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Can foreigners start a business in Singapore?
Singapore is very welcoming to foreigners who want to incorporate. Foreigners can become directors and shareholders here without any restrictions. The only requirement is that each local company must have at least one resident director — a Singapore national or a Permanent Resident. To comply with this law, y9ou can hire a Nominee director.
Do I need a resident director (Nominee Director)?
Your company can have as many directors as you want, but at least one needs to be local. If you do not have someone who can play the role, hire a nominee director. For example, there can be two directors: you and the nominee. If you apply for Employment Pass from your new company, you only need the nominee service while you wait for it (about 6 months). After that, you can be the only director.
What are the responsibilities of a Nominee Director?
A nominee is a Singapore resident who holds the director’s position in your company but doesn’t get involved with your business. His responsibilities are to abide by the law and to always act in the best interest of your company.
Do I need a company address?
Yes, all Singaporean companies must have a local registered address. It goes on all legal documents. If you don’t have an office address, use our service. We handle your incoming letters, scan and store them in your Osome account so you have easy access to all your documents.
Can a business owner relocate to Singapore?
Yes, it’s possible. To do that, you’ll need to receive an Employment Pass. It’s a permit that allows to live and work in Singapore. Employment Passes are sponsored by Singapore companies. To get one you need a salary of about S$6,000, especially if you plan to bring your family, too.
How Osome opens a local company in Singapore for foreigners?
We check that the company name you’ve chosen is available. You send us your IC or passport copy, details on directors and shareholders. We prepare all the necessary documents, send them to you for electronic signature, and submit them to ACRA (a government entity that registers companies). On your end, it’s just a message thread in a secure chat. Once a UEN has been issued, your company is operational.
What’s your timeline?
We can set up a company as fast as within 1 hour. The most important factor is to collect all the docs: once you’ve handed them over to us, we can act fast. Keep in mind that the authorities only process registrations during working hours.