employer with salary-in-lieu. As a work pass is meant for employment, employers must cancel an employee’s Employment Pass (EP), S Pass or Work Permit within 1 week after employment ends. Employers cannot use the refusal to cancel the work pass as a threat or retaliation for employment or contract disputes. If there is a dispute, both employers and employees should try to resolve it amicably or seek mediation. For salary disputes, you can approach TADM for assistance. If your employer refuses to cancel your work pass after you have resigned and served your notice, you can contact MOM for assistance. Employees have the right to resign at any time, by serving notice or by compensating the employer with salary-in-lieu. As a work pass is meant for employment, employers must cancel an employee’s Employment Pass (EP), S Pass or Work Permit within 1 week after employment ends. Employers cannot use the refusal to cancel the work pass as a threat or retaliation for employment or contract disputes. If there is a dispute, both employers and employees should try to resolve it amicably or seek mediation. For salary disputes, you can approach TADM for assistance. If your employer refuses to cancel your work pass after you have resigned and served your notice, you can contact MOM for assistance. Employees have the right to resign at any time, by serving notice or by compensating the employer with salary-in-lieu. As a work pass is meant for employment, employers must cancel an employee’s Employment Pass, S Pass or Work Permit within 1 week after employment ends. Employers cannot use the refusal to cancel the work pass as a threat or retaliation for employment or contract disputes. If there is a dispute, both employers and employees should try to resolve it amicably or seek mediation. For salary disputes, you can approach TADM for assistance. If your employer refuses to cancel your work pass after you have resigned and served your notice, you can contact MOM for assistance. Employees have the right to resign at any time, by serving notice or by compensating the employer with salary-in-lieu. As a work pass is meant for employment, employers must cancel an employee’s Employment Pass, S Pass or Work Permit within 1 week after employment ends. Employers cannot use the refusal to cancel the work pass as a threat or retaliation for employment or contract disputes. If there is a dispute, both employers and employees should try to resolve it amicably or seek mediation. For salary disputes, you can approach TADM for assistance. If your employer refuses to cancel your work pass after you have resigned and served your notice, you can contact MOM for assistance. No. Employer cannot reject employee’s resignation. Employee has the right to resign at any time, by serving the required notice or by paying compensation to the employer in lieu of notice. Note: It is an offence for employers to disallow employees to leave their job. Are employment agencies (EAs) allowed to charge foreign workers fees for work pass renewals? Can Employment Agent be allowed to charge fees for renewal of Work Permit? Can Employment Agent be allowed to charge fees for renewal of S Pass? Can Employment Agent be allowed to charge fees for renewal of Employment Pass? Is there renewal fees to employment agent in Singapore? Is any fees applicable for renewal of work passes payable to Employment Agent in Singapore? Is any fees applicable for renewal of work permits payable to Employment Agent in Singapore? Is any fees applicable for renewal of S Passes payable to Employment Agent in Singapore? Is any fees applicable for renewal of Employment Passes payable to Employment Agent in Singapore? EAs are also not allowed to charge agency fees for work pass renewals. MOM takes a firm stance against excessive fees charged to foreign workers to safeguard workers from exploitation. Any fees beyond the stated caps are exploitative and against the law. Employers are responsible for paying administrative costs, including levy and fees for work pass applications and renewals, as they are part of the cost of employing a foreign worker. They are not allowed to recover the fees (directly or indirectly) from their foreign employees. Likewise, Employment Agencies (EA) should not be recovering such fees from workers. EAs that do so would be considered to be committing or abetting an offence. Foreign workers who are pressured to pay money to their employers or EAs to continue working in Singapore should seek help from MOM immediately. They should contact the Ministry Of Manpower (MOM) to report the matter. All information will be kept strictly confidential by MOM. Yes. EP holders who have a fixed monthly salary of at least $6,000, are eligible for a Dependant’s Pass for their spouse and children. As an Employment Pass holder, you can get certain family members to join you in Singapore if you meet the eligibility requirements. To be eligible, you need to: From 1 January 2018, work pass holders will need to meet a minimum salary criteria of $6,000 to enjoy dependant privileges. These are the family members you can bring in and the type of pass they need: Yes. There is no restriction for EP holders to get pregnant while working in Singapore. Yes. Employment Pass (EP) holder is allowed to own shares in a Singapore registered company. Yes. EntrePass holders can apply for Permanent Residence (PR) in due course, which is subject to approval by Immigration Checkpoints Authority (ICA) in Singapore. You should demonstrate when your PR application is e-filed that you are running a viable and innovative business and that you will not become a financial burden to Singapore instead supporting the Singapore economy in viable ways. Yes. Employment Pass (EP) holders can consider a switch (downgrade) when they no longer meet the prevailing criteria for obtaining EP or no longer the EP is successful. However, employers must ensure that: There is no need to cancel the EP before applying for an S Pass. When the application is approved, cancel the EP before getting the S Pass issued. For those with dependants, they need to apply for new Dependant’s Passes under the S Pass. Yes. There is no restriction for EP holder to deliver the baby while working in Singapore. EP (Employment Pass) holders are generally required only to work for their employer as specified on their work pass and as per the work pass conditions. As such, when EP holders take up directorship appointments (be it executive or non-executive) in another company, they must discharge directorship duties under the Companies Act. However, can EP holders be registered as directors in another company apart from the company the EP is approved for? Can EP holders be registered as directors in another company apart from the company the EP is approved for? Yes. Employment Pass (EP) holders can apply for the Long-Term Visit Pass (LTVP). LTVP is for a common-law spouse, step-child or handicapped child of an Employment Pass or S Pass holder. Pass holders earning over $12,000 can also get a pass for parents. In order to be eligible to apply for (PR) Singapore Permanent Residence under PTS Scheme, you must be holding Employment Pass (EP) for at least certain years and preferably 50 years or less which is subject to case by case basis by ICA. The PTS Scheme allows the pass holder to include in the PR application for your spouse and unmarried children who are below 21 years old. EP holders are generally required only to work for their employer as specified on their work pass and as per the work pass conditions. As such, when EP holders take up directorship appointments (be it executive or non-executive) in another company, they must discharge directorship duties under the Companies Act. However, can EP holders be registered as directors in another company apart from the company the EP is approved for? If the secondary directorship position is in an unrelated company, e.g. fund entities, MOM may still grant the LOC if it is relevant to the EP holder’s primary occupation. EP holders are generally required only to work for their employer as specified on their work pass and as per the work pass conditions. As such, when EP holders take up directorship appointments (be it executive or non-executive) in another company, they must discharge directorship duties under the Companies Act. However, can EP holders be registered as directors in another company apart from the company the EP is approved for? If the secondary directorship position is in an unrelated company, e.g. fund entities, MOM may still grant the LOC if it is relevant to the EP holder’s primary occupation. Yes. Employment Pass (EP) holders can consider a switch (downgrade) when they no longer meet the prevailing criteria for obtaining EP or no longer the EP is successful. However, employers must ensure that: There is no need to cancel the EP before applying for an S Pass. When the application is approved, cancel the EP before getting the S Pass issued. For those with dependants, they need to apply for new Dependant’s Passes under the S Pass. Yes. EP (Employment Pass) holders allowed to apply for PR. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes, you are allowed to engage in work activities related to the start-up of your business in Singapore. For example: My company is having excess quota for Work Permits, can we use it for S Pass instead? The quota for S Pass applies across the board to all companies in a sector, with no exceptions. Companies are not allowed to use their excess Work Permit quota for S Passes. The S Pass quota is set at a particular level to ensure that local jobseekers will have a more level playing field and better job opportunities. The Work Permit quota and S Pass quota are therefore not interchangeable. Instead of hiring more S Pass holders, you are encouraged to consider hiring qualified local candidates to strengthen the Singaporean core in your company. Can Foreign Domestic Helper change to S Pass? Can Foreign Domestic Worker change to S Pass? Can Foreign Domestic Work Permit be changed to S Pass? Is Foreign Domestic Work Permit holder allowed to change to S Pass? Is Foreign Domestic Work Permit allowed to get changed to S Pass? Change Domestic Work Permit to S Pass? Changing of Domestic Work Permit to S Pass? If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Upgrading or conversion from Work Permit to S Pass is open to all Nationalities. Can Foreign Domestic Helper convert to S Pass? Can Foreign Domestic Worker convert to S Pass? Can Foreign Domestic Work Permit be converted to S Pass? Is Foreign Domestic Work Permit holder allowed to convert to S Pass? Is Foreign Domestic Work Permit allowed to get converted to S Pass? Convert Domestic Work Permit to S Pass? Conversion of Domestic Work Permit to S Pass? If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Upgrading or conversion from Work Permit to S Pass is open to all Nationalities. Can Foreign Domestic Helper upgrade to S Pass? Can Foreign Domestic Worker upgrade to S Pass? Can Foreign Domestic Work Permit be upgraded to S Pass? Is Foreign Domestic Work Permit holder allowed to upgrade to S Pass? Is Foreign Domestic Work Permit allowed to get upgraded to S Pass? Upgrade Domestic Work Permit to S Pass? Upgrading of Domestic Work Permit to S Pass? If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Upgrading or conversion from Work Permit to S Pass is open to all Nationalities. Can Foreign Worker change to S Pass? Can Foreign Work Permit be changed to S Pass? Is Foreign Work Permit holder allowed to change to S Pass? Is Foreign Work Permit allowed to get changed to S Pass? Change Work Permit to S Pass? Changing of Work Permit to S Pass? If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Upgrading or conversion from Work Permit to S Pass is open to all Nationalities. Can Foreign Worker convert to S Pass? Can Foreign Work Permit be converted to S Pass? Is Foreign Work Permit holder allowed to convert to S Pass? Is Foreign Work Permit allowed to get converted to S Pass? Convert Work Permit to S Pass? Converting to S Pass from Work Permit? Conversion of Work Permit to S Pass? If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Upgrading or conversion from Work Permit to S Pass is open to all Nationalities. Can Foreign Worker upgrade to S Pass? Can Foreign Work Permit be upgraded to S Pass? Is Foreign Work Permit holder allowed to upgrade to S Pass? Is Foreign Work Permit allowed to get upgraded to S Pass? Upgrade Work Permit to S Pass? Upgrading of Work Permit to S Pass? If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Upgrading or conversion from Work Permit to S Pass is open to all Nationalities. Yes. Foreigners can register a sole proprietorship in Singapore which is duly subject to the requirement of appointment of authorised (local) representative who is ordinarily resident in Singapore while the foreigners do not reside in Singapore. Yes. Foreigners can register a sole proprietorship in Singapore which is duly subject to the requirement of appointment of authorised representative who is ordinarily resident in Singapore while the foreigners do not reside in Singapore. Can we use HDB residential property as registered address of my company in Singapore? Is a flat in HDB allowed to register for company address in Singapore? Can I register my HDB flat as registered address of my business in Singapore? Yes. As an approved tenant or flat owner you are allowed to register your firm or company with your residential address however you are required to seek the proper approval from the relevant authorities. You can register to set up a home office in your private home or HDB flat and hire up to 2 non-resident employees. This is provided that the business does not cause disturbance or inconvenience to the neighbouring residents. Anyone who is the owner, tenant or any authorised occupant of a private residential property and wish to operate a Home Office (HO) can register with URA. For HO in HDB flats, the owner, tenant or any authorised occupant of the HDB flat can register with HDB. If you are not the owner, you have to obtain written consent from the owner before you register for the HO use. Activities allowed in residential office: You may use the flat as an administration office, and the flat address for business registration with ACRA. For such cases, any business activities carried out in the flats must be administrative. All other business activities are to be conducted elsewhere, and no clients or customers are allowed to visit the flat even though it’s allowed to use for registered address. Note that not all businesses are allowed to register with residential address. Eg: Saloon, Massage Parlour, etc No, your company will not be allowed to apply for more Employment Passes (EP) than the number of job vacancies indicated in the advertisement with Jobs Bank. Employers are strongly encouraged to advertise all job vacancies on the Jobs Bank to reach out to as many eligible job applicants as possible. Yes. You can add new Partners with no limit. Yes. You can add new Partners as General and Limited Partners with no limit. Yes. You can add new Partners not to exceed the maximum limit of 20. A partnership of more than 20 partners must incorporate as a company under the Companies Act, Chapter 50 (except for professional partnerships). Yes. By adding another owner to your existing Sole Proprietorship it will be regarded as Partnership (status) automatically. Apply for Employment Pass while on visit pass in Singapore? Apply EP when holding visit pass in Singapore? Is it allowed to apply for Singapore Employment Pass while on a visit pass? Yes, you can apply for an Employment Pass (EP) while you are on a visit pass in Singapore. However, your visit pass will not be extended while you await the outcome of your application for an EP (Employment Pass). You will have to return to your home country when your visit pass expires. The Ministry Of Manpower (MOM) will inform your employer of the outcome of EP application accordingly. Marriage to a Singapore Citizen does not automatically qualify a foreigner for long term stay, permanent residence (PR) or citizenship in Singapore. Foreign spouses of SCs may apply for long term stay, PR or citizenship for ICA’s consideration. All applications are assessed based on the prevailing guidelines enacted by the Government of Singapore that include considerations such as whether the sponsor is able to support his/her dependant’s stay here and whether the marriage is genuine. All applications will be considered on its own merits and subject to approval by ICA. Apply for S Pass while on visit pass in Singapore? Apply S Pass when holding visit pass in Singapore? Is it allowed to apply for Singapore S Pass while on a visit pass? Yes, you can apply for an S Pass while you are on a visit pass in Singapore. However, your visit pass will not be extended while you await the outcome of your application for an S Pass. You will have to return to your home country when your visit pass expires. The Ministry Of Manpower (MOM) will inform your employer of the outcome of S Pass accordingly. Is S Pass eligible to apply for bar and lounge hostess in Singapore? Can bar and lounge business apply for S Pass? Can bar and lounge apply to recruit S Pass holders? Can a bar and lounge business apply for recruiting S Pass holders? Can S Pass be applied by a bar and lounge business in Singapore? As per MOM guidelines, the list of objectionable occupations includes masseurs (a person who provides massage professionally), bar and lounge hostesses. Food stall owners with an Singapore Food Agency (SFA) or National Environment Agency (NEA) licence are also not eligible to apply for an S Pass. Is S Pass eligible to apply for food stall business in Singapore? Can food stall business apply for S Pass? Can food stall apply to recruit S Pass holders? Can food stall apply for S Pass holders? Can food stall owner apply for S Pass holders? Is food stall owner eligible to apply for S Pass? Is food stall business eligible to apply for S Pass? Can a food stall business apply for recruiting S Pass holders? Can S Pass be applied by a food stall business in Singapore? As per MOM guidelines, the list of objectionable occupations includes masseurs (a person who provides massage professionally), bar and lounge hostesses. Food stall owners with an Singapore Food Agency (SFA) or National Environment Agency (NEA) licence are also not eligible to apply for an S Pass. Can I apply S Pass for massage parlour in Singapore? Is S Pass eligible to apply for massage business in Singapore? Is S Pass eligible to apply for masseur occupation? Can masseur be working in Singapore under S Pass? Is masseur eligible to apply for S Pass? Can Masseur apply for S Pass in Singapore? Can massage business apply for S Pass? Can massage parlour apply to recruit S Pass holders? Can a professional masseur apply for recruiting S Pass holders? Can S Pass be applied by a professional masseur for massage business in Singapore? As per MOM guidelines, the list of objectionable occupations includes masseurs (a person who provides massage professionally), bar and lounge hostesses. Food stall owners with an Singapore Food Agency (SFA) or National Environment Agency (NEA) licence are also not eligible to apply for an S Pass. Yes. You can appoint the Manger to your Sole Proprietorship. Yes. You can appoint Manger to your Partnership firm. A partnership manager is the person responsible of the day-to-day operations of a business with more than one owner that is not registered as a corporation or a limited liability. company. Yes. You can appoint Manger to your Partnership firm. A partnership manager is the person responsible of the day-to-day operations of a business with more than one owner that is not registered as a corporation or a limited liability. company. Yes. You can change according to your requirements when applicable however you are required to notify the relevant authorities. No. It is subject to certain business activities in Singapore which are required to be regulated under the Government Law. A registered business cannot commence operations unless it has received the licence or approval from the respective Government department/s. Eg: In order to run an Employment Agency, the company is to obtain a separate licence from the Ministry Of Manpower (MOM) after fulfilling the required (mandatory) criteria. Yes, you can start to recruit the local employees once the incorporation of business is completed. Can unlicensed Employment Agency be engaged for my recruitment needs in Singapore? Can unapproved Employment Agent be appointed as my recruiter in Singapore? Can unauthorised Employment Agency