Knowledge base (FAQ)

Year after year, Singapore tops international business rankings in the following categories: ease of doing business, best investment potential, competitive economy, lack of corruption, high-tech development, etc..

The main reasons to open a company in Singapore:

• Simple rules for doing business
• Economic and political stability
• International business protection
• Remote business management opportunities
• Opportunity to enter Asian and international markets
• Low corporate and personal taxes
• State support of business and availability of investments
• Developed infrastructure
• Relocation opportunities

Any natural person (at least 18 years of age and of full legal capacity) as well as a legal entity that is not bankrupt and has not been convicted in Singapore or outside Singapore of any offence of fraud or dishonesty can register a company in Singapore.

To register a company in Singapore you need to:

• Choose a company name (it must not be occupied)
• Choose company business activity ( no less than 1, no more than 2)
• Local Director (resident in Singapore)
• Corporate Secretary (resident in Singapore)
• Company registration address in Singapore

• Fill out the customer form
• After receiving the questionnaire and data verification, we will send you a service contract and an Invoice for payment
• Upon receipt of your payment we will send you a set of registration documents to sign.
• After we have received your signed documents we will register your company.
• Your company is incorporated!

Yes. The company registration procedure in Singapore is fully automated by the Singapore registrar and does not require the personal presence of the directors and shareholders.

Under normal circumstances, if no additional licenses and permits are required, the company can be registered within 2-3 days.

After signing all necessary documents it takes 1 day to register a company in Singapore.

The ideal choice for foreigners wishing to open a company in Singapore is the form of Private Limited Company, specifically Exempt Private Limited Company. This form is the most common legal form in Singapore and is suitable for most types of activities.

• Allows a foreigner to be 100% shareholder and owner of his company,
• Founders' liability is limited to the amount of share capital
• Exempt from filing audited financial statements Gives you the opportunity to design working visas/work permits for shareholders, directors, and expatriate employees, as well as the processing of long-term visas for members of their families.
• Allows you to minimize the cost of doing business while enjoying numerous tax benefits.

• Can be registered remotely without a personal visit to Singapore

1. Completed Company registration form>
2. Color copies of the main page of the international passports of all directors and shareholders of the future Company (Passports are valid for 6 months or more).
3. Proof of address of all directors and shareholders in English (proof of address can be any official document with your name and address, for example: bank account statement, utility bill, also for holders of internal Russian passports - extract from internal passport of registration, translated into English and notarized).
4. Resumes of all directors and shareholders of the future Company with their phone numbers and e-mail addresses.
5. Photo selfies of all directors and shareholders of the Company with an open international passport in hand (so that the face and photo are visible at the same time)

Yes, a foreigner can be 100% owner of the company.

That is, these are the codes of business activity of the company, which provide information to the state, banks and all interested counterparties about what the company does. In Russia, the analogue of SSIC codes is OKVED.

How many business activities a company can have

You can have at least one and no more than two business activities within one company. If your company does not fall under the licensing requirements, you may take several different business activities. The only thing - it is important that the business activities are logically connected to each other.

An example of a logical combination (within the same company): market research and consulting

An example of illogical combination (within the same company): training center for children and trade in seafood.

What affects the choice of SSIC codes:
Some SSIC codes require licensing, meaning if you don't want a specialized license, it's better to choose codes that don't require licensing.

Some SSIC codes are like a red flag for banks (for example, all where the words cryptocurrency or payment systems), that is, if possible to choose more neutral codes.

It affects what kind of transactions and contacts may pass through the company (for the banks and for the purposes of annual reporting on the company) - for example, if the company has a school activity, but the contracts are for the supply of tires, then you can not do so.

Recommendations for choosing SSIC codes:
The choice of SSIC codes is your individual choice and should objectively reflect the company's activities.

