Frequently Asked Questions
1. What is the role of a registered director in company registration documents?
According to the provisions of the Singapore Companies Act, during the incorporation process of a Singapore based company, it is required to appoint at least one Singaporean citizen or permanent resident as a director. The responsibilities of a nominee director include:
- Supervising and ensuring the compliance of the Singapore based company with the Singapore Companies Act, accounting standards, etc.
- Assisting in the incorporation of the company and opening of a bank account with a local Singapore bank, providing relevant personal documents, and signing necessary paperwork.
- Assisting in the registration of the company’s account with CorpPass when necessary.
- Assisting the corporate secretary in signing matters related to corporate changes, including but not limited to: changes in directors, shareholders, addresses, capital increases, company closures, etc.
- Assisting in signing matters related to annual audits, including but not limited to: estimated tax filings, submission of annual general meetings and financial reports, tax filings, etc.
2. Can you explain the differences between the positions you recommend and which one would you suggest more? What’s an appropriate monthly salary range, and is higher always better?
We recommend positions based on your past experiences and the job market in Singapore. If you don’t have a specific preference, we would suggest the role of Managing Director.
Additionally, higher salary doesn’t always equate to better; logically, a higher salary demands greater financial resources from a new company, and later on, the Ministry of Manpower might question why such high compensation wasn’t directed toward hiring local employees.
The salary we propose is a culmination of considering the company’s financial situation, your prior experience, and the current market trends for that position in Singapore.
3. When registering a company, if I use my ID card as proof of address, do I need to actually live at that address?
We require you to provide a genuine residential address. When you proceed to open a Wise electronic bank account subsequently, you’ll also need to upload proof of address for the last 3 months.
If your residence matches the address on your ID card, you can use the ID for registration. If not, you can prepare a document as proof of address from the last three months, such as utility bills (water, electricity), credit card statements, phone bills, etc.
4. When registering a company, how much capital is recommended to be injected?
The minimum registered capital in Singapore is 1 SGD, and there are no specific requirements for the registered capital.
However, we recommend a registered capital of 100,000 SGD, with each share having a value of 1 SGD.
The logic behind this suggestion is that the lower the registered capital, the smaller the liability the company faces in times of risk.
This higher capitalization at 100,000 SGD minimizes the perceived risk for banks and relevant institutions when assessing the company.
1. Is it necessary to engage a professional service firm to obtain exemptions for the Family Office Licensing and tax exemptions under Sections 13O and 13U?
Yes, as Sections 13O and 13U can be quite complex, requiring the collection of extensive information for submission.
Subsequent procedures involve liaising with several professional institutions such as ACRA, MOM, MAS, and law firms. Typically, individuals or non-professional companies may find it challenging to independently navigate this process, leading to potential application hurdles.
Also, the initial submission requires responding to 17 questions posed by MAS (Annex A) and lacking sufficient product experience may result in longer completion time. Moreover, utilizing a professional service firm for drafting the Family Office business plan and operational documentation can enhance efficiency, provide guidance on timelines, and subsequently improve the success rate of the application.
(Furthermore, private banks conduct due diligence for the obligation of fund custody, necessitating coordination with service firms. ）
2. Is it still necessary to involve third-party tax consultants or lawyers for the Family Office Licensing exemption and tax exemptions under Sections 13O and 13U?
Yes, it requires an experienced tax consultant to organize the process. Additionally, a reputable law firm needs to provide a legal opinion to fulfill the exemption requirements for the fund management company licensing application.
3. We are planning to set up a fund company, do we need to wait for the entire structure of the fund company to be established before applying for licensing exemptions and tax exemptions under 13O and 13U? Family Office
Yes, it’s necessary to establish the required standard structure for the family office first. Typically, our team will have meetings with you to finalize the initial structural setup. Once the fund company is established, we’ll assist you in concurrently applying for tax exemptions and EP (Employment Pass).
4. Is licensing exemption a prerequisite for tax exemptions under Sections 13O and 13U for the family office?
The completion of legal documents for the fund management licensing exemption is a prerequisite for tax exemptions under Sections 13O and 13U (Annex B).