be engaged for my recruitment needs in Singapore? You should work only with licensed Employment Agencies (EAs) and registered Employment Agency personnel as they meet MOM’s eligibility criteria and have to follow employment agency rules and regulations. Unlicensed EAs may exploit vulnerable workers from developing countries by charging them exorbitant fees and may not give them the promised jobs in return. All registered EA personnel will carry a registration card showing their name, registration number and the EA that they are working for. You should check the registration card details against the EA Directory to ensure that their registration is valid. Before even establishing the business relationship, the EA personnel should show you with his EAP identity card which you are allowed to note down particulars to verify against the EA director online at MOM. You can check the EA Directory for the list of licensed EAs in Singapore and the names and photos of all registered EA personnel at: www.mom.gov.sg/eservices/services/employment-agencies-and-personnel-search No. Employer cannot reject employee’s resignation. Employee has the right to resign at any time, by serving the required notice or by paying compensation to the employer in lieu of notice. Note: It is an offence for employers to disallow employees to leave their job. Yes. You can remove your Partner however your existing Partnership will be regarded as Sole Proprietorship after removal since there is only one person and you will be called as the owner of Sole Proprietorship. No. It is subject to certain business activities in Singapore which are required to be regulated under the Government Law. A registered business cannot commence operations unless it has received the licence or approval from the respective Government department/s. Eg: In order to run an Employment Agency, the company is to obtain a separate licence from the Ministry Of Manpower (MOM) after fulfilling the required (mandatory) criteria. No. It is subject to certain business activities in Singapore which are required to be regulated under the Government Law. A registered business cannot commence operations unless it has received the licence or approval from the respective Government department/s. Eg: In order to run an Employment Agency, the company is to obtain a separate licence from the Ministry Of Manpower (MOM) after fulfilling the required (mandatory) criteria. Yes. You can travel in and out of Singapore with your Work Holiday Pass (WHP) card and green Disembarkation / Embarkation card (IMM27), or multiple journey visa. If you are waiting for your Work Holiday Pass card, you can use the notification letter to travel in and out of Singapore. Yes. You can travel in and out of Singapore with your Work Holiday Pass (WHP) card and green Disembarkation / Embarkation card (IMM27), or multiple journey visa. If you are waiting for your Work Holiday Pass card, you can use the notification letter to travel in and out of Singapore. If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. Yes. As an approved tenant or flat owner you are allowed to register your firm or company with your residential address however you are required to seek the proper approval from the relevant authorities. You can register to set up a home office in your private home or HDB flat and hire up to 2 non-resident employees. This is provided that the business does not cause disturbance or inconvenience to the neighbouring residents. Anyone who is the owner, tenant or any authorised occupant of a private residential property and wish to operate a Home Office (HO) can register with URA. For HO in HDB flats, the owner, tenant or any authorised occupant of the HDB flat can register with HDB. If you are not the owner, you have to obtain written consent from the owner before you register for the HO use. Activities allowed in residential office: You may use the flat as an administration office, and the flat address for business registration with ACRA. For such cases, any business activities carried out in the flats must be administrative. All other business activities are to be conducted elsewhere, and no clients or customers are allowed to visit the flat even though it’s allowed to use for registered address. Note that not all businesses are allowed to register with residential address. Eg: Saloon, Massage Parlour, etc Can private residential property be used to register for business address in Singapore? Can we use private residential property as registered address of my company in Singapore? Yes. As an approved tenant or flat owner you are allowed to register your firm or company with your residential address however you are required to seek the proper approval from the relevant authorities. You can register to set up a home office in your private home or HDB flat and hire up to 2 non-resident employees. This is provided that the business does not cause disturbance or inconvenience to the neighbouring residents. Anyone who is the owner, tenant or any authorised occupant of a private residential property and wish to operate a Home Office (HO) can register with URA. For HO in HDB flats, the owner, tenant or any authorised occupant of the HDB flat can register with HDB. If you are not the owner, you have to obtain written consent from the owner before you register for the HO use. Activities allowed in residential office: You may use the flat as an administration office, and the flat address for business registration with ACRA. For such cases, any business activities carried out in the flats must be administrative. All other business activities are to be conducted elsewhere, and no clients or customers are allowed to visit the flat even though it’s allowed to use for registered address. Note that not all businesses are allowed to register with residential address. Eg: Saloon, Massage Parlour, etc No. Employer is not allowed to deduct any unapproved or unauthorized deductions from the employee salaries under the Act. Yes, you can work overseas as long as necessary, if it’s for your Singapore-based employer. Yes, if the dormant company is unlisted, is not a subsidiary or a listed company, and the company’s total assets is not more than S$500,000, the company is exempted from preparing financial statements (FS) even if it is insolvent. The Partners or corporate bodies of the LP can be changed hence the ownership structure will automatically change. Yes. The Limited Liability Partnership can own property in its (LLP’s) name. Yes. GST registration is subject to meet out the criteria and if the LLP meets the criteria then it is allowed on the basis of combined turnover of all partnership businesses with the same composition (structure) of partners. Yes. It is subject to the LP agreement, limited partners may increase, reduce or draw out their contributions with the approval of the general partners. The Limited Partnership firm cannot own property in its (LP’s) name. The Partners or corporate bodies of the LP can be changed hence the ownership structure will automatically change. Yes. GST registration is subject to meet out the criteria and if the Partnership meets the criteria then it is allowed on the basis of combined turnover of all partnership businesses with the same composition (structure) of partners. Yes. The eligible Long-Term Visit Pass (LTVP) holders may be able to work here if they find jobs. If you do not have an LTVP or LTVP+ from ICA, then you cannot work in Singapore unless you qualify for an Employment Pass, S Pass or Work Permit. No. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: The employing company will have to update the particulars themselves or write to Work Pass Division to have the particulars updated with MOM. Note: The company’s authorised Employment Agency (EA) is not allowed to update the particulars of the employing company with MOM. If you are a Long Term Visit Pass (LTVP) holder accompanying a child who is studying in Singapore, you are not allowed to work during your first year here. This is to encourage you to spend more time with your child and help him or her adjust to Singapore’s education system. After you have been in Singapore for a year, you can find a job and your employer can apply for a Work Permit for you. Your employer needs to apply for the permit using WP Online at www.mom.gov.sg. Under the Work Permit, you are: Yes. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: No. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes. A Partnership can also be converted into an LP where one or more (but not all) of its partners register themselves as limited partners. The resulting LP formed must also register itself as an LP under the Limited Partnership Act. Where a person deals with a firm after it becomes an LP, that person is entitled to treat the firm as a general partnership until he has notice of the registration of that firm as an LP. He is also entitled to treat any person who was a partner of the firm as a general partner of the LP until he has notice of the registration of that person as a limited partner. The Partners of the Partnerships can be changed hence the ownership structure will automatically change. The Partnership firm cannot own property in its (Partnership’s) name. Yes. GST registration is subject to meet out the criteria and if the Partnership meets the criteria then it is allowed on the basis of combined turnover of all partnership businesses with the same composition (structure) of partners. Yes. You can cancel your Personalised Employment Pass (PEP) before expiry. Note that the cancellation is permanent one. Yes. The Personalised Employment Pass (PEP) holder is allowed to apply for Permanent Residence provided he/she is duly employed at the time of application with ICA. However, the obtaining OF PR status is subject to approval by the Government authority viz. ICA. If you hold a PEP, you can bring in your family members on these passes: Dependant’s Pass for your: Long Term Visit Pass for your: Remarks: You need to submit a separate application for each family member even if they currently hold a Dependant’s Pass or Long Term Visit Pass. You can submit their applications along with the PEP application. No. The Personalised Employment Pass is meant to be neither the owner of business nor entrepreneurial authority. PEP is not allowed to be their own company whereas by only third-party employer. Yes. Permanent Resident can set up business in Singapore. Yes. Permanent Resident can set up company in Singapore. Yes. You can prepare the unaudited Financial Statements for the particular FYE provided your company is entitled for Small Company which is exempted from audit requirements. In general, a company will be considered a “small company” if it is a private company throughout the current financial year, and satisfies any 2 of the following criteria for each of the 2 financial years immediately before the current financial year: Refer to the Thirteenth Schedule of the CA for the criteria that companies incorporated for less than 3 years, or incorporated before 1 July 2015, have to meet in order to be considered a “small company”. Yes. S Pass holders who have a fixed monthly salary of at least $6,000, are eligible for a Dependant’s Pass for their spouse and children. Yes. S Pass holder can upgrade to Employment Pass (EP) provided he/she meets all the eligibility criteria. Yes. S Pass holders can apply for the Long-Term Visit Pass (LTVP). LTVP is for a common-law spouse, step-child or handicapped child of an Employment Pass or S Pass holder. Pass holders earning over $12,000 can also get a pass for parents. Eligible S Pass holders can bring certain family members to Singapore on a Long Term Visit Pass. You can apply for a Long Term Visit Pass for your family if you meet these requirements: You can get a pass for the following family members: Yes. If you hold an S Pass and wish to become a Singapore permanent resident, you can apply through the Immigration and Checkpoints Authority (ICA). The application will be assessed based on ICA’s PR criteria. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: No. S Pass holders are not allowed to carry on or manage any business in Singapore. As such, they cannot register themselves as sole-proprietors, partners or directors of any Singapore-registered company. By doing so, they will have infringed the work pass conditions and their work passes will be revoked. They will also need to serve an employment ban. No. S Pass holders are not allowed to carry on or manage any business in Singapore. As such, they cannot register themselves as sole-proprietors, partners or directors of any Singapore-registered company. By doing so, they will have infringed the work pass conditions and their work passes will be revoked. They will also need to serve an employment ban. Yes, a S Pass holder is allowed to own shares in a Singapore registered company. However, the holder is not allowed to operate the business or act on behalf of the company. By doing so, they will have infringed the work pass conditions and their work passes will be revoked. They will also need to serve an employment ban. Eligible S Pass holders can bring certain family members to Singapore on a Long Term Visit Pass. You can apply for a Long Term Visit Pass for your family if you meet these requirements: You can get a pass for the following family members: S Pass holders who have a fixed monthly salary of at least $6,000, are eligible for a Dependant’s Pass for their spouse and children. If you are legally married or have children, you may be eligible for a Dependant’s Pass. From 1 January 2018, work pass holders will need to meet a minimum salary criteria of $6,000 to enjoy dependant privileges. Eligible S Pass holders can bring certain family members to Singapore on a Long Term Visit Pass. You can apply for a Long Term Visit Pass for your family if you meet these requirements: You can get a pass for the following family members: How to change S Pass to Employment Pass? How do I change S Pass to Employment Pass? Can S Pass be changed to Employment Pass? Is S Pass holder allowed to change to Employment Pass? Is S Pass allowed to get changed to Employment Pass? Change S Pass to S Employment Pass? Changing to Employment Pass from S Pass? Changing of S Pass to Employment Pass? If you hold an S Pass and wish to apply for an Employment Pass, first ensure that you are eligible for the Employment Pass (EP) by using the Employment Pass (EP) self-assessment tool (SAT) at MOM website at: www.mom.gov.sg If you meet the requirements / criteria, your employer can then apply for an Employment Pass (EP) for you. Note: Your employer should apply for the Employment Pass (EP) early. You can remain in Singapore while the application is being made, as long as your S Pass is valid. Your employer doesn’t have to cancel the S Pass before the Employment Pass is approved. If your S Pass is expiring before you get the EP application outcome, your employer can request to extend your S Pass using EPOL e-services. The extension is subject to MOM’s approval. If the same employer applies to upgrade from S Pass to Employment Pass, then the employer is not required to advertise on the Jobs Bank. Upgrading or conversion from S Pass to EP (Employment Pass) is open to all Nationalities. How to convert S Pass to Employment Pass? How do I convert S Pass to Employment Pass? Can S Pass holder apply for Employment Pass? Can S Pass be converted to Employment Pass? Is S Pass holder allowed to convert to Employment Pass? Is S Pass allowed to get converted to Employment Pass? Convert S Pass to S Employment Pass? Converting to Employment Pass from S Pass? Conversion of S Pass to Employment Pass? If you hold an S Pass and wish to apply for an Employment Pass, first ensure that you are eligible for the Employment Pass (EP) by using the Employment Pass (EP) self-assessment tool (SAT) at MOM website at: www.mom.gov.sg If you meet the requirements / criteria, your employer can then apply for an Employment Pass (EP) for you. Note: Your employer should apply for the Employment Pass (EP) early. You can remain in Singapore while the application is being made, as long as your S Pass is valid. Your employer doesn’t have to cancel the S Pass before the Employment Pass is approved. If your S Pass is expiring before you get the EP application outcome, your employer can request to extend your S Pass using EPOL e-services. The extension is subject to MOM’s approval. If the same employer applies to upgrade from S Pass to Employment Pass, then the employer is not required to advertise on the Jobs Bank. Upgrading or conversion from S Pass to EP (Employment Pass) is open to all Nationalities. Yes. There is no restriction for S Pass holder to deliver the baby while working in Singapore. How to upgrade S Pass to Employment Pass? How do I upgrade S Pass to Employment Pass? Can S Pass be upgraded to Employment Pass? Is S Pass holder allowed to upgrade to Employment Pass? Is S Pass allowed to get upgraded to Employment Pass? Upgrade S Pass to S Employment Pass? Upgrading to Employment Pass from S Pass? Upgrading of S Pass to Employment Pass? If you hold an S Pass and wish to apply for an Employment Pass, first ensure that you are eligible for the Employment Pass (EP) by using the Employment Pass (EP) self-assessment tool (SAT) at MOM website at: www.mom.gov.sg If you meet the requirements / criteria, your employer can then apply for an Employment Pass (EP) for you. Note: Your employer should apply for the Employment Pass (EP) early. You can remain in Singapore while the application is being made, as long as your S Pass is valid. Your employer doesn’t have to cancel the S Pass before the Employment Pass is approved. If your S Pass is expiring before you get the EP application outcome, your employer can request to extend your S Pass using EPOL e-services. The extension is subject to MOM’s approval. If the same employer applies to upgrade from S Pass to Employment Pass, then the employer is not required to advertise on the Jobs Bank. Upgrading or conversion from S Pass to EP (Employment Pass) is open to all Nationalities. No, S Pass holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. Yes. If you hold an S Pass and wish to become a Singapore permanent resident, you can apply through the Immigration and Checkpoints Authority (ICA). The application will be assessed based on ICA’s PR criteria. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes. There is no restriction for S Pass holders to get pregnant while working in Singapore. No. Work Permit or S Pass holders are not allowed to carry on or manage any business in Singapore. As such, they cannot register themselves as sole-proprietors, partners or directors of any Singapore-registered company. By doing so, they will have infringed the work pass conditions and their work passes will be revoked. They will also need to serve an employment ban. The share portfolio can be transferred to the beneficiary and does not have to be sold in the event of death. If there is however no cash in the estate to cover debts and administration costs, the executor may consider selling shares to cover the costs. Yes. GST registration is subject to meet out the criteria and if the sole proprietorship meets the criteria then it is allowed based on combined turnover of all of your sole proprietorship firms plus income derived from other trades, professional services or vocation. When the owner exits the sole proprietorship will cease the status. The owner can transfer or dispose the assets under his personal capacity to somebody else. Yes. You can stay in Singapore without job for 6 months while on Work Holiday Pass (WHP). No. If a director is debarred by ACRA, he cannot take on any new appointment as director. No. If a Secretary is debarred by ACRA, he cannot take on any new appointment as Secretary. Yes. The Shareholders can remove the Director of the Company. Yes. The Director can resign from the Company with proper required notice and other applicable documentations. No. Your employer cannot reject your resignation. You have the right to resign at any time, by serving the required notice or by paying compensation to your employer in lieu of notice. Note: It is an offence for employers to disallow employees to leave their job. Yes. Any individual can be a shareholder for a Singapore Private Limited Company. Yes. Ownership of the Company can be transferred by sale and purchase of shares. My company is having excess quota for Work Permits, can we use it for S Pass instead? The quota for S Pass applies across the board to all companies in a sector, with no exceptions. Companies are not allowed to use their excess Work Permit quota for S Passes. The S Pass quota is set at a particular level to ensure that local jobseekers will have a more level playing field and better job opportunities. The Work Permit quota and S Pass quota are therefore not interchangeable. Instead of hiring more S Pass holders, you are encouraged to consider hiring qualified local candidates to strengthen the Singaporean core in your company. Yes. You can choose your own registration number (UEN) for your business entity in Singapore. Special UEN (SUN): Entity owners can choose, at a fee, a preferred UEN from a list of reserved UENs during entity incorporation / registration or conversion. This preferred UEN is known as Special UEN (SUN). Free UEN: Those who do not wish to apply for a SUN will continue to be issued with a free system-generated UEN. SUN enables entity owners to more easily identify with and remember their own UEN when transacting with government agencies. No. Family pass is not available for under Work and Holiday Visa Programme (WHVP). All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. No. Work Permit holder is not eligible to bring the family members on DP. Yes. Work Permit holder can upgrade to Employment Pass (EP) provided he/she meets all the eligibility criteria. Yes. Work Permit holder can upgrade to S Pass provided he/she meets all the eligibility criteria. No. Work Permit holders are not allowed to carry on or manage any business in Singapore. As such, they cannot register themselves as sole-proprietors, partners or directors of any Singapore registered company. By doing so, they will have infringed the work pass conditions and their work passes will be revoked. They will also need to serve an employment ban. Yes, a Work Permit holder is allowed to own shares in a Singapore registered company. However, the holder is not allowed to operate the business or act on behalf of the company. By doing so, they will have infringed the work pass conditions and their work passes will be revoked. They will also need to serve an employment ban. If you are a current or former Work Permit holder who wishes to marry a Singapore citizen or permanent resident (PR), you must seek approval from MOM. Only after that you can start your family or deliver the baby. However, you do not have to apply for approval if you: How to apply To apply for approval, complete the Marriage Application Form and mail it with the required documents to: Work Pass Division (Marriage Screening Section) It takes about 4 weeks to process the application. MOM will notify you of the outcome by post. If you are required to seek approval but fail to do so, your privilege to work in Singapore could be withdrawn. You may also be prevented from entering Singapore for a period of time. No. Not to marry a Singapore citizen or permanent resident in or outside Singapore without approval from MOM. This applies even after their Work Permit is expired, cancelled or revoked. No, Work Permit holder can only work for one employer at a time. All work pass holders must only work for their designated employer. They must not take on additional jobs or engage in activities to earn additional income in Singapore. This also applies to training pass holders doing on-the-job training. No. If you are a Singapore Permanent Resident (SPR) who wishes to apply for Singapore Citizenship for yourself, your spouse and your children, these are the application requirements. No. Work Permit holders are not eligible to apply for PR. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Cancellation of GST registration in Singapore / Applying for GST Cancellation: The person authorised to access myTax Portal to submit GST returns can log in to myTax Portal to apply for cancellation of GST registration online. IRAS usually takes 1 to 10 working days to process the online applications. ACHI BIZ BIZ can assist you for seamless cancellation of GST registration with IRAS. A sole-proprietorship business will cease when the proprietor either dies or otherwise ceases to carry on business. The Registrar can cancel registration if the sole proprietorship is not renewed or where Registrar is satisfied that the business is defunct. The Business Names Registration Act requires any person registered under it who has ceased to carry on business to notify the Registrar of this. Failing to do so is an offence and may result in the imposition of a fine. For the Chinese Development Assistance Council (CDAC) Fund, employees refer to Singapore Citizens and Permanent Residents, belonging to the Chinese community. The General Partner can choose to cease the business operations; or Dissolution of Limited Partnership (LP). The dissolution of LPs is similar to that for Partnerships: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. There are, however, some differences which relate to limited partners. For example, limited partners are not entitled to dissolve the LP by notice. Also, an LP is not dissolved on the death, dissolution, bankruptcy or liquidation of a limited partner. In the event of the dissolution of an LP, its affairs are to be wound up by the general partners unless there is a court order to the contrary. The Partners can choose to cease the business. Dissolution: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. It is also possible for an application to be made to the Court to have the partnership dissolved under circumstances specified in section 35 of the Partnership Act (Cap 391). A sole-proprietorship business will cease when the proprietor either dies or otherwise ceases to carry on business. The Registrar can cancel registration if the sole proprietorship is not renewed or where Registrar is satisfied that the business is defunct. The Business Names Registration Act requires any person registered under it who has ceased to carry on business to notify the Registrar of this. Failing to do so is an offence and may result in the imposition of a fine. Employment Pass (EP) holders will need to get their prospective employer to apply for a new EP. There is no need to cancel the existing pass before doing so. Each application will be considered based on the merits of the case by MOM. After getting the In-Principle Approval for the new Employer, you can request your current Employer to cancel your existing EP. Only after cancellation of existing EP, the new EP can be issued by your new Employer. S Pass holders will need to get their prospective employer to apply for a new S Pass. There is no need to cancel the existing pass before doing so. Each application will be considered based on the merits of the case by MOM. After getting the In-Principle Approval for the new Employer, you can request your current Employer to cancel your existing S Pass. Only after cancellation of existing S Pass, the new S Pass can be issued by your new Employer. You can change your company Secretary at any time however you may be required to check whether you have committed with an agreement for number of years. You can convert the following type of firms: Yes. Employment Pass (EP) holders can consider a change (switch / downgrade) when they no longer meet the prevailing criteria for obtaining EP or no longer the EP is successful. However, employers must ensure that: There is no need to cancel the EP before applying for an S Pass. When the application is approved, cancel the EP before getting the S Pass issued. For those with dependants, they need to apply for new Dependant’s Passes under the S Pass. Employment Pass (EP) holders will need to get their prospective employer to apply for a new EP. There is no need to cancel the existing pass before doing so. Each application will be considered based on the merits of the case by MOM. After getting the In-Principle Approval for the new Employer, you can request your current Employer to cancel your existing EP. Only after cancellation of existing EP, the new EP can be issued by your new Employer. S Pass holders will need to get their prospective employer to apply for a new S Pass. There is no need to cancel the existing pass before doing so. Each application will be considered based on the merits of the case by MOM. After getting the In-Principle Approval for the new Employer, you can request your current Employer to cancel your existing S Pass. Only after cancellation of existing S Pass, the new S Pass can be issued by your new Employer. You are not allowed to charge GST for your supply of goods or services unless you are a duly registered GST trader. You are allowed to charge or claim GST only from the effective date of GST approval by IRAS. Unapproved collection of GST is an offence in Singapore. Generally Singapore company is meant for Pte Ltd company by shares and there are a few types of packages for incorporating it. We offer custom services based on the needs of businesses ranging from small to mid-sized different types of firms and entities. Click the individual type to learn more about the pricing and processing for incorporation: A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients: Generally Singapore company is meant for Pte Ltd company by shares and there are a few types of packages for incorporating it. We offer custom services based on the needs of businesses ranging from small to mid-sized different types of firms and entities. Click the individual type to learn more about the pricing and processing for incorporation: A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients: Preparing your XBRL Financial Statements in Singapore; XBRL Tagging Services in Singapore; Singapore XBRL filing system; Singapore XBRL filing services; XBRL reporting in Singapore; XBRL in Singapore; XBRL Singapore; XBRL services Singapore; Singapore cheapest XBRL. ACHI BIZ BIZ provides the service for preparation of your Financial Statements (FS) in XBRL format based on your own FS at the cheapest rate in order for you to upload when Annual Return is filed. Ref. Remarks: When your company has been dormant and you wish to strike off it, you can do so. But, you will be required to comply with some rules. A Company can be deregistered or struck-off by the members or it can be wound-up voluntarily by members or creditors and compulsorily by the High Court. The Partners can choose to cease the business. Dissolution: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. It is also possible for an application to be made to the Court to have the partnership dissolved under circumstances specified in section 35 of the Partnership Act (Cap 391). An LLP can be wound up voluntarily by the members or creditors, compulsorily by the High Court otherwise it can be de-registered or struck-off the register. The General Partner can choose to cease the business operations; or Dissolution of Limited Partnership (LP). The dissolution of LPs is similar to that for Partnerships: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. There are, however, some differences which relate to limited partners. For example, limited partners are not entitled to dissolve the LP by notice. Also, an LP is not dissolved on the death, dissolution, bankruptcy or liquidation of a limited partner. In the event of the dissolution of an LP, its affairs are to be wound up by the general partners unless there is a court order to the contrary. A sole-proprietorship business will cease when the proprietor either dies or otherwise ceases to carry on business. The Registrar can cancel registration if the sole proprietorship is not renewed or where Registrar is satisfied that the business is defunct. The Business Names Registration Act requires any person registered under it who has ceased to carry on business to notify the Registrar of this. Failing to do so is an offence and may result in the imposition of a fine. One of the most preferred business types is Private Limited Company in Singapore which is suitable for carrying all types of business activities including professional services. CPF Board is the collecting agent for contributions to self-help group (SHGs) funds and SHARE donations. These contributions and donations are deducted from your employee’s wages together with the employee’s share of CPF contribution. The Self-Help Groups (SHGs) are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities respectively. · * Refers to a person defined as “Eurasian” in their identity card, or a person of both European and Asian ancestry. · Politically, the Indian subcontinent includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. · SHARE is a monthly giving programme of Community Chest, the fund-raising and engagement arm of the National Council of Social Service. On behalf of Community Chest, the CPF Board collects employee’s donations to SHARE from employee’s wages made through the company payroll. · Donations by employees are voluntary and deducted from their wages. 100% of the donations are channelled directly to support critical social service programmes If your employee wishes to contribute a different amount or opt-out, the employee has to obtain the relevant form from the applicable Self-Help Group (SHG). CPF Board is the collecting agent for contributions to self-help group (SHGs) funds and SHARE donations. These contributions and donations are deducted from your employee’s wages together with the employee’s share of CPF contribution. The Self-Help Groups (SHGs) are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities respectively. · * Refers to a person defined as “Eurasian” in their identity card, or a person of both European and Asian ancestry. · Politically, the Indian subcontinent includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. · SHARE is a monthly giving programme of Community Chest, the fund-raising and engagement arm of the National Council of Social Service. On behalf of Community Chest, the CPF Board collects employee’s donations to SHARE from employee’s wages made through the company payroll. · Donations by employees are voluntary and deducted from their wages. 100% of the donations are channelled directly to support critical social service programmes If your employee wishes to contribute a different amount or opt-out, the employee has to obtain the relevant form from the applicable Self-Help Group (SHG). Get a complete overview of different types of Singapore business firms and entities, along with their respective benefits and features. According to their nature of structure, all of these firms and entities have to comply with annual regulations and applicable various tax rates. The most common type of Business Firms and Corporate Entities in Singapore are: Get a complete overview of different types of Singapore business firms and entities, along with their respective benefits and features. According to their nature of structure, all of these firms and entities have to comply with annual regulations and applicable various tax rates. The most common type of Business Firms and Corporate Entities in Singapore are: Generally Singapore company is meant for Pte Ltd company by shares and there are a few types of packages for incorporating it. We offer custom services based on the needs of businesses ranging from small to mid-sized different types of firms and entities. Click the individual type to learn more about the pricing and processing for incorporation: A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients: Generally Singapore company is meant for Pte Ltd company by shares and there are a few types of packages for incorporating it. We offer custom services based on the needs of businesses ranging from small to mid-sized different types of firms and entities. Click the individual type to learn more about the pricing and processing for incorporation: A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients: The Singapore Companies Act makes it mandatory for every Company to print their Unique Entity Number (UEN) on all their official print materials including invoices, business letters, Statement Of Accounts, official notices and publications among others. There is no longer a requirement that the company has to be an exempt private company (one of the requirements for which is that there is no corporate shareholder) to qualify for the audit exemption. A private company which has corporate shareholders but fulfils the criteria can be entitled to the small company audit exemption. Comparison of Business Organisations in Singapore: Comparison of different types of Business Firms in Singapore: Comparison of different types of Business Organisations in Singapore: Comparison of different types of Entities in Singapore: Comparison of different types of Firms in Singapore: Comparison of different types of Singapore Entities: Comparison of different types of Singapore Firms: Comparison of levy rate for S Pass and Work Permit holders in Singapore? How much is the levy for both S Pass and Work Permit holders in Singapore? As an employer, you don’t have to pay Central Provident Fund (CPF) contributions for foreign workers. However, you must pay a monthly levy for Work Permit and S Pass holders. Comparison of Singapore Business Organisations: Click the below link to learn more about comparison of most popular work passes and work permits in Singapore (excluding EntrePass & Training EP due to specific requirements): Click the below link to learn more about comparison of most popular work passes in Singapore (excluding EntrePass due to specific requirements): Click the below link to learn more about comparison of most popular work permits in Singapore (excluding Training Work Permit due to specific requirements): What are the components of a worker’s salary does MOM consider as the fee cap on? What are the payroll components eligible to be computed for a fee cap in Singapore by MOM? The cap for employment agency fees is calculated based on the worker’s total salary. This would include the worker’s basic salary and all fixed allowances. It will not include bonuses and variable components such as overtime pay. As an employer, you must get written consent before applying for a work pass to protect the interests of both parties should a dispute arise. This applies to all applications and renewals for all types of work passes. MOM considers any document to be written consent if it shows a foreigner’s agreement to be employed by the employer. An example will be a signed employment contract. There is no particular format, but a verbal consent will not be accepted. If the foreigner objects to a work pass application being submitted on their behalf, they may approach MOM. MOM will ask the employer for the written consent and may take action if it cannot be produced. If a director or secretary is debarred, he cannot take on any new appointment as director or secretary. When you get dissatisfied with any of the following issues then we strongly suggest you to consider for switching : It’s an easy process as we would expect you to let us have some basic information of your company and then we would take care of the rest. CPF Board is the collecting agent for contributions to self-help group (SHGs) funds and SHARE donations. These contributions and donations are deducted from your employee’s wages together with the employee’s share of CPF contribution. The Self-Help Groups (SHGs) are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities respectively. · SHARE is a monthly giving programme of Community Chest, the fund-raising and engagement arm of the National Council of Social Service. On behalf of Community Chest, the CPF Board collects employee’s donations to SHARE from employee’s wages made through the company payroll. · Donations by employees are voluntary and deducted from their wages. 100% of the donations are channelled directly to support critical social service programmes CPF Board is the collecting agent for contributions to self-help group (SHGs) funds and SHARE donations. These contributions and donations are deducted from your employee’s wages together with the employee’s share of CPF contribution. The Self-Help Groups (SHGs) are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities respectively. · * Refers to a person defined as “Eurasian” in their identity card, or a person of both European and Asian ancestry. · Politically, the Indian subcontinent includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. · SHARE is a monthly giving programme of Community Chest, the fund-raising and engagement arm of the National Council of Social Service. On behalf of Community Chest, the CPF Board collects employee’s donations to SHARE from employee’s wages made through the company payroll. · Donations by employees are voluntary and deducted from their wages. 