General recommendations:

• Choose codes that do not require licensing (unless you plan to get a license)
• Choose broader codes of business activities in case the company may be expanding operations. For example, not trade in bearings, but wholesale, etc. Otherwise, if you expand operations, you will have to change the company's business activity codes. You must notify the Principal Registrar (ACRA) and your bank. The disadvantages of changing the asset codes are the additional costs and there is also the risk of closing the bank account.

Where can I look up SSIC codes:
You can use the classifier from the Principal Registrar of Singapore (ACRA) to find and select business activity codes. Here you will find the most current SSIC codes issued by the Singapore Department of Statistics.

Find SSIC codes>

Important:

• Search is performed in English
• The search is performed by keywords
  
  

Market research is a type of market research that examines all aspects of the business environment: volume, supply and demand, level of competition, market structure, economic trends, government regulation of the industry and other data, based on which you develop the best strategy to bring the product to market. It is a very important step in developing a business strategy.

The main purpose of the analysis - the study of a particular market for the conclusion of the product or service and make quality management decisions, reducing business risks, as well as saving time and financial resources.

As a rule, market research is requested in the following cases: when purchasing an existing business, intending to invest in a business or open a new business. In all of the above cases, it is necessary to have an idea of possible prospects and risks, as well as the current state of affairs in the chosen market segment.

If you are planning to introduce a product or service to the Singapore market, first of all you will get an answer to the main question - do you need to do it? If the analysis shows that there is no demand for your product in the market, then you will simply save money and resources that will be spent on efforts to conquer the market, which does not need the product.

If the report data shows the opposite - the market needs your product, you will have information on how to market the product, how competitors and customers behave, what tools are used to sell similar products and other data that will save you both time and financial resources.

We provide comprehensive analytics and marketing analysis services in the following countries: Singapore, Indonesia, Vietnam, Malaysia, Philippines, Hong Kong, Myanmar, Cambodia, Thailand and other countries of Southeast Asia and Oceania.

The timing of the research varies from one week to two months. The terms depend on the depth of analysis, the amount of information required, market specifics, as well as individual client's requirements. Terms of order execution are agreed before signing the contract and are reflected in the contract accordingly.

The cost of market research per country/industry ranges from $700 to $4,000 depending on the depth and detail of the analysis.

Market research assesses the state of the market:

• growth zone, the degree of segmentation, the presence of serious players in the market;
• Analysis of market information (the cost of services from major competitors and the average market);
• SWOT analysis;
• analysis of the competitive environment, market share, product range, potential clients;
• assessment of payments for entering the market (the need to obtain licenses and permits, purchase of equipment and lease of premises);
• examination of the competitive advantages of the business and / or the main product;
• determination of the possibility of fast re-profiling of the company/business;
• market trends.

The result of the work is a written report containing basic statistical data, potential risks and opportunities of the analyzed market segment or acquired business, as well as the probability of their occurrence and ways to minimize them.

According to the Central Bank of Singapore (Monetary Authority of Singapore), there are now four local banks and more than 140 foreign banks in Singapore's banking industry. Of these, at least 34 are full-service banks offering various solutions for individuals and businesses. In addition, there are about 100 investment banks in Singapore, which are engaged in capital management of legal entities.


Singapore's largest banks

According to Forbes' 2021 ranking, Singapore's largest banks by total assets are:

• DBS BANK
  
• OCBC
  
• UOB
  

In addition to local banks, many international banks operate in the Singapore market. Among the largest international banks are:

• HSBC
  
• CITIBANK
  
• STANDARD CHARTERED
  
• MayBank

Banks from around the world are also represented in Singapore, including BANK OF CHINA, State Bank of India, the largest Japanese banks MUFG BANK and SUMITOMO MITSUI BANKING CORPORATION.

In contrast to the individual entrepreneur (Sole Proprietorship), the Company is a separate legal entity separate from its owner(s). The company must have its own current account in a bank or payment system in order to conduct its activities and to settle accounts for the company (accept payments and pay bills).

Each bank has its own list of requirements, including a list of required documents, mandatory deposit requirements when opening an account and other nuances.

