Singapore is a global hub for business, attracting talent and entrepreneurs from around the world. As an Employment Pass (EP) holder, starting a business here is possible, but it requires navigating specific pathways and legal requirements. This guide outlines the essential steps for EP holders to establish their own businesses in Singapore.
Indeed, Employment Pass holders can start businesses in Singapore, but the process involves specific pathways.
Example: If you’re launching a tech start-up while keeping your current job, appointing a nominee director helps you retain control without being involved in daily tasks.
EP holders can incorporate a company through various methods, each tailored to your level of involvement.
Example: By incorporating a fintech firm and applying for an EP, you can oversee the business while being officially employed by your company.
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Incorporating a business as an EP holder requires following specific steps to ensure compliance.
Example: For a consultancy, choosing a Pte Ltd structure and opening a corporate bank account ensures compliance and effective financial management.
Legal obligations are ongoing and must be met to maintain your business’s standing.
Example: A tech start-up should ensure timely filing of annual returns and maintain detailed financial records to avoid penalties and stay compliant with regulatory requirements.
Government support can significantly aid your business’s growth in Singapore.
Example: Tech companies can benefit from grants that support innovation, reducing R&D costs and accelerating growth.
Starting a business in Singapore as an EP holder is achievable by following the correct pathways and meeting legal requirements. By leveraging government support and choosing the right structure, you can establish a successful business in Singapore’s dynamic market.
Don’t let regulatory complexities impede your business growth. Counto’s elite corporate secretarial services are your strategic advantage for flawless compliance and governance in Singapore’s competitive business landscape. To learn more, speak to us directly on our chatbot, email [email protected], or use our contact form to get started.
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