100% of the donations are channelled directly to support critical social service programmes If your employee wishes to contribute a different amount or opt-out, the employee has to obtain the relevant form from the applicable Self-Help Group (SHG). CPF Board is the collecting agent for contributions to self-help group (SHGs) funds and SHARE donations. These contributions and donations are deducted from your employee’s wages together with the employee’s share of CPF contribution. The Self-Help Groups (SHGs) are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities respectively. · * Refers to a person defined as “Eurasian” in their identity card, or a person of both European and Asian ancestry. · Politically, the Indian subcontinent includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. · SHARE is a monthly giving programme of Community Chest, the fund-raising and engagement arm of the National Council of Social Service. On behalf of Community Chest, the CPF Board collects employee’s donations to SHARE from employee’s wages made through the company payroll. · Donations by employees are voluntary and deducted from their wages. 100% of the donations are channelled directly to support critical social service programmes If your employee wishes to contribute a different amount or opt-out, the employee has to obtain the relevant form from the applicable Self-Help Group (SHG). Conversion of Partnership (General) into a Pte Ltd company is not something like conversion to Sole Proprietorship due to being a separate legal entity status to the Company. However, the Partners are having limited choices to choose. The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. Settling the Partnership’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Partnership will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. When more than one owner is added into the existing Sole Proprietorship firm the business structure will automatically fall into the category of Partnership (General) when there are at least two or more Partners become the owners. You can convert the following type of firms: Conversion of LLP (Limited Liability Partnership) into a Pte Ltd company: The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. Settling the LLP’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former LLP will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Partnership (General) into a Pte Ltd company is not something like conversion to Sole Proprietorship due to being a separate legal entity status to the Company. However, the Partners are having limited choices to choose. The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. Settling the Partnership’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Partnership will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Partnership (General) into a Pte Ltd company is not something like conversion to Sole Proprietorship due to being a separate legal entity status to the Company. However, the Partners are having limited choices to choose. The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. Settling the Partnership’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Partnership will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Sole Proprietorship into a Pte Ltd company is not something like conversion to Partnership due to being a separate legal entity status to the Company. However, the owner is having limited choices to choose. The owner of the Sole Proprietorship firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the owner would have the company name with his/her former Sole Proprietorship’s name. Settling the sole proprietorship’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Sole Proprietorship will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Partnership (General) into a Pte Ltd company is not something like conversion to Sole Proprietorship due to being a separate legal entity status to the Company. However, the Partners are having limited choices to choose. The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. By doing so, the former Partnership will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Sole Proprietorship into a Pte Ltd company is not something like conversion to Partnership due to being a separate legal entity status to the Company. However, the owner is having limited choices to choose. The owner of the Sole Proprietorship firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the owner would have the company name with his/her former Sole Proprietorship’s name. Settling the sole proprietorship’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Sole Proprietorship will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. When more than one owner is added into the existing Sole Proprietorship firm the business structure will automatically fall into the category of Partnership (General) when there are at least two or more Partners become the owners. If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. When more than one owner is added into the existing Sole Proprietorship firm the business structure will automatically fall into the category of Partnership (General) when there are at least two or more Partners become the owners. Conversion of LLP (Limited Liability Partnership) into a Pte Ltd company: The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. Settling the LLP’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former LLP will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Partnership (General) into a Pte Ltd company is not something like conversion to Sole Proprietorship due to being a separate legal entity status to the Company. However, the Partners are having limited choices to choose. The Partners of the Partnership firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the Partners would have the company name with their former Partnership’s name. Settling the Partnership’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Partnership will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. Conversion of Sole Proprietorship into a Pte Ltd company is not something like conversion to Partnership due to being a separate legal entity status to the Company. However, the owner is having limited choices to choose. The owner of the Sole Proprietorship firm can choose the same name to be applied with the proposed company by appealing with the authority ACRA. Once, the name appeal is approved then the owner would have the company name with his/her former Sole Proprietorship’s name. Settling the sole proprietorship’s debts (if any) followed by conversion of the remaining assets into the capital of new company. By doing so, the former Sole Proprietorship will be mostly able to transfer the existing employees, contracts, businesses, etc to the newly incorporated company. When more than one owner is added into the existing Sole Proprietorship firm the business structure will automatically fall into the category of Partnership (General) when there are at least two or more Partners become the owners. Tax rate for companies in Singapore? Corporate tax for companies in Singapore? Singapore company tax rates? With effect from YA 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. Corporate income tax rebate in Singapore is given to all companies to ease business costs and support restructuring by companies and is applicable for YA (Year of Assessment) 2013 to YA 2019. All companies will receive a corporate income tax rebate of the following: Price for setting up a company in Singapore? Cost of setting up a Singapore company? Price for setting up a Singapore company? ACHI BIZ BIZ is your personalized premium service provider under one roof when it comes to seeking corporate assistance in Singapore as well as Offshore. A wide range of incorporation services of a Singapore Private Limited Company is available to the following category of clients: Please click the below links for your choice of entity to learn more about costs for setting-up a company in Singapore: CPF is not required to be contributed for Partners. However the Partner is required to contribute the MediSave with CPFB for the trade income which is in addition to paying his income tax based on the individual’s income tax rates. Unlike regular employees, partners, sole-proprietors, or self-employed persons engaged under a contract for service are only required to contribute to their Medisave account. MediSave contributions are computed based on their annual net trade income earned. CPF is not required to be contributed for Partners. However the Partner is required to contribute the MediSave with CPFB for the trade income which is in addition to paying his income tax based on the individual’s income tax rates. Unlike regular employees, partners, sole-proprietors, or self-employed persons engaged under a contract for service are only required to contribute to their Medisave account. MediSave contributions are computed based on their annual net trade income earned. CPF is not required to be contributed for Partners. However the Partner is required to contribute the MediSave with CPFB for the trade income which is in addition to paying his income tax based on the individual’s income tax rates. Unlike regular employees, partners, sole-proprietors, or self-employed persons engaged under a contract for service are only required to contribute to their Medisave account. MediSave contributions are computed based on their annual net trade income earned. CPF is not required to be contributed for Sole Proprietor (self-employed owner). However the self-employed owner is required to contribute the MediSave with CPFB for the trade income which is in addition to paying his income tax based on the individual’s income tax rates. Unlike regular employees, partners, sole-proprietors, or self-employed persons engaged under a contract for service are only required to contribute to their Medisave account. MediSave contributions are computed based on their annual net trade income earned. CPF is not required to be contributed for Partners. However the Partner is required to contribute the MediSave with CPFB for the trade income which is in addition to paying his income tax based on the individual’s income tax rates. Unlike regular employees, partners, sole-proprietors, or self-employed persons engaged under a contract for service are only required to contribute to their Medisave account. MediSave contributions are computed based on their annual net trade income earned. CPF is not required to be contributed for Sole Proprietor (self-employed owner). However the self-employed owner is required to contribute the MediSave with CPFB for the trade income which is in addition to paying his income tax based on the individual’s income tax rates. Unlike regular employees, partners, sole-proprietors, or self-employed persons engaged under a contract for service are only required to contribute to their Medisave account. MediSave contributions are computed based on their annual net trade income earned. The requirements your worker must meet to be on the higher-skilled levy rate are different for each sector: The Goods and Service Tax or GST is comparable to the VAT or Value Added Tax found in many other countries. It is a consumption tax that applies to many of the domestic goods and services used in Singapore. The current rate of GST is 7% (which is pending to be increased to 9% later in due course.) Under Section 155B of the CA, the Registrar will have powers to debar a director or secretary of a company from taking up new appointments if the company has failed to file relevant documents at least three months after the prescribed deadlines under the Companies Act. The powers of debarment are discretionary and do not operate automatically in respect of all non-filings. It is intended to be used to weed out irresponsible directors/ secretaries, and hence will be applied accordingly. ACRA will give written notice and will allow directors and secretaries to show cause as to why they should not be debarred. ACRA will consider the reasons as to why there was a default before exercising the powers to debar. CPF Board is the collecting agent for contributions to self-help group (SHGs) funds and SHARE donations. These contributions and donations are deducted from your employee’s wages together with the employee’s share of CPF contribution. The Self-Help Groups (SHGs) are set up to uplift the less privileged and low income households in the Chinese, Eurasian, Muslim and Indian communities respectively. · * Refers to a person defined as “Eurasian” in their identity card, or a person of both European and Asian ancestry. · Politically, the Indian subcontinent includes Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. · SHARE is a monthly giving programme of Community Chest, the fund-raising and engagement arm of the National Council of Social Service. On behalf of Community Chest, the CPF Board collects employee’s donations to SHARE from employee’s wages made through the company payroll. · Donations by employees are voluntary and deducted from their wages. 100% of the donations are channelled directly to support critical social service programmes If your employee wishes to contribute a different amount or opt-out, the employee has to obtain the relevant form from the applicable Self-Help Group (SHG). Branch Office: A foreign firm which is registered out of Singapore and conducts significant business operations in Singapore and makes business revenues on consistent basis should be registered as a Singapore Branch office under the Companies Act in Singapore. The branch office is treated as the part of a foreign company and will not have a different legal identity. Two persons should be appointed by it who complies with authorities’ official notices and who are appointed as legal agents as Singapore Citizens for rendering official services. For tax treatment, company’s branch office shall be treated as non-resident company. Company: A Company is an entity that is registered under the Companies Act (Cap 50). It has its own legal personality that is distinct from its members and the persons who manage the company. Companies can therefore own property and sue or be sued in their own names. They are recognised as taxable entities in their own rights. Directors: The responsibility for managing a company generally lies with the company’s Board of Directors (“the Board”). The members of the Board may also be members and / or employees of the company. In larger companies, however, it is common for some of the Board members not to be employees of the company. Board members have onerous duties towards the company. These include the duty to act honestly, the duty to act with reasonable care, skill and diligence in the conduct of the company’s affairs, the duty to avoid conflicts of interest and the duty to act in the best interests of the company generally. Exempt Private Company: A private company in the shares of which no beneficial interest is held directly or indirectly by any corporation and which has not more than 20 members is regarded as an “exempt private company”. Such companies are exempted from some of the provisions of the Companies Act (Cap 50). For example, an exempt private company is exempted from prohibitions against loans, quasi-loans and restricted transactions to its directors or to companies related to its directors under sections 162 and 163 of the Act. If an exempt private company is solvent, it need not attach its financial statements to its annual returns when filing these with ACRA but can simply complete an online declaration of solvency instead. Foreign Domestic Workers (also known as foreign home care workers, foreign migrant workers, foreign domestic helpers, transnational domestic workers, foreign domestic employees, overseas domestic workers and domestic migrant workers) are, according to the International Labour Organization’s Convention No. 189 and the International Organization for Migration, any persons “moving to another country or region to better their material or social conditions and improve the prospect for themselves or their family,” engaged in a work relationship performing “in or for a household.” Public Company: Any company that is not a private company is a public company. Public companies may or may not be listed on a stock exchange. Where they are so listed, they are usually referred to as “listed companies” and have to comply with the rules and regulations of the stock exchange on which they are listed. Limited Liability Partnership (LLP): A Limited Liability Partnership (LLP) is a business organisation comprising two or more persons associated for carrying on a lawful business with a view to profit that is registered as such under the Limited Liability Partnerships Act (Cap 163A). Despite its name, it is not treated as a partnership and general partnership law does not apply to LLPs. A partnership where the individual partner’s own liability is generally limited. An LLP is formed by registration under the Limited Liability Partnerships Act. It must have a minimum of two partners. There is no limit on the number of partners that an LLP may have. The partners can either be individuals or corporations such as company or LLP. An LLP does not have shareholders or directors and is taxed like a partnership. A partnership consisting of two or more persons, with at least one general partner and one limited partner. General Partner in the LP firm is personally liable for debts and losses of the LP whereas the Limited Partner is not personally liable for debts or obligations of LP beyond the amount of his agreed (limited) contribution. Partnership: A Partnership (also known as General Partnership) is formed where two or more persons carry on a business in common with a view to making profit. Generally, the maximum number of partners allowed in a partnership is 20. The partners can either be individuals or bodies corporate. Should more than 20 persons wish to carry on business together, they will have to do so through a Company (see Section 5 below). This does not apply to partnerships formed solely or mainly for the purpose of carrying on any profession that is regulated by other legislation (eg law firms, accounting firms, medical practices). A business partnership is often legally referred to as a ‘firm’. Private Company: A private company is one whose constitution: The restriction on the right to transfer shares in a private company usually takes the form of a requirement that the transfer be first approved by the company’s board of directors or a requirement that the shares be first offered to be transferred to existing shareholders. Public Company Limited by Guarantee: A public company limited by guarantee is most often formed by non-profit organisations such as sports clubs, workers’ co-operatives and membership organisations, whose owners wish to have the benefit of limited financial liability. A public company limited by guarantee does not have any shares or shareholders (like the more common limited by shares structure) but is owned by guarantors who agree to pay a pre-defined amount of money towards company debts. Generally, the guarantors will have no profits distribution as they will instead be re-invested to help promote the non-profit objectives of the public company limited by guarantee. If any profits are distributed to the owners, then the company will forfeit its right to apply for a charitable status. Public Company: Any company that is not a private company is a public company. Public companies may or may not be listed on a stock exchange. Where they are so listed, they are usually referred to as “listed companies” and have to comply with the rules and regulations of the stock exchange on which they are listed. Representative Office: Any foreign company that wishes to run their business operations in the country should discover the opportunities first of all by setting up the Representative Office in Singapore. This is the best option to find the market opportunities before making any large scale or long term commitment. Representative Office cannot involve in any type of business activity related to generating revenue. The S Pass allows mid-level skilled staff to work in Singapore. Candidates need to earn at least $2,300 a month and have the relevant qualifications and work experience. The minimum salary requirement is set to be increased to $2,400 a month with effect from 01-January-2020. Definition: A Sole Proprietorship may be described as a business that is carried on by a person (which includes individuals or legal entities such as companies) on his, her or its own without the use of a separate and distinct business form. Subsidiary Company: A subsidiary company is a company which is completely or partly owned and wholly controlled by