At the same time, the following basic requirements for opening a current account for business can be highlighted:

• Providing a complete set of documents (varies from bank to bank)
• Initial deposit (varies from $1,000 to $100,000 depending on the bank)
• Maintenance of minimum account balance (varies from $5,000 to $100,000)
• Presence of directors and authorized signatories at account opening

Foreigners can open a corporate bank account in Singapore for both companies registered in Singapore and foreign companies.

Keep in mind that foreign companies, as well as companies with foreign ownership, carry much higher risks for banks than local businesses, which can lead to huge fines and even revocation of the bank's license. Therefore, banks have higher requirements for companies with foreign directors or shareholders. Each bank has its own list of requirements for foreigners, as well as a list of countries for which it is possible to open an account.

The default requirement for all banks in Singapore is that all directors and shareholders must be present in person at the interview at the opening of the account.

If the company has many directors and shareholders, the minimum requirement is the presence of at least two directors of the company (of which at least one must be a local director, i.e. a Singapore citizen or a permanent resident), and at least one shareholder of the company.

The default requirement for all banks in Singapore is that all directors and shareholders must be present in person at the interview when opening an account. At the personal interview, bank representatives communicate with potential clients, learn about the nature of the business, its development plans and on this basis make a decision to open or refuse to open an account.

At the moment, remote opening of a bank account is possible only in a few banks and only for residents of Singapore (citizens and permanent residents).

Opening a corporate bank account under standard conditions with a personal visit to the bank can take from 2 weeks to 2 months depending on the bank chosen. But it is important to keep in mind that when using the remote opening option, the time frame can be considerably longer.

It will also take another 2-3 weeks to issue and send bank tokens, a checkbook, a debit card and its password.

Banks never disclose the reasons for refusal to open an account. But our years of experience will allow us to make our top 10 reasons why foreigners are refused to open a bank account in Singapore:

1. Wrong choice of bank (Singapore banks have their own "loyalty" ratings. By which I mean the list of countries and industries with which this bank works).
2. You have not convinced the bank of the reality of your business. The bank is not interested in start-up companies with vague plans, incomprehensible business model and tiny (by banks' standards) turnovers.
   
3. You have not convinced the bank of the need for a bank account in Singapore. A classic situation - the client said my counterparties in Russia, Kazakhstan and China, followed by a logical question - why do you need an account in Singapore and you need to be prepared for this issue in advance.
   
4. Mistakes in the application, indicating unreliable or insufficient data, lack of site,
   
5. Ignorance of bank compliance requirements. Every bank has a list of unfavorable countries, nationalities and types of activities that are considered high risk. This can lead to information that banks would consider to be high risk and this in turn can be a reason to refuse to open an account.
   
6. Failure to provide a complete list of documents that can verify the seriousness of you and your company. (Write in the comments if you need a checklist and we will send it to you)
   
7. Improper interview behavior, including disclosing information in the interview that will alert bank representatives rather than convince them of your trustworthiness.
   
8. Directors or shareholders of companies appearing on international blacklists (down to a mere name match)
   
9. The bank has suspicions of suspicious transactions, including money laundering, in which the CIS countries are suspected by default.
   
10. A serial nominee director. If your nominee director has more than 12, maximum 15 companies, your chances of opening an account tend to zero.

There is no panacea that will give you a 100% guarantee of opening an account in Singapore. But here is a list of tips which factors can significantly improve your chances of opening a bank account in Singapore:

• Availability of operating similar business in other countries,
• Proven experience of directors and shareholders in the company's business,
• A strong resume in business English of the company's directors and shareholders,
• Strong website presence,
• Existence of contracts/agreements of intent with prospective clients and partners,
• Availability of invoices and proof of payment (for existing businesses in other countries)
• A nominee director with a minimum number of companies (the less the better)
• Giving the vetted nominee director at least limited access rights to the bank account
• Having business clients/partners in Singapore
• Work or long-term visa to Singapore
• Availability of office and employees in Singapore