5. What is Pre-Approval? If there is a Pre-Approval, will there also be a Final Approval?
Pre-Approval refers to the initial communication between the family office and MAS (Monetary Authority of Singapore) being completed, receiving a letter of response from MAS.
This is a necessary step in the entire application process, as private banks require this document to proceed with the next steps for account opening.
However, Final Approval refers to the final approval result given by MAS after the final submission. Following this approval, the family office can formally enjoy tax exemptions.
1. Who is it suitable for?
Top talents in the fields of business, arts and culture, sports, science and technology, as well as academia and research.
2. What is the minimum salary requirement?
A fixed monthly salary of at least SGD 30,000 or its equivalent in foreign currency in the past year.
3. How long is the ONE Pass valid?
Initially approved for 5 years, and it can be renewed for another 5 years upon expiration, provided relevant requirements are met.
4. Can family members accompany the pass holder?
Yes, spouses and children can accompany, and the spouse holding ONE Pass can work in Singapore.
5. Is there a levy or quota for foreign workers?
There is no levy or quota for foreign workers. However, ONE Pass holders may be required to pay personal income tax.
1. Do you need to land in Singapore after obtaining the EP (Employment Pass)?
Yes, after obtaining the EP approval, you’ll need to travel to Singapore to complete the EP process. The EP card serves as your permit to work and reside in Singapore. If you don’t collect the EP card within a specified period, your EP might become invalid.
2. Am I restricted from leaving Singapore after receiving my EP card?
No, having an Employment Pass (EP) doesn’t restrict you from leaving Singapore. You can travel in and out of the country while holding a valid EP. However, do ensure that your re-entry permit and EP remain valid during your travel periods to avoid any issues re-entering Singapore.
3. Does a company established under the Singapore EntrePass scheme have to be operated by the applicant themselves?
Yes, we recommend that you personally operate the company established in Singapore under the EntrePass scheme. This demonstrates your commitment and management capability to the company, while also fulfilling the immigration department’s requirement for the actual operation of the company.
4. Are there any industry restrictions for companies established in Singapore under the EntrePass scheme for self-employed immigrants?
There are no specific industry restrictions when establishing a company in Singapore and applying for the EntrePass for self-employment. Unlike the Entrepreneur Pass scheme, there are no explicit prohibitions on certain industries under the self-employed immigration program. You’re free to operate in any legal industry based on your interests and expertise. However, despite the absence of industry restrictions, you must still comply with Singapore’s laws, regulations, and industry standards. Before choosing an industry and conducting business, it’s advisable to conduct thorough market research and due diligence to ensure your business aligns with local laws and requirements.
5. Is the EntrePass for self-employment guaranteed to be approved? What should one do if the application is rejected?
Obtaining the EntrePass for self-employment is not guaranteed. The success of the application depends on various factors, including the applicant’s personal background and experience, the company’s background and strength, and the current immigration policies and employment market conditions. Currently, at Adepture, the success rate for the self-employment immigration program is 100%.
6. What is the duration of the visa validity?
The initial validity period for an Employment Pass (EP) is up to 2 years, with a maximum renewal period of 3 years. Highly experienced and skill-shortage professionals might be eligible for a longer 5-year pass.
Dependent Passes (DP) are valid for up to 2 years, linked to the validity of the primary work pass. Long-Term Visit Passes (LTVP) are valid for up to 2 years and are also linked to the validity of the primary work pass.
7. How long does it typically take for the visa to be approved?
The approval of the visa typically constitutes the lengthiest part of the entire application process. Usually, it takes about 2 months to process an EP application, and the overall operational procedure for the self-employment immigration program in the market takes at least 2-3 months. However, Golden Gate has been effective in expediting this process for the self-employment immigration program. The specific duration with their assistance is as follows:
- Company registration typically only takes 1-3 days to complete.
- It usually takes about 1 week to set up the online application system for the company’s EP (Employment Pass).
- Opening a corporate electronic bank account typically takes 1-2 weeks.
- The overall project duration usually takes about 4-6 weeks.
However, actual approval times can vary on a case-by-case basis. There might be differences in processing times. After submitting your application, you’ll need to patiently await the immigration department’s decision. Adepture will make every effort to expedite your self-employment immigration project to ensure a smooth approval process.