another company, which owns more than half of the subsidiary’s stock. It can be a company, corporation or a limited liability company. The entity which controls it, is called the parent company. From small size to mid-size foreign companies, which would like to setup their presence in Singapore, is recommended for choosing a Singapore subsidiary. The parent company’s liabilities are limited and its assets remain protected. No. For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent. The General Partner can choose to cease the business operations; or Dissolution of Limited Partnership (LP). The dissolution of LPs is similar to that for Partnerships: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. There are, however, some differences which relate to limited partners. For example, limited partners are not entitled to dissolve the LP by notice. Also, an LP is not dissolved on the death, dissolution, bankruptcy or liquidation of a limited partner. In the event of the dissolution of an LP, its affairs are to be wound up by the general partners unless there is a court order to the contrary. An LLP (Limited Liability Partnership) can be wound up voluntarily by the members or creditors, compulsorily by the High Court otherwise it can be de-registered or struck-off the register. The Partners can choose to cease the business. Dissolution: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. It is also possible for an application to be made to the Court to have the partnership dissolved under circumstances specified in section 35 of the Partnership Act (Cap 391). A sole-proprietorship business will cease when the proprietor either dies or otherwise ceases to carry on business. The Registrar can cancel registration if the sole proprietorship is not renewed or where Registrar is satisfied that the business is defunct. The Business Names Registration Act requires any person registered under it who has ceased to carry on business to notify the Registrar of this. Failing to do so is an offence and may result in the imposition of a fine. They mean the same thing, although the term “agent” is no longer used, as this has been replaced with the term “authorised representative”. This change of name is meant to show the importance of the role of the agent. As he is the authorised representative of the foreign company in Singapore, he is accountable and responsible for the foreign company in Singapore. Difference between EP and S Pass in Singapore? What are the key differences between Employment Pass (EP) and S Pass holders in Singapore? What are the main differences between S Pass and Employment Pass (EP) holders in Singapore? Comparison of EP and S Pass in Singapore. Comparison of S Pass and Employment Pass (EP) in Singapore. Comparison of Singapore Employment Pass (EP) Vs S Pass (To be increased w.e.f. 01-Jan-2020: $2,400) Financial Statements is prepared annually or periodically by all the companies whereas Financial Statements in XBRL is prepared solely for the purpose of uploading the document when Annual Return is filed with ACRA. General Partner is the one who manages the business whereas the Limited Partner should not involve with management of the LP. Limited partners should not take part in the management of the LP and should not have the power to bind the LP. Limited partners who take part in the management of the LP are liable for all debts and obligations of the limited partnership incurred while they so take part in the management as though they were general partners. The difference between issued share capital and paid-up share capital: Issued Share Capital: Issued share capital is the total value of the shares a company elects to sell. Paid-Up Capital: Paid-Up Capital is the amount of money a company has been paid from shareholders in exchange for shares of its stock. The key difference between LPs and Partnerships lies in the fact that LPs have ‘limited partners’ whereas Partnerships do not have. Pre-emption rights that give the company’s existing shareholders the first opportunity to acquire any shares that are being transferred whereas non pre-emption does not have such rights. The SDL collected are channelled to the Skills Development Fund (SDF), which is used to support workforce upgrading programmes and to provide training grants to you when you send your employees for training under the National Continuing Education Training system whereas the levy for foreign workers is a pricing mechanism to regulate the number of foreign workers in Singapore. What are the key differences of EP Vs Work Permit in Singapore? What are the differences of Employment Passes while comparing with Work Permits in Singapore? Differences between Employment Pass and Work Permit? Is there any difference when comparing both EP and Work Permit? Construction, Manufacturing, Marine Shipyard, Process And Services. A private company can have not more than 50 members. An exempt private company (EPC) can be a private company with less than 20 members, and does not have any corporations holding beneficial interest in its shares (whether directly or indirectly). An EPC can also be a private company owned by the Government that is declared in the Gazette to be an EPC. Foreigners who wishes to set up any business or company in Singapore is required to apply for EntrePass. However EP holders can be registered as directors in another company apart from the company the EP is approved for ONLY by obtaining LOC: Yes, any foreigner is allowed to register firms or incorporate the companies in Singapore. Foreign entrepreneurs can establish a Private Limited Company, but only with a Singapore Citizen or Singapore Permanent Resident as a local director. The Disadvantages of Different Types of Business Entities in Singapore; Or The Cons of Different Types of Business Entities in Singapore; Or The Disadvantages of Different Types of Business Firms in Singapore; Or The Disadvantages of Different Types of Business Organisations in Singapore; Or The Disadvantages of Different Types of Business Structures in Singapore: Here you can have a brief of major cons of most popular types of business entities and firms in Singapore: · More compliance obligations (e.g., a company secretary has to be appointed within 6 months of the company’s incorporation) · Annual General Meeting has to be conducted · Annual Return filing with the Authority · Estimated Chargeable Income and Corporate Tax to be filed · Limitation in Fund Raising compare to Public Company · Not eligible for Government funded micro loans · Also, each general partner has the ability to make decisions on behalf of the company, and those decisions become the responsibility of all the general partners. · Compliance challenges: A general partnership does require less paperwork than a corporation, but because in essence you have investors (the limited partners), you must still hold annual meetings and create a detailed partnership agreement. · Partners are jointly liable for partnership debts. This means that if one partner fails to pay his share of the partnership debt, the other partners must make up the shortfall. · Any individual partner can be sued for all the debts of the partnership. · The partnership does not have its own separate legal identity from the partners. Therefore, unless otherwise agreed, the partnership will come to an end each time a partner leaves. · The avenues available for access to further capital for expansion are restricted by the amount of security that can be given personally by the individual partners. · As there is only one person with overall responsibility for the success of the business this may increase the pressure on that individual. · A sole-proprietorship is a business firm owned by one person or one locally incorporated company. There are no partners. The sole-proprietor has absolute say in the running of the business firm. Management rests on that one person and his liability is unlimited. · There is no requirement for a sole-trader to maintain accounts for auditing purposes however the records shall be kept for five years. For tax purposes, a balance sheet or statement of affairs as at the end of the year and a detailed profit and loss account must be submitted to the tax authorities. · If such a business fails or is declared bankrupt, the creditors can sue the proprietor for all debts incurred. A legal claim can be made against the personal assets of the proprietor. · In addition to personal income tax the owner is mandatorily required to top-up his/her Medisave Account for the net trade income after tax assessment · Sole Proprietor could not transfer the ownership of Firm however the assets & liabilities of the Firm could be easily transferred to another person. Under the Companies Act, the disclosure requirements of directors, are now extended to CEOs of all companies, and these include: The disclosures would need to be made by the CEO to the company, and the information disclosed would appear in the company register. This would align the disclosure requirements under the Securities and Futures Act for CEOs of listed companies. The dissolution of LPs is similar to that for Partnerships: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. There are, however, some differences which relate to limited partners. For example, limited partners are not entitled to dissolve the LP by notice. Also, an LP is not dissolved on the death, dissolution, bankruptcy or liquidation of a limited partner. In the event of the dissolution of an LP, its affairs are to be wound up by the general partners unless there is a court order to the contrary. A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. It is also possible for an application to be made to the Court to have the partnership dissolved under circumstances specified in section 35 of the Partnership Act (Cap 391). No. As a foreigner you are not required to be physically present in Singapore to incorporate your business or company. However, you will be required to get notarized with the Public Notary in your home town. Only local residents are required to sign the documents in front of our personnel. Note that the foreigner is mostly required to be physically present in Singapore when Singapore bank account facility is required. It depends on your requirements. When you intend to have employees then you may be required for a physical office for day-to-day functions. If you are going to keep your materials, then you may require a store or warehouse. It all depends on your requirements based on the nature of business and employing people. However, if you are managing your business as a One Man Show with your partners only then you may choose not to have physical office to reduce your start-up costs. But, you may choose to have different type of employment modes such as Teleworking, Flexi-Timers, etc. No. You may wish to keep digitalised records including scanned copies. No. You are not required to contribute CPF to any type of foreign employees. Yes. In order to do business in Singapore, you are required to register an entity or firm which you can choose from wider choices: Please refer to our GUIDES and SERVICES for more detailed information. You need to submit documents such as copies of passport details and educational certificates along with the Employment Pass application. You will need these documents to apply for an Employment Pass: · Marksheets · You can get the verification proof directly in English from sources such as Dataflow, China Higher Education Student Information and Career Centeror China Academic Degrees & Graduate Education Information. · Education certificates certified by a notary public are not accepted as a form of verification proof. MOM may ask for other documents during review of your application. No. A Singapore company Secretary is not required to be an employee unless he/she is engaged under Contract of Service for employment. No. A Singapore company Secretary is not required to be a Director. However sole director cannot be the Secretary of the company. If you hold a Work Permit and wish to apply for an S Pass, first ensure that you are eligible for the S Pass by using the S Pass self-assessment tool at MOM website at: www.mom.gov.sg If you meet the requirements, your employer can then apply for an S Pass for you. Note: Your employer should apply for the S Pass early. You can remain in Singapore while the application is being made, as long as your Work Permit is valid. Your employer doesn’t have to cancel the Work Permit before the S Pass is approved. If your Work Permit is expiring before you get the S Pass application outcome, your employer can request to extend your Work Permit using WPOL e-services. The extension is subject to MOM’s approval. For dormant declaration: There is a requirement for a director’s statement to declare the company’s status of dormancy. However, the requirements contained in the statement should follow those required under the Companies Act (s201A and s205B). The statement by the directors for the exemption from preparation of financial statements must state: No. For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent. This rule applies to private companies with FYE after 31-Aug-2018. Under the Companies (Amendment) Act 2017, private companies are exempted from holding AGMs (i.e., AGM-Exempt) if they send their financial statements to members within 5 months of the financial year end (FYE). In order to qualify for AGM-Exempt, the company must send the FS within 5 months from FYE to all of the members and the AGM must be held by 6 months from FYE if any member is requesting to hold AGM. Thus, the due date for holding AGM for all private companies is: Dependant Pass (DP) is issued up to 2 years which is tied to the validity of the main work pass. The Long-Term Visit Pass (LTVP) by MOM is issued up to two years which is tied to the validity of the main work pass. The Work Permit for domestic helpers are issued up to 2 years depending on the validity of the Security Bonds. For the Eurasian Community Fund (ECF), employees refer to Singapore Citizens and Permanent Residents, belonging to the Eurasian* community. * Refers to a person defined as “Eurasian” in their identity card, or a person of both European and Asian ancestry. Only eligible candidates will be considered for an Employment Pass. Criteria include a minimum salary of $3,600 and acceptable qualifications. Use the Self-Assessment Tool to check a candidate’s eligibility before you apply. The Employment Pass is for foreign professionals who: Application for an Employment Pass is open to all nationalities. Note on salaries: Note on acceptable qualifications: EntrePass is open to all nationalities. You can apply for an EntrePass if you: Your company raised funding of at least SGD100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognised by a Singapore Government agency. Your company is an existing incubatee at an incubator or accelerator in Singapore that is recognised by the Government. You have significant business experience or network and promising entrepreneurial track record of starting highly-scalable businesses and want to establish, develop and manage a new or existing business in Singapore. You or your company holds an intellectual property (IP), registered with an approved national IP institution, which delivers a significant competitive advantage to your proposed business that cannot be easily replicated. Your company has an ongoing research collaboration with a research institution under the Agency for Science, Technology and Research (A*STAR), an Institute of Higher Learning (IHL) in Singapore. You have exceptional technical or domain expertise in an area related to your proposed business. You have a good track record of investing in businesses and want to grow new or existing businesses in Singapore. The Personalised Employment Pass is for high-earning Employment Pass holders and overseas professionals. It is not tied to an employer and offers greater flexibility than an Employment Pass. You can apply for a Personalised Employment Pass (PEP) if you are: You are not eligible for the PEP if you are: S Pass holders who have a fixed monthly salary of at least $6,000, are eligible for a Dependant’s Pass for their spouse and children. If you are legally married or have children, you may be eligible for a Dependant’s Pass. From 1 January 2018, work pass holders will need to meet a minimum salary criteria of $6,000 to enjoy dependant privileges. Levy waiver eligibility for maids in Singapore? What are the eligibilities to claim back levy for domestic helpers in Singapore? Claiming back levy for foreign domestic workers in Singapore? How to get back levy for maids in Singapore? You can get a waiver for your foreign domestic worker (FDW) levy payments only in certain situations. These include overseas leave and hospitalisation leave. You can apply for a levy waiver only if your helper: You can apply for a Work Holiday Pass (WHP) under the Work Holiday Programme if you meet these requirements: Note: The Work Holiday Programme has a capacity of 2,000 applicants at any one time. The Work and Holiday Visa Programme (WHVP) allows eligible Australian students and graduates to work and holiday in Singapore for 12 months. You can apply for a Work Holiday Pass under the Work and Holiday Visa Programme if you meet these requirements: The Work and Holiday Visa Programme has a capacity of 500 applicants at any one time. To keep holding a PEP (Personalised Employment Pass), you must: The following employees are also not counted when calculating your quota: You can use the Quota calculator at MOM website at: www.mom.gov.sg Is there fee payable to employment agents in Singapore? How much is the payable to employment agencies in Singapore? How will foreign workers know how much they have to pay the Singapore employment agency (EA)? How much is the allowed fees payable to the employment agencies in Singapore? Is Employment Agency allowed to collect fees from the foreigners? Is there fees to Employment Agent in Singapore? Foreign workers can refer to the in-principle approval (IPA) letter that MOM issues to them before their arrival in Singapore. The IPA letter includes details such as a worker’s fixed-monthly salary and fees paid to the Singapore EA. It is an offence for an EA to charge excessive agency fees. Workers who are being overcharged can contact the Ministry Of Manpower (MOM) for assistance. All information will be kept strictly confidential by MOM. Even if a company is exempt from audit requirements, the Registrar may still require the company to lodge its audited financial statements and an auditor’s report if the Registrar is satisfied that the company has breached laws relating to the: Definition: An Exempt Private company Limited by shares is having 20 members or less and not having any beneficial interest by the corporate entities. Singapore company There are many types of Companies with their own features available in Singapore as follow: Companies may apply for exemption from XBRL filing requirements from ACRA, for the following: Exemptions are evaluated on a case-by-case basis by ACRA. The Foreign Worker Levy you pay generally depends on two factors: The FWL quota and rate vary according to the following respective sectors: * Note: Levy rates are regularly reviewed and adjusted as required. See the upcoming levy rates announced in Budget 2019 Under Section 155B of the CA, the Registrar will have powers to debar a director or secretary of a company from taking up new appointments if the company has failed to file relevant documents at least three months after the prescribed deadlines under the Companies Act. The powers of debarment are discretionary and do not operate automatically in respect of all non-filings. It is intended to be used to weed out irresponsible directors/ secretaries, and hence will be applied accordingly. ACRA will give written notice and will allow directors and secretaries to show cause as to why they should not be debarred. ACRA will consider the reasons as to why there was a default before exercising the powers to debar. The fees for registering the LLP (Limited Liability Partnership) is low when it is compared with other form of business entities such as Companies. The fees for registering or renewing the LP (Limited Partnership) is low when it is compared with other form of business entities such as Companies. The fees for registering or renewing the Partnership is low when it is compared with other form of business entities such as Companies. Initial set-up cost is a bit high when it is compared with other type of business structures in Singapore. The fees for registering or renewing the Sole Proprietorship