There is no barrier for us to open an account with any bank in Singapore, as long as:

• Your preferred bank opens the type of accounts you need (if the bank does not have the necessary license and does not provide certain services in Singapore, it will not be possible to open an account)
• You/your company meet the requirements of the bank

If you are a startup and do not qualify for a bank or for some other reason you cannot open a bank account in Singapore, in fact you have 3 main alternatives:

• registration of a fully nominee company, with a nominee director and shareholder resident in Singapore
• Account opening in another country
• account opening in the payment system

The advantage of the first option is the speed with which you can open a bank account for the company and no need to personally fly to Singapore, but the cost of maintaining a fully nominal company is much higher.

Opening an account in another country or payment system gives you the ability to make settlements on behalf of the organization, but does not solve your problems if you need settlements within Singapore. If you don't really care about settling inside Singapore, you can use one of these options, build up connections and contracts with which you can later come to a Singapore bank. In this case, opening a bank account will be much easier for you.

In cases where:

• You are planning a large turnover (over 1 million dollars),
• You will have large transactions (over $10,000)
• You plan to obtain a work visa to Singapore
• You plan to rent an office/open retail outlets and be active in Singapore,

In any of the above cases, we recommend that you open a bank account for your company, as the reliability and functionality of bank accounts is currently much higher than that of payment systems. It's more convenient for you and your clients, and the fees are lower on average than those of payment systems.

In case of difficulties with opening an account in a traditional bank (impossibility of flying to Singapore to open a bank account in person, refusal of the bank to open an account, etc.), we recommend you to consider a payment system as a temporary alternative to a bank account.

As a rule, Internet-acquiring can be connected to a company's existing bank account. The ability to connect, as well as the fees and conditions for this service differ from bank to bank. With Internet acquiring, customers can pay you with credit cards and the money comes directly to the bank account. An alternative to bank acquiring can be an account in PayPal, Stripe and other popular international payment systems which will allow you to receive payments by credit or debit card, in this case money comes to an account in these payment systems and you can withdraw it to your desired bank account.

Registered (registered) address is the official address of the Company in Singapore, where all letters and notices regarding the Company shall be sent. The register and records of the Company shall be kept at this address.

Under the Companies Act, having a registered address in Singapore is a prerequisite for registering and operating a company in the country.

The Company's registered (registered office) address must be in Singapore, be operational and accessible to the public during normal business hours. The registration address need not be the same as the actual address of the Company (for example, the factory is in Jurong and the company is registered in Clarke Quay).

A registration address service can range from simply providing an address for company registration to an expanded list of services that can include receiving, accounting and notification of incoming correspondence, creating a secure online filing cabinet, scanning and other required services.

Depending on your needs, we can offer you a full range of services including premium registration address for your company, receiving, accounting and notification of incoming correspondence, creation of a secure online filing cabinet, scanning and other necessary services.

We can also offer you additional administrative support services for your company in Singapore, including assistance in arranging courier and mail delivery both inside and outside of Singapore, express delivery, parcel storage and other services.

If you live in Singapore and plan to run a small business from your home, you can use your home address as your office address under the Home Office Program. For HDB apartments, this program is regulated by the Housing Development Board (HDB) and Urban Redevelopment Authority (URA) for private residential properties. This option is available to owners, renters and legal residents.

Depending on the type of residential property you own, you must contact the URA or HDB for authorization under the Home Office Scheme before applying to incorporate using your home address.

Corporate Secretary in Singapore is one of the key positions in the structure of Singapore companies. He oversees compliance with all regulatory requirements prescribed by the corporate law of the Republic of Singapore and ensures the efficient internal management of the company, including the payment of dividends and the enforcement of board resolutions.

Under the Companies Act, section 171(1), every Singapore company is required to appoint a local company secretary within 6 months of incorporation. The company secretary must be a natural person and a resident of Singapore.

Under the Companies Act, Section 171(1), the company secretary must be:

• A natural person;
• A resident of Singapore.