is low when it compared with other form of business entities. Companies that are not required to file financial statements must instead submit a declaration online when they file their Annual Returns via ACRA. The declaration will appear in the transaction based on the company type selected during annual return filing with ACRA. Companies that are not required to file financial statements must instead submit a declaration online when they file their Annual Returns via BizFile+. The declaration will appear in the transaction based on the company type selected during annual return filing with ACRA. If the dormant company is unlisted, is not a subsidiary or a listed company, and the company’s total assets is not more than S$500,000, the company is exempted from preparing financial statements (FS) even if it is insolvent. Not all companies are required to file a full set of financial statements in XBRL format. Some companies are only required to file financial statements highlights in XBRL format, with a PDF of the financial statements tabled at the AGM. Refer to the above Table whether your company is eligible only to file financial statements highlights in XBRL format. FYE (Financial Year End): Every Singapore Company must plan its Financial Year End (FYE) that represents the completion of its accounting period. It is not necessary that the FYE of a Company matches with the regular annual calendar. It could fall on any day of the year. The fiscal year of a Company is taken as the financial year. It is up to the Company to decide its FYE, and most Singapore Companies assign 31st December, 31st March, 30th June or 30th September as the ending date of their fiscal year. It is in the best interests of a Singapore Company to fix their FYE within 365 days. This helps the Company to take advantage of the partial Tax Exemption offered for new start-ups. The Singapore Law offers partial exemption to both new start-ups and older entities. You will have to pay a levy for your foreign domestic worker (FDW) every month using GIRO. Find out the levy rates and how to pay and view your levy bills. The foreign worker levy, commonly known as “levy”, is a pricing mechanism to regulate the number of foreign workers in Singapore. As an employer, you don’t have to pay Central Provident Fund (CPF) contributions for your helper. However, you must pay a monthly levy for her. If your helper is a first-time FDW, the levy will begin on the 5th day of her arrival (including the arrival date). Otherwise, the levy will begin the next day after she arrives. The levy ends when the Work Permit is cancelled or expires. You will have to pay a levy for your foreign domestic worker (FDW) every month using GIRO. Find out the levy rates and how to pay and view your levy bills. The foreign worker levy, commonly known as “levy”, is a pricing mechanism to regulate the number of foreign workers in Singapore. As an employer, you don’t have to pay Central Provident Fund (CPF) contributions for your helper. However, you must pay a monthly levy for her. If your helper is a first-time FDW, the levy will begin on the 5th day of her arrival (including the arrival date). Otherwise, the levy will begin the next day after she arrives. The levy ends when the Work Permit is cancelled or expires. Yes. Foreign Spouse of a SPR is eligible to apply for PR. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Yes. Foreign Spouse of a Singapore Citizen (Singaporean) is eligible to apply for PR. As a foreigner, you may be eligible to apply for permanent residence if you are a/an: Foreign Worker Levy: If you employ Work Permit or S Pass holders you may be limited by a quota for your industry. You will also have to pay a monthly levy for each Work Permit or S Pass holder. The foreign worker levy, commonly known as “levy”, is a pricing mechanism to regulate the number of foreign workers in Singapore. The levy liability will start from the day the Temporary Work Permit, Work Permit or S Pass is issued, whichever is earlier. It ends when the permit is cancelled or expires. As an employer, you don’t have to pay Central Provident Fund (CPF) contributions for foreign workers. However, you must pay a monthly levy for Work Permit and S Pass holders. You are required to pay Foreign Worker Levy (FWL) for your S Pass and Work Permit holders. However, you can apply for a waiver of levy on certain situations including the failure of return after home leave with maximum of 60 calendar days a year. Refer to our Guides on FWL for more details. You can get a waiver for your foreign worker levy payments only in certain specific situations. These include overseas leave and hospitalisation leave. You can apply for a levy waiver only if your foreign worker: We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. Please refer to our GUIDES and SERVICES for more detailed information. Get a complete overview of different types of Singapore business firms and entities, along with their respective benefits and features. According to their nature of structure, all of these firms and entities have to comply with annual regulations and applicable various tax rates. The most common type of Business Firms and Corporate Entities in Singapore are: The exemption is in respect of financial years ending on or after 3 Jan 2016. GST obligation is at entity level based on company’s own turnover with applicable criteria. A free guide is available at https://achibiz.com Begin your business journey through ACHI BIZ BIZ from the Registration / Incorporation / Formation till the end of De-Registration / Striking-off along with the services of Business Consultancy, Corporate Secretarial, Compliance, Book-Keeping, Accounting, Annual Reports, Taxation, Human Resource Functions, Immigration, Employment-cum-Recruitment Agency, Etc under one roof. ACHI BIZ BIZ provides the services for all types of Work Passes for foreigners as well as the recruitment services for Singaporeans, Singapore Permanent Residents and foreigners with appropriate work passes. The Singapore legal system is largely based on the English common law system. Being a former British colony, Singapore received her laws from Britain. The influence of English law has decreased over the years as the judiciary and legal profession of Singapore mature. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. Please refer to our GUIDES and SERVICES for more detailed information. EntrePass (fka: Entrepreneur Pass) is open to all nationalities. You can apply for an EntrePass if you: Your company raised funding of at least SGD100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognised by a Singapore Government agency. Your company is an existing incubatee at an incubator or accelerator in Singapore that is recognised by the Government. You have significant business experience or network and promising entrepreneurial track record of starting highly-scalable businesses and want to establish, develop and manage a new or existing business in Singapore. You or your company holds an intellectual property (IP), registered with an approved national IP institution, which delivers a significant competitive advantage to your proposed business that cannot be easily replicated. Your company has an ongoing research collaboration with a research institution under the Agency for Science, Technology and Research (A*STAR), an Institute of Higher Learning (IHL) in Singapore. You have exceptional technical or domain expertise in an area related to your proposed business. You have a good track record of investing in businesses and want to grow new or existing businesses in Singapore. What makes a good company secretary? How to be a good Secretary for Company in Singapore? Generally a professional company Secretary is also called as “Compliance Warden” or “Governance Warden”. Governance expertise: Company Secretaries should be the corporate governance professional in their organisation – they should be the ‘go to’ person for governance issues. Please visit e-services at MOM website at www.mom.gov.sg to check your Work Permit. Where can I find my Singapore employment agent details? Is there any way to find my employment agency details in Singapore? You can find your Singapore Employment Agency’s details from your In-Principle Approval letter. You can still check the details of any Employment Agencies in Singapore at www.mom.gov.sg under EA Directory. How to notify of an employment agency in Singapore? How to notify of an employment agent in Singapore? You can use MOM’s online feedback Form at www.mom.gov.sg to provide feedback on possible infringements by employment agencies (EAs) in Singapore. How can I become a foreign domestic worker in Singapore? How can I become a Singapore foreign domestic worker? How do I become a foreign domestic helper in Singapore? How can I become a foreign domestic helper in Singapore? How can I become a Singapore foreign domestic helper? How can I apply for maid in Singapore? How can I apply for domestic worker in Singapore? How can I apply for domestic helper in Singapore? How can I apply for Singapore domestic worker? How can I apply for Singapore domestic helper? In order to recruit a foreign domestic worker (FDW) or a confinement nanny in Singapore, you must apply for a work permit for her. You can apply for her work permit personally using your SingPass; manual application (with a written consent from the FDW to apply for Work Permit) or through an licensed employment agency in Singapore with the authority viz. the Ministry Of Manpower (MOM). PS: Due to being a degraded term, we have refrained from using the term “Maid”. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. Please refer to our GUIDES and SERVICES for more detailed information. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. Please refer to our GUIDES and SERVICES for more detailed information. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. Please refer to our GUIDES and SERVICES for more detailed information. How do I register a new company in Singapore? We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. You are not required to know anybody to start a business but everything about business. To comply with Law, we will provide the local resident director also known as Nominee Director together with you as a foreign director to format the company. Please refer to our GUIDES and SERVICES for more detailed information. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. Please refer to our GUIDES and SERVICES for more detailed information. We will be the Guide to you to kick start your corporate vehicle in Singapore from registration till deregistration. You are not required to know anybody to start a business but everything about business. To comply with Law, we will provide the local resident director also known as Nominee Director together with you as a foreign director to format the company. Please refer to our GUIDES and SERVICES for more detailed information. Paid-up capital (and if any additional paid-up capital) can be found on the company’s statement of financial position (also known as balance sheet) under shareholders’ equity. To calculate paid-up capital, a company must determine the par value of common stock and the number of shares issued to the founding shareholders. Finding of authorized capital versus paid up capital: Authorized capital: The amount of authorized share capital must be listed in the company’s founding documents. Any time the authorized share capital changes, these changes must be documented and made public. Paid-up Capital: Paid-up capital can be found or calculated in the company’s financial statements. The regulatory authorities require publicly traded companies to disclose all sources of funding to the public. How to Terminate a Sole Proprietorship Business: A sole proprietorship is a business entity owned only by a single individual with no other partners. Unlike limited liability companies and corporations, the owner of a sole proprietorship is legally responsible for all decisions regarding the business operation, including the termination of business. Because a sole proprietor’s business is linked to his personal finances, it’s vital to ensure you follow proper business termination procedures to safeguard against the potential for personal legal and financial liability related to the business after closure. How will an Employment Agency (EA) know if a worker’s employment contract is terminated within 6 months? How my employment agent can find the termination of my employment for any refund? Generally, the employment agency (EA) should ensure that it is kept informed if a worker’s employment is terminated within 6 months. When the EAs are entering into any contractual agreement with the employer for recruiting the foreigners, the EAs may or will be notified under the agreement for any termination of employment. Then the EAs will come to know about the termination of employment in order to arrange for smoother repatriation of the foreign workers. The Work Permit (WP) for a Foreign Domestic Worker (FDW) allows to perform domestic works as a domestic helper in Singapore. After you started to recruit your local employees, it will take at least a three months’ period for your company to have the quota in order to recruit the S Pass and/or Work Permit holders. However, it depends on some other factors and specific requirements set by MOM. Work Permit processing time is about one week and for some cases MOM may take longer processing time which depends on the complexities. How long does it take to employ a Foreign Domestic Worker in Singapore? How long does it take to hire a Foreign Domestic Worker in Singapore? How long does it take to recruit a Singapore Foreign Domestic Worker? How long does it take to employ a Singapore Foreign Domestic Worker? How long does it take to hire a Singapore Foreign Domestic Worker? If the application with any supporting documents is submitted in a proper manner for processing the Work Permit for the Foreign Domestic Worker (FDW), the normal processing duration is usually within 3 weeks by the Ministry Of Manpower (MOM). However some cases will take more time by the MOM which depends on case by case basis. It will take around 4 weeks in total for a domestic helper to start the work for the employer provided there is no hiccup from submitting the application until passing the medical examinations in Singapore. It also depends on the country of domestic helper where she may be subject to specific rules and regulations. An easy process to be completed within a few hours however subject to referral to different authorities which may delay up to 14 working days. We have created a record break by incorporating a Pte Ltd within 30 minutes. You are allowed for a maximum period of six continuous months without landing on a job. If you are still unable to find a job, then your PEP will be subjected for cancellation. PEP (Personalised Employment Pass) application takes around 8 weeks to process. Employers are to keep the latest two years for current employees whereas last two years to be kept for ex-employees. Every company must always keep accounting as well as other records essential to explain their transactions as well as their financial position and to allow for a profit and loss account before preparing a balance sheet. These accounting records need to be kept for five years after completion of the essential operations or transactions. For accounting records and supporting documents relating to Year of Assessment (YA) 2008 and subsequent YAs, your company must retain the records for a period of five years from the relevant YA. Keeping Records / Duration for Records and Accounts Keeping: For accounting records and supporting documents relating to Year of Assessment (YA) 2008 and subsequent YAs, your company must retain the records for a period of five years from the relevant YA. Keeping Records / Duration for Records and Accounts Keeping: GST-registered businesses must keep proper business and accounting records for a period of five years to support GST declarations. Work and Holiday Visa Programme (WHVP) pass holders cannot work with the same employer for more than 6 six months. WHVP pass holders can choose to find another employer after that, or spend the rest of the time holidaying. As long as you are engaging the employment with local employees, your obligation as an Employer is to make CPF contributions under statutory requirements. To form a Partnership, at least 2 partners and not exceeding 20 partners are required for a general Partnership firm in Singapore. Minimum requirement of shares for a company in Singapore: Minimum share capital to incorporate / format / register a company in Singapore: Fee payable to the Government authority ACRA and service provider varies with wider range of services based on the type of entity, etc. Please refer to our GUIDES and SERVICES for more detailed information. Fee payable to the Government authority ACRA and service provider varies with wider range of services based on the type of entity, etc. Please refer to our GUIDES and SERVICES for more detailed information. Fee payable to the Government authority ACRA and service provider varies with wider range of services based on the type of entity, etc. Please refer to our GUIDES and SERVICES for more detailed information. Absolute Income Base in Singapore: The Absolute Income Base is calculated on 17 months of the CPF monthly salary ceiling. You and/or your employer (on your behalf) may contribute any amount to your Supplementary Retirement Scheme (SRS) account up to the maximum SRS contribution. Contributions must be made in cash. (i.e. YAs 2012 to 2016) (17 months x $5,000) (15% of $85,000) = $12,750 (i.e. YA 2017 onwards) (17 months x $6,000) (15% of $102,000) = $15,300 (i.e. YAs 2012 to 2016) (17 months x $5,000) (35% of $85,000) = $29,750 (i.e. YA 2017 onwards) (17 months x $6,000) (35% of $102,000) = $35,700 *The Absolute Income Base is calculated on 17 months of the CPF monthly salary ceiling. Levy for maid in Singapore? Levy rate for domestic helper in Singapore? Monthly levy for domestic worker in Singapore? Is domestic worker in Singapore subject to levy? Maid levy in Singapore? Levy for foreign domestic assistant in Singapore? You will have to pay a levy for your foreign domestic worker (FDW) every month using GIRO. Find out the levy rates and how to pay and view your levy bills. The foreign worker levy, commonly known as “levy”, is a pricing mechanism to regulate the number of foreign workers in Singapore. As an employer, you don’t have to pay Central Provident Fund (CPF) contributions for your helper. However, you must pay a monthly levy for her. If your helper is a first-time FDW, the levy will begin on the 5th day of her arrival (including the arrival date). Otherwise, the levy will begin the next day after she arrives. The levy ends when the Work Permit is cancelled or expires. The current levy rate for FDWs is as follows: From 1 April 2019, the levy rate for FDWs will be as follows: For more information, refer to the FAQs on changes to the FDW levy framework at www.mom.gov.sg Levy concession is part of the package to support Singaporeans needing care. FDW employers can get a concessionary rate of $60 per month if they are eligible under one of the levy concession schemes. How much is the levy for both S Pass and Work Permit holders in Singapore? As an employer, you don’t have to pay Central Provident Fund (CPF) contributions for foreign workers. However, you must pay a monthly levy for Work Permit and S Pass holders. Levy rate for S Pass holders in Singapore? S Pass levy rates? Rate of levy for S Pass holders in Singapore? Employers are limited by a quota for their industry and have to pay a monthly levy for each worker. Employer should pay the levy for each work permit holder. Levy rates for Work Permit (WP) holders in Singapore? Work Permit levy rates in Singapore? Levy for Singapore Work Permit? Employers are limited by a quota for their industry and have to pay a monthly levy for each worker. Employer should pay the levy for each work permit holder. The Foreign Worker Levy you pay generally depends on two factors: The FWL quota and rate vary according to the following respective sectors: The minimum requirement of Paid-up capital is only ONE SHARE with the value of Singapore Dollar ($1). That means, only one share with the value of $1. It’s good enough to kick start your company in Singapore officially. However you will be required to come out with the operational or setting up costs which are totally different from the Paid-up capital. Eg: Fees to register your business, Rental Deposit with rents for Office or Warehouse, Salary to Employees, CPF, Etc. Employment Pass (EP): The Employment Pass allows foreign professionals, managers and executives to work in Singapore. Only eligible candidates will be considered for an Employment Pass. Criteria include a minimum salary of $3,600 and acceptable qualifications. There is no fixed minimum salary in Singapore. Refer to Local Qualifying Salary for Quota for more details. However, in order to be counted for foreign worker quota the minimum wage is set to be currently at SGD1,200 or above for 1 count. In case of salary is greater than SGD600 and lesser than SGD1,200 then the counting will be only 0.5 instead of 1 and there will be zero count for lesser than SGD600. Note the below changes w.e.f. 01-Jul-2019: in order to be counted for foreign worker quota the minimum wage is set to be currently at SGD1,300 or above for 1 count. In case of salary is greater than SGD650 and lesser than SGD1,300 then the counting will be only 0.5 instead of 1 and there will be zero count for lesser than SGD650. Minimum share capital to incorporate / format / register a company in Singapore: Under the SDL Act, you are required to contribute Skills Development Levy (SDL) for all your employees* up to the first SGD4,500 of each employee’s total monthly wages at a levy rate of 0.25% or a minimum of SGD2 (for total wages of SGD800 or less), whichever is higher. First ensure that your Work Permit holder is eligible for the S Pass by using the S Pass self-assessment tool (SAT). If he meets the requirements, you as an employer or your authorised Employment Agent can then apply for an S Pass. In order to be eligible to apply for (PR) Singapore Permanent Residence under PTS Scheme, you must be holding S Pass for at least certain years and preferably 50 years or less which is subject to case by case basis by ICA. The PTS Scheme allows the pass holder to include in the PR application for your spouse and unmarried children who are below 21 years old. Your local employee must earn the Local Qualifying Salary (LQS) of at least $1,200 before they can be counted towards your quota entitlement. A Singaporean or Permanent Resident employee employed under a contract of service, including the company’s director, is counted as: ….. Note: From 1 July 2019, a Singaporean or Permanent Resident employee employed under a contract of service, including the company’s director is counted as: You can use the Quota calculator at MOM website at: www.mom.gov.sg Your local employee must earn the Local Qualifying Salary (LQS) of at least $1,200 before they can be counted towards your quota entitlement. A Singaporean or Permanent Resident employee employed under a contract of service, including the company’s director, is counted as: ….. Note: From 1 July 2019, a Singaporean or Permanent Resident employee employed under a contract of service, including the company’s director is counted as: You can use the Quota calculator at MOM website at: www.mom.gov.sg Employers are required to keep the records either soft or hard copy including handwritten. How to validate the identity of Employment Agency (EA) in Singapore? Can I validate the authorised personnel of Employment Agency (EA) in Singapore? How can I verify the details of my Singapore Employment Agent? Can I check if Singapore Employment Agent is licensed duly? You should work only with licensed Employment Agencies (EAs) and registered Employment Agency personnel as they meet MOM’s eligibility criteria and have to follow employment agency rules and regulations. Unlicensed EAs may exploit vulnerable workers from developing countries by charging them exorbitant fees and may not give them the promised jobs in return. All registered EA personnel will carry a registration card showing their name, registration number and the EA that they are working for. You should check the registration card details against the EA Directory to ensure that their registration is valid. Before even establishing the business relationship, the EA personnel should show you with his EAP identity card which you are allowed to note down particulars to verify against the EA director online at MOM. You can check the EA Directory for the list of licensed EAs in Singapore and the names and photos of all registered EA personnel at: www.mom.gov.sg/eservices/services/employment-agencies-and-personnel-search How to apply Waiver of levy for Foreign Domestic Helpers in Singapore? How to apply Levy waiver for maids in Singapore? Where to apply levy waiver for domestic helpers in Singapore? Where to apply levy waiver for domestic workers in Singapore? Where to apply levy waiver for maids in Singapore? How to get back levy for Foreign Domestic Helpers in Singapore? How to apply You need to apply online at www.cpf.gov.sg website. After logging in, choose Application for Waiver of Foreign Worker Levy (Domestic). You can check your application status online after 12 working days. You can view online levy waiver demo at www.cpf.gov.sg As a foreigner, you may be eligible to apply for Permanent Residence if you are a/an: A Company can be deregistered or struck-off by the members or it can be wound-up voluntarily by members or creditors and compulsorily by the High Court. The General Partner can choose to cease the business operations; or Dissolution of Limited Partnership (LP). The dissolution of LPs is similar to that for Partnerships: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. There are, however, some differences which relate to limited partners. For example, limited partners are not entitled to dissolve the LP by notice. Also, an LP is not dissolved on the death, dissolution, bankruptcy or liquidation of a limited partner. In the event of the dissolution of an LP, its affairs are to be wound up by the general partners unless there is a court order to the contrary. An LLP (Limited Liability Partnership) can be wound up voluntarily by the members or creditors, compulsorily by the High Court otherwise it can be de-registered or struck-off the register. The Partners can choose to cease the business. Dissolution: A partnership will automatically be dissolved should any partner die or leave the firm. The partnership agreement may also provide for other instances in which the partnership is to be dissolved. This may include situations where any one of the partners becomes bankrupt or becomes of unsound mind. It is also possible for an application to be made to the Court to have the partnership dissolved under circumstances specified in section 35 of the Partnership Act (Cap 391). A sole-proprietorship business will cease when the proprietor either dies or otherwise ceases to carry on business. The Registrar can cancel registration if the sole proprietorship is not renewed or where Registrar is satisfied that the business is defunct. The Business Names Registration Act requires any person registered under it who has ceased to carry on business to notify the Registrar of this. Failing to do so is an offence and may result in the imposition of a fine. When you get dissatisfied with any of the following issues then we strongly suggest you to consider for switching : It’s an easy process as we would expect you to let us have some basic information of your company and then we would take care of the rest. After registering with CPF Board, you may wish to register with MOM for accessing online services. Then you can be able to check the quota eligibility. How to check whether the licence of my employment agency is genuine in Singapore? Where to check whether the licence of my employment agent is approved in Singapore? Is my employment agent licensed in Singapore? Where to check the licence details of my employment agency in Singapore? How to check the licence details of my employment agent in Singapore? Singapore Employment agencies and personnel search (EA Directory) is available at www.mom.gov.sg. You can use this service to find employment agencies that match your needs, check the agencies’ service quality and performance, and shortlist and compare different employment agencies. URL to check: www.mom.gov.sg/eservices/services/employment-agencies-and-personnel-search A Company can be deregistered or struck-off by the members or it can be wound-up voluntarily by members or creditors and compulsorily by the High Court. Determination or choosing of the right company structure which fits for your business; Determination or choosing of the right business organisation structure which fits for your business; · Corporate shareholder is allowed. · Only individual shareholder. · No corporation is a shareholder. · The Minister has deemed to be an EPC under the Companies Act. · May raise capital by offering shares or debentures to the public. · Must register a prospectus with the Monetary Authority of Singapore (MAS) before making any public offers. · Is one which has members instead of shareholders. · These members agree to pay a fixed sum in case the company is wound up You may wish to refer to compare the entities with Pros and Cons in details with the following links: To determine the consolidated total revenue and consolidated total assets: Even where the holding company is a foreign company, a Singapore subsidiary will need to determine whether the group to which it belongs qualifies as a small group, to determine if it can qualify for the small company audit exemption. Where the holding company has prepared consolidated financial statements, the “consolidated total assets” and “consolidated revenue” of the group shall be determined in accordance with the accounting standards applicable to the group. Where the holding company does not prepare consolidated financial statements, the consolidated total assets should be determined by the aggregation of the total assets of all the members of the group, and the consolidated revenue should be determined by the aggregated revenue of all the members of the group. The number of employees is based on the number of full-time employees employed by the company at the end of the financial year. Determining the total assets and total revenue: The total revenue and total assets of a company would be determined by the accounting standards and what appears as the total revenue or total assets in the financial statements of the company. The test for dormancy is provided for in the Companies Act, i.e. that there is no accounting transaction during that financial year. The Companies Act also states the transactions which are to be disregarded when determining dormancy: Filing Your GST F5 Return in Singapore with IRAS: ACHI BIZ BIZ can assist you from registration of GST with quarterly Return submission until cancellation of GST registration with IRAS. When you are engaging the Professional service provider like our company (ACHI BIZ BIZ) then they will be in a better position to advise you with your requirements. Note that you can commence your business operations only after obtaining one or more business licences which depends on the nature of your businesses. Eg: Employment Agency, Travel Agency, etc. The Employment Pass (EP) allows foreign professionals, managers and executives to work in Singapore. Candidates need to earn at least $3,600 a month and have acceptable qualifications. EntrePass is intended for serial entrepreneurs, high-calibre innovators or experienced investors who want to operate a business in Singapore. EntrePass is for eligible foreign entrepreneurs who want to start and operate a new business in Singapore with no stipulated minimum salary which the pass is issued for 1 year for new pass and for first renewal and any subsequent renewal with 2 years upon meeting the renewal criteria. There is no foreign worker levy or quota required for EntrePass. The Personalised Employment Pass is for high-earning Employment Pass holders and overseas professionals. It is not tied to an employer and offers greater flexibility than an Employment Pass. You can apply for a Personalised Employment Pass (PEP) if you are:
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
No Type of Entity / Firm Advantages / Pros Disadvantages / Cons 1 Pte Ltd (By Shares) 2 Limited Liability Partnership (LLP) 3 Limited Partnership (LP) 4 Partnership (General) 5 Sole Proprietorship Click here to view the comparison of Singapore Entities & Firms (In PDF). Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF) No Type of Entity / Firm Advantages / Pros 1 Pte Ltd (By Shares) · Separate legal entity from members and directors, which means that members and directors are not personally liable for the losses and debts incurred 2 Limited Liability Partnership (LLP) · Lower registration cost and easy to set up 3 Limited Partnership (LP) · Tax benefits: As with a general partnership, the profits and losses in a limited partnership flow through the business to the partners, all of whom are taxed on their personal income tax returns. The difference is that the limited partners in the relationship get to share in the profits and losses, but they do not have to participate in the business itself. 4 Partnership (General) · Partnerships face fewer statutory controls than companies. 5 Sole Proprietorship · It is an easy procedure to register a sole-proprietorship. Advantages / Pros of a Limited Liability Partnership (LLP) in Singapore:
Advantages / Pros of Limited Partnership (LP) in Singapore:
Advantages / Pros of a Partnership (General):
Advantages / Pros of Pte Ltd (Private Limited Company):
Click here to learn more about Singapore Private Limited Company by Shares.
Advantages / Pros of Sole Proprietorship:
Employment Pass – advertising requirements under the Fair Consideration Framework
exempted the company or job from this requirement. Click here for more details about it.Click here to learn more about AGM (Annual General Meeting) & AR (Annual Return).
An overview and the facts about the Work Passes (for the most popular: PEP, EP, S PASS & WORK PERMIT-FW)
An overview and the facts about all types of Work Permits (For the most popular: FW, FDW, CN & PA)
Filing of Financial Statements (FS) with Annual Returns (AR)
(i) Companies required to file financial statements with their Annual Return (AR)
(ii) Companies not required to file their financial statements with their AR (Annual Return)
Appointment of Auditors
Exemption from Audit Requirements
Small Company Exemption
How to apply
Ministry of Manpower
18 Havelock Road
Singapore 059764Small Company Exemption
Exception to exemption from audit requirements
Benefits / Advantages of engaging Corporate Service Provider in Singapore:
Registration till de-registration:
Not Expensive as the fees is justifiable with professionalism:
Focus on viable business:
Peace of mind:
CSP is your Alarm Clock:
All services under one roof:
Avenue for negotiation:
Brief of Business Firms & Entities in Singapore
Click here to view the comparison of Singapore Entities.
Click here to learn more about Comparison of Entities in Singapore.
Brief of Business Firms & Entities in Singapore
Click here to view the comparison of Singapore Entities.
Click here to learn more about Singapore Private Limited Company by Shares.
GST-registered Businesses
Click here to learn more about AGM (Annual General Meeting) & AR (Annual Return).
How to apply
Ministry of Manpower
18 Havelock Road
Singapore 059764How to apply
Ministry of Manpower
18 Havelock Road
Singapore 059764Note:
Note:
Note:
Who is eligible
Family member Pass type Legally married spouse Dependant’s Pass Unmarried children under 21, including those legally adopted Dependant’s Pass Common-law spouse Long Term Visit Pass Unmarried handicapped children above 21 Long Term Visit Pass Unmarried step-children under 21 Long Term Visit Pass Parents
(Only for EP holders earning at least $12,000)Long Term Visit Pass Small Company Exemption
Special UEN (SUN): Entity owners who would like to apply for the SUN service can choose their preferred UENs through two tiers as follow: Tier Criteria / Combination Fee per SUN Tier 1 SUN is defined as number with consecutive same number, or any number combination involving the number ‘8’. (such as 201988888A) S$3,000 Tier 2 SUN is defined as number with repetitive pattern excluding the number ‘8’. (such as ‘222’, ‘777’ Or ‘201922333A’) S$1,000
Ministry of Manpower
18 Havelock Road
Singapore 059764Step 1: Check your eligibility
1 Have been a Singapore Permanent Resident (PR) for at least two years and are aged 21 and above (you can apply together with your spouse and any unmarried children aged below 21 born to you within the context of a legal marriage or legally adopted by you). 2 Have been a PR for at least two years and have been married to a Singapore citizen for at least two years. 3 Are an unmarried child aged below 21 born within the context of a legal marriage to, or have been legally adopted by, an SC. 4 Are a PR studying in Singapore; and have been residing in Singapore for more than 3 years (of which, at least one year as a PR); and have passed at least one national exam (i.e. PSLE, GCE ‘N’/‘O’/‘A’ levels), or are in the Integrated Programme (IP). 5 Are a PR and an Aged Parent of a Singapore Citizen.
When the last limited partner of the Limited Partnership (LP) has withdrawn from the LP, the LP registration will be suspended and the general partner(s) will be deemed to be registered as a sole-proprietorship or partnership under Business Names Registration Act.
The LP registration will be restored once a limited partner is appointed to the LP. Upon restoration, the general partner(s) will cease to be registered under the Business Names Registration Act and the status of the business firm will be updated to “Ceased Registration”.Click here to learn more about Singapore Private Limited Company by Shares.
Click here to learn more about Singapore Private Limited Company by Shares.
Item Type of Account Turnaround Time 3 Days* 2 Days* A Financial Statement Highlights SGD75 SGD90 B Full set of Financial Statements (Standalone) SGD250 SGD290 C Full set of Financial Statements (Consolidated) SGD350 SGD390 *Days refer to business days and exclude weekends and public holidays in Singapore. Please contact us for Terms, Conditions and more information on these and other services with very competitive prices.
Contributions to Self-Help Groups (SHGs) and SHARE Donations (Community Funds):
What are Self-Help Group (SHG) Funds?
The SHGs Funds are as follow:
· CDAC Contribution: For the Chinese Development Assistance Council (CDAC) Fund, employees refer to Singapore Citizens and Permanent Residents, belonging to the Chinese community. · ECF Contribution: For the Eurasian Community Fund (ECF), employees refer to Singapore Citizens and Permanent Residents, belonging to the Eurasian* community. · MBMF Contribution: For the Mosque Building and Mendaki Fund (MBMF), it is applicable to all working Muslims in Singapore – regardless of race and nationality, which includes permanent residents and foreign workers either on an Employment Pass or a Work Permit. · SINDA Contribution: For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent (including Bangladeshis, Bengalis, Parsees, Sikhs, Sinhalese, Telegus, Pakistanis, Sri Lankans, Goanese, Malayalees, Punjabis, Tamils, Gujaratis, Sindhis and all people originating from the Indian sub-continent). · SHARE: What is Social Help and Assistance Raised by Employees (SHARE)?:
Contributions to Self-Help Groups (SHGs) and SHARE Donations (Community Funds):
What are Self-Help Group (SHG) Funds?
The SHGs Funds are as follow:
· CDAC Contribution: For the Chinese Development Assistance Council (CDAC) Fund, employees refer to Singapore Citizens and Permanent Residents, belonging to the Chinese community. · ECF Contribution: For the Eurasian Community Fund (ECF), employees refer to Singapore Citizens and Permanent Residents, belonging to the Eurasian* community. · MBMF Contribution: For the Mosque Building and Mendaki Fund (MBMF), it is applicable to all working Muslims in Singapore – regardless of race and nationality, which includes permanent residents and foreign workers either on an Employment Pass or a Work Permit. · SINDA Contribution: For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent (including Bangladeshis, Bengalis, Parsees, Sikhs, Sinhalese, Telegus, Pakistanis, Sri Lankans, Goanese, Malayalees, Punjabis, Tamils, Gujaratis, Sindhis and all people originating from the Indian sub-continent). · SHARE: What is Social Help and Assistance Raised by Employees (SHARE)?:
Brief of Business Firms & Entities in Singapore
Click here to view the comparison of Singapore Entities.
Brief of Business Firms & Entities in Singapore
Click here to view the comparison of Singapore Entities.
Click here to learn more about Singapore Private Limited Company by Shares.