No. If you are the sole director of a company, you cannot be its corporate secretary at the same time.

Only if the foreigner is a resident of Singapore. Since under the Companies Act, section 171(1), the company secretary must be:

• A natural person;
• A resident of Singapore.

A corporate secretary is an essential figure for the existence and smooth operation of your Company in Singapore. Which may indicate poor performance of your current secretary:

• You must keep track of important dates for your company by yourself
• You do not receive advice on how to regulate your business and amendments to existing laws
• You've been hit with fines that a corporate secretary could help mitigate or avoid
• You are dissatisfied with the price-quality ratio of services

If you have decided to change your Singapore company's corporate secretary, check out this short guide on the subject:

1. The new company secretary must sign Form 45B, agreeing to the appointment.
2. The retiring secretary must sign a letter of resignation as secretary of the Company.
3. The new Secretary of the Company shall prepare a resolution of the Board of Directors on the resignation of the current Secretary and a resolution appointing a new Secretary.
4. The new company secretary must sign Form 45B, agreeing to the appointment.
5. The old secretary must turn over all necessary Company records and registers to the new secretary.

The resignation of your current secretary and the appointment of a new secretary will be handled by your new secretary. He or she is the one responsible for making sure that the necessary resolutions are correctly filed, that records are transferred, and that changes do not disrupt your business process.

Under Singapore law, you have the right to replace your Corporate Secretary without his or her consent. To do so, you must:

• Your new secretary has prepared a board resolution resigning the current secretary and appointing a new secretary.
• The Director of the Company needs to sign a resolution
• Notification of these changes must be sent to ACRA within 14 days of the date of the resolution.

According to the requirements of the Singapore Companies Act, it is mandatory to have at least one resident director in the company. The local director must have the following resident statuses: Singapore citizen, PR (permanent resident) and address in Singapore.

A nominee director is a person appointed to represent another person or group of persons. In Singapore, under the Companies Act, the duties of a nominee director are exactly the same as those of an actual director. Before the Act, the Nominee Director is responsible for all matters relating to the day-to-day operation and performance of the Company's obligations and is criminally and administratively liable for the operation of the Company.

The standard package of duties of a nominee director includes the following items:

• Signing the package of company registration documents (form 45, Director's declaration, Board resolutions, Share certificates)
• Signing of agreement on non-disclosure of information (Non-disclosure Agreement)
• Signing of the agreement on rights and obligations of a nominee director (Nominee Director Agreement)
• Signing of the forms and resolutions necessary for the timely filing of financial and tax declarations on the Company.
• Fulfillment of necessary legal requirements
• Signing of banking forms and necessary documents for opening bank accounts of the company in Singapore.

Learn more: https://www.rsbu.org/biznes-v-singapure/1372-nomin...

In addition to the mandatory items, there is a list of additional items where you may need the assistance of a nominee director.
These items are not included in the standard service package and are discussed and paid for separately:

• Personal visit to the bank with the client to open a corporate bank account
• Signing of bank forms and necessary documents for opening company bank accounts outside of Singapore
• Signing Power of Attorney and Declaration of Trust
• Providing personal data and signing documents for license registration
• Providing personal data and signing documents to connect payment systems
• Signing contracts on behalf of the company inside and outside Singapore
• Dealing with banks and government agencies in Singapore
• Representing the Company in Singapore (agency services)

Learn more: https://www.rsbu.org/biznes-v-singapure/1372-nomin...

Like an actual director, a nominee director bears full responsibility for the Company's activities, including financial, administrative and criminal responsibility.

A deposit is taken to cover potential expenses of a nominee director in cases where the company does not file its financial statements, does not hold an Annual Meeting of Shareholders, or the owner of the company simply disappears.

The deposit can also be used to partially cover legal and court costs if the client's company has committed serious violations of the law and lawsuits have been brought against the nominee director.