Click here to learn more about Singapore Private Limited Company by Shares.
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Click here to learn more about the comparison of Business Organisations or Entities in Singapore:
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
An overview and the facts about the most popular Work Passes (PEP, EP, S PASS & WP-FW) and all types of Work Permits (FW, FDW, CN & PA)
· An overview and the facts about the Work Passes (for the most popular: PEP, EP, S PASS & WORK PERMIT-FW)
An overview and the facts about all types of Work Permits (For the most popular: FW, FDW, CN & PA)
Considerable Reasons for Switching your CSP to ACHI BIZ BIZ
Easier Switching to ACHI BIZ BIZ
The processing method is:
Note: * You can change your company Secretary at any time however you may be required to check whether you have committed with an agreement for number of years.
Contributions to Self-Help Groups (SHGs) and SHARE Donations (Community Funds):
What are Self-Help Group (SHG) Funds?
The SHGs Funds are as follow:
· SHARE: What is Social Help and Assistance Raised by Employees (SHARE)?:
If your employee wishes to contribute a different amount or opt-out, the employee has to obtain the relevant form from the applicable Self-Help Group (SHG). Contributions to Self-Help Groups (SHGs) and SHARE Donations (Community Funds):
What are Self-Help Group (SHG) Funds?
The SHGs Funds are as follow:
· CDAC Contribution: For the Chinese Development Assistance Council (CDAC) Fund, employees refer to Singapore Citizens and Permanent Residents, belonging to the Chinese community. · ECF Contribution: For the Eurasian Community Fund (ECF), employees refer to Singapore Citizens and Permanent Residents, belonging to the Eurasian* community. · MBMF Contribution: For the Mosque Building and Mendaki Fund (MBMF), it is applicable to all working Muslims in Singapore – regardless of race and nationality, which includes permanent residents and foreign workers either on an Employment Pass or a Work Permit. · SINDA Contribution: For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent (including Bangladeshis, Bengalis, Parsees, Sikhs, Sinhalese, Telegus, Pakistanis, Sri Lankans, Goanese, Malayalees, Punjabis, Tamils, Gujaratis, Sindhis and all people originating from the Indian sub-continent). · SHARE: What is Social Help and Assistance Raised by Employees (SHARE)?:
Contributions to Self-Help Groups (SHGs) and SHARE Donations (Community Funds):
What are Self-Help Group (SHG) Funds?
The SHGs Funds are as follow:
· CDAC Contribution: For the Chinese Development Assistance Council (CDAC) Fund, employees refer to Singapore Citizens and Permanent Residents, belonging to the Chinese community. · ECF Contribution: For the Eurasian Community Fund (ECF), employees refer to Singapore Citizens and Permanent Residents, belonging to the Eurasian* community. · MBMF Contribution: For the Mosque Building and Mendaki Fund (MBMF), it is applicable to all working Muslims in Singapore – regardless of race and nationality, which includes permanent residents and foreign workers either on an Employment Pass or a Work Permit. · SINDA Contribution: For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent (including Bangladeshis, Bengalis, Parsees, Sikhs, Sinhalese, Telegus, Pakistanis, Sri Lankans, Goanese, Malayalees, Punjabis, Tamils, Gujaratis, Sindhis and all people originating from the Indian sub-continent). · SHARE: What is Social Help and Assistance Raised by Employees (SHARE)?:
Eg: Partnership: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd.
When the last limited partner of the Limited Partnership (LP) has withdrawn from the LP, the LP registration will be suspended and the general partner(s) will be deemed to be registered as a sole-proprietorship or partnership under Business Names Registration Act.
The LP registration will be restored once a limited partner is appointed to the LP. Upon restoration, the general partner(s) will cease to be registered under the Business Names Registration Act and the status of the business firm will be updated to “Ceased Registration”.
When the last limited partner of the Limited Partnership (LP) has withdrawn from the LP, the LP registration will be suspended and the general partner(s) will be deemed to be registered as a sole-proprietorship or partnership under Business Names Registration Act.
The LP registration will be restored once a limited partner is appointed to the LP. Upon restoration, the general partner(s) will cease to be registered under the Business Names Registration Act and the status of the business firm will be updated to “Ceased Registration”.Eg: Partnership: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd. Eg: Partnership: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd. Eg: Sole Proprietorship: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd. Eg: Partnership: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd. Eg: Sole Proprietorship: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd.
When the last limited partner of the Limited Partnership (LP) has withdrawn from the LP, the LP registration will be suspended and the general partner(s) will be deemed to be registered as a sole-proprietorship or partnership under Business Names Registration Act.
The LP registration will be restored once a limited partner is appointed to the LP. Upon restoration, the general partner(s) will cease to be registered under the Business Names Registration Act and the status of the business firm will be updated to “Ceased Registration”.Eg: Partnership: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd. Eg: Sole Proprietorship: ACHI BIZ SERVICES After Conversion: ACHI BIZ SERVICES Pte. Ltd. 1) Tax Exemption Scheme for New Start-Up Companies:
Under the scheme, qualifying new companies are given the following tax exemption for the first three consecutive YAs (Year of Assessment) where the YA falls in Year of Assessment (YA) Exemption on normal chargeable income YA 2020 onwards 75% exemption on the first $100,000 YA 2010 to 2019 Full exemption on the first $100,000 A further 50% exemption on the next $200,000 2) Partial Tax Exemption for all companies:
All companies including companies limited by guarantee can enjoy the following tax exemption: Year of Assessment (YA) Exemption on normal chargeable income YA 2020 onwards 75% exemption on the first $10,000 A further 50% exemption on the next $190,000 YA 2010 to 2019 75% tax exemption on the first $10,000 A further 50% exemption on the next $290,000 20% corporate income tax rebate, capped at $10,000 for YA 2019; 40% corporate income tax rebate, capped at $15,000 for YA 2018; 50% corporate income tax rebate, capped at $25,000 for YA 2017; 50% corporate income tax rebate, capped at $20,000 for YA 2016; and 30% corporate income tax rebate, capped at $30,000 per YA for YA 2013 to YA 2015. Note: Corporate income tax rebate is computed on the tax payable after deducting tax set-offs (e.g. foreign tax credit). Incorporation of a Singapore Private Limited Company
Contributions to Self-Help Groups (SHGs) and SHARE Donations (Community Funds):
What are Self-Help Group (SHG) Funds?
The SHGs Funds are as follow:
· CDAC Contribution: For the Chinese Development Assistance Council (CDAC) Fund, employees refer to Singapore Citizens and Permanent Residents, belonging to the Chinese community. · ECF Contribution: For the Eurasian Community Fund (ECF), employees refer to Singapore Citizens and Permanent Residents, belonging to the Eurasian* community. · MBMF Contribution: For the Mosque Building and Mendaki Fund (MBMF), it is applicable to all working Muslims in Singapore – regardless of race and nationality, which includes permanent residents and foreign workers either on an Employment Pass or a Work Permit. · SINDA Contribution: For the Singapore Indian Development Association (SINDA) Fund, employees refer to all working Indians in Singapore who are Singapore Citizens, Permanent Residents and Employment Pass holders and are of Indian descent (including Bangladeshis, Bengalis, Parsees, Sikhs, Sinhalese, Telegus, Pakistanis, Sri Lankans, Goanese, Malayalees, Punjabis, Tamils, Gujaratis, Sindhis and all people originating from the Indian sub-continent). · SHARE: What is Social Help and Assistance Raised by Employees (SHARE)?:
Key differences between Employment Pass (EP) and S Pass holders in Singapore
Features Employment Pass (EP) S Pass Who it is for? EP is for foreign professional who meet the eligibility criteria S Pass is for Mid-Skilled Technical Staff with eligibility criteria Monthly Fixed Salary At least $3,600 At least $2,300 Duration of Work Pass First Time is up to 2 years and subsequent renewal is up to 3 years for EP holders S Pass is issued only up to 2 years Working Eligibility for Dependant Pass DP holders of EP may be able to work with Letter Of Consent (LOC) DP holders of S Pass are not allowed for LOC instead they should apply for Work Permit, S Pass or EP. Medical Insurance Employers can choose whether to provide medical insurance to EP holders Employers must provide medical insurance to S Pass holders Foreigner Quota EP is not subject to Quota S Pass is subject to Quota Foreign Worker Levy (FWL) EP is not subject to Levy S Pass is subject to Levy Click here to learn more about the comparison of all Work Passes in Singapore.
Key differences between Employment Pass (EP) and Work Permit holders in Singapore
Features Employment Pass (EP) Holders Work Permit (WP) Holders Who it is for? EP is for foreign professional who meet the eligibility criteria Foreign Workers from approved source countries in 5 sectors: Applicable Sectors EP holders can work in any sectors WP holders can work only in relevant sector in which they have attained their Skills Evaluation Certificates. Basic Qualifications Professional Qualifications At least must have appropriate Skills Evaluation Certificates which vary according to 5 different sectors Monthly Fixed Salary At least $3,600 No minimum salary required for WP holders Duration of Work Pass First Time is up to 2 years and subsequent renewal is up to 3 years for EP holders WP is issued up to 2 years subject to Passport validity, Security Bond and Employment period Passes For Family Passes for family are available for eligible EP holders Pass for family is not applicable for WP holders Eligibility For Dependant Pass (DP) Fixed monthly salary of at least $6,000 is eligible for a DP holder DP is not applicable for WP holders Working Eligibility for Dependant Pass (DP) with LOC DP holders of EP may be able to work with Letter Of Consent (LOC) Not applicable to WP holders Medical Insurance Employers can choose whether to provide medical insurance to EP holders Employers must provide medical insurance to WP holders Foreigner Quota EP is not subject to Quota WP is subject to Quota Foreign Worker Levy (FWL) EP is not subject to Levy WP is subject to Levy Click here to view the comparison of Singapore Entities & Firms (In PDF). Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF) No Type of Entity / Firm Disadvantages / Cons 1 Pte Ltd (By Shares) · Higher registration cost and also costly to maintain 2 Limited Liability Partnership (LLP) · Profits are taxed are based on the owner’s income level – this means that as the owner’s income level increases, taxes increase as well due to Singapore’s progressive tax system 3 Limited Partnership (LP) · Risks to the general partners: In a limited partnership, the general partners must carry the burden of all the business’s debts and obligations. If the company is sued or enters into bankruptcy, all debts and liabilities are the responsibility of the general partners. 4 Partnership (General) · Partners face unlimited liability for all the debts of the partnership. This means that the personal assets of each partner are at risk. 5 Sole Proprietorship · A sole-trader has unlimited liability. This means that if the business should collapse, the sole-trader could loose not only the cash and other assets invested in the business but all his/her personal assets as well excluding HDB flat, to meet the debts of the business. Disadvantages / Cons of a Limited Liability Partnership (LLP) in Singapore:
Disadvantages / Cons of Limited Partnership (LP) in Singapore.
Disadvantages / Cons of Pte Ltd (Private Limited Company):
Click here to learn more about Singapore Private Limited Company by Shares.
Disadvantages / Cons of Sole Proprietorship:
Qualifications from Additional documents needed India · Transcripts China Verification proof for diploma and above qualifications. Click here to learn more about AGM (Annual General Meeting) & AR (Annual Return).
Who is eligible
Has funding from a Government-recognised VC or business angel?
Is an incubate at a Government-recognised incubator or accelerator?
Has business network and entrepreneurial track record
Holds an intellectual property
Has a research collaboration with an IHL or research institute in Singapore
Has extraordinary achievements in key areas of expertise
Has investment track record
Click here to learn more detailed information about EntrePass.
Who is eligible
Who is not eligible
Apply for levy waiver for a Foreign Domestic Worker (FDW)
When you can get a levy waiver
Capped at 60 calendar days per calendar year.
Capped at 60 calendar daysper calendar year.Click here to learn more about this query.
Click here to learn more about Singapore Private Limited Company by Shares.
Click here to learn more about Singapore Companies.
(i) Companies required to file financial statements (FS) with their Annual Return (AR)
(ii) Companies not required to file their financial statements (FS) with their Annual Return (AR)
Filing of Financial Statements (FS) with Annual Returns (AR)
(i) Companies required to file financial statements with their Annual Return (AR)
(ii) Companies not required to file their financial statements with their AR (Annual Return)
When you can get a levy waiver
Capped at 60 calendar days per calendar year.
Capped at 60 calendar daysper calendar year.Brief of Business Firms & Entities in Singapore
Click here to view the comparison of Singapore Entities.
Click here to learn more about Comparison of Entities in Singapore.
Has funding from a Government-recognised VC or business angel?
Is an incubate at a Government-recognised incubator or accelerator?
Has business network and entrepreneurial track record
Holds an intellectual property
Has a research collaboration with an IHL or research institute in Singapore
Has extraordinary achievements in key areas of expertise
Has investment track record
Click here to learn more detailed information about EntrePass.
Yearly Maximum SRS Contribution by Singapore Citizens / SPRs:
Year Absolute Income Base* Yearly Maximum SRS Contribution 2011 to 2015 $85,000 15% of Absolute Income Base 2016 onwards $102,000 15% of Absolute Income Base Yearly Maximum SRS Contribution by Foreigners:
Year Absolute Income Base* Yearly Maximum SRS Contribution 2011 to 2015 $85,000 35% of Absolute Income Base 2016 onwards $102,000 35% of Absolute Income Base Levy rate
Type of levy Monthly rate Daily rate Normal $265 $8.72 Concessionary $60 $1.98 Levy rate changes from April 2019
Type of levy Monthly rate Daily rate Normal (1st FDW) $300 $9.87 Normal (2nd FDW) $450 $14.80 Concessionary $60 $1.98 Levy concession for a Foreign Domestic Worker (FDW) in Singapore
Levy rate for S Pass holder in Singapore.
For the services sector, the levy rate is as follows:
Tier Quota % Monthly levy rate Daily levy rate Basic/Tier 1 Up to 10% of the total workforce $330 $10.85 Tier 2 Above 10% to 15% of the total workforce $650 $21.37 For all sectors (excluding services), the levy rate is as follows:
Tier Quota % Monthly levy rate Daily levy rate Basic/Tier 1 Up to 10% of the total workforce $330 $10.85 Tier 2 Above 10% to 20% of the total workforce $650 $21.37 Click here to learn more about this query.
Click here to learn more about this query.
Considerable Reasons for Switching your CSP to ACHI BIZ BIZ
Easier Switching to ACHI BIZ BIZ
The processing method is:
Note: * You can change your company Secretary at any time however you may be required to check whether you have committed with an agreement for number of years.
Type of Company Private Company Public Company Private Company Limited by Shares Exempt Private Company (EPC) Public Company Limited by Shares Public Company Limited by Guarantee · Has a maximum of 50 shareholders. · Has a maximum of 20 shareholders. · May have more than 50 shareholders. · Is usually formed to carry out non-profit making activities such as promoting arts, etc. Click here to view the comparison of Singapore Entities & Firms (In PDF).
Click here to view the Advantages & Disadvantages / Pros & Cons of all types of Entities & Firms in Singapore. (In PDF)
Box 1: Total Value of Standard-Rated Supplies Box 2: Total Value of Zero-rated Supplies Box 3: Total Value of Exempt Supplies Box 4: Total Value of Boxes (1) + (2) + (3) Box 5: Total Value of Taxable Purchases Box 6: Output Tax Due Box 7: Input Tax and Refunds Claimed Box 8: Net GST to be Paid to or Claimed from IRAS Box 9: Total Value of Goods Imported under the MES/ A3PL/ Other Approved Schemes Box 10: Did You Claim GST You Refunded to Tourists? Box 11: Did You Make Any Bad Debt Relief Claims? Box 12: Did You Make Any Pre-registration Claims? Box 13: Revenue These are the common avenue for obtaining your employment in Singapore.