Learn more: https://www.rsbu.org/biznes-v-singapure/1373-otvetstvennost-nominalnogo-direktora-kompanii-v-singapure.html

The deposit is refunded in the following cases:

1. Receipt by shareholder/director of the company of Work visa and refusal to use the services of a nominee director
2. Replacing our nominee director with your
3. Closure of the company

The deposit will be refunded, minus actual costs at the time of service termination, within two weeks of service termination.

The low cost of a nominee director's services always has serious consequences. The proverb "the miser pays twice" is perfectly applicable to nominee directors - for a low cost, you get a "serial" local director, who has dozens and sometimes hundreds of companies on his books.

For a low cost, you will almost certainly get a "serial" local director.

What risks this entails:

• Low chances of opening a bank account in Singapore: Singapore banks have an unspoken "threshold" of a maximum of 15 companies per local director, after reaching which no bank in Singapore will not open a bank account for your company.
• Risks associated with the activities of a nominee director: if at least one of the companies registered to your local director has serious problems with the law (suspicion of suspicious financial transactions or money laundering, bankruptcy, lawsuits, etc.) it may lead to problems for all companies registered to this director, up to the fan closure of bank accounts. The fewer companies registered to one director, the lower the risks that this can happen to your company.

"Serial" nominee director or a director with unlimited registration may be right for you in the following basic cases:

• If you do not plan to open a bank account in Singapore.
• If you plan to open an account with one of the payment systems.

Whether the nominee director will have access to your bank account depends solely on your decision. By default, we open a bank account in which the nominee director is not a signatory on the account, so he cannot dispose of the bank account.

The consultation will provide you with a detailed explanation of the applicable law in Singapore and its practical application in your area of interest. In addition, your particular case will be analyzed and recommendations on the best strategy will be made.

We can advise you on a wide range of issues and practices in Singapore*:

✓ Corporate law
✓ Choice of legal form
✓ Registration and service of business in Singapore
Liquidation of legal entities in Singapore
✓ Bookkeeping services
✓ Corporate taxes and legal tax optimization methods
✓ Personal taxes and legitimate tax optimization methods
✓ Corporate and personal bank accounts
✓ Long-term and work visas
✓ Labor laws and employee compensation
✓ Obtaining Singapore residency and citizenship
✓ Relocating to Singapore
✓ Obtaining licenses and patents
✓ Government Business Support Programs
Searching for partners, distributors and suppliers
✓ Expert assessment of reliability of Singapore individuals and legal entities
✓ Intellectual property matters

*- This list is not exhaustive.

Specialist direction: $200/hour
Destination Manager: 350 $/hour
Personal consultations with T.A. Sheremetjeva: $500 per hour

Also please consider that in case of necessity of involvement of outside narrowly-specialized experts, cost of an hour varies from industry and level of qualification of experts.

Counseling services from RSBSS can be provided in the following ways:

• oral consultation;
• Written submission of materials.

For clients who are in Singapore, consultations are conducted at the office at 6 Eu Tong Sen Street, SOHO 1, 09-09. For international clients, consultations are possible using Zoom, WhatsApp or Google Meet.

4 - Please note that in-person consultations at the office may be temporarily suspended due to Covid-19 restrictions from the Singapore Government.

1. Receipt of an application
2. Conclusion of a contract for consulting services and coordination of the cost of services (if this is a complex issue that requires a detailed elaboration).
3. Request of necessary documents from the customer
4. Consideration of documents received from the client
5. Receipt of payment
6. Consulting

Depending on your needs, we can offer you both individual documents and certificates and comprehensive reports on activities of Singapore companies, which include detailed information about the company's business profile, presence of subsidiaries/affiliates, key financial indicators, existence of lawsuits and bankruptcy records, solvency rating, credit rating of the company, etc.

Checking the companies of potential business partners is critical to your continued business. If the company has debts, lawsuits, blocking of accounts, confiscation, etc., and you decide to transfer money to the account of this company, your bank account can be either blocked or closed forever, you also risk running into a huge number of checks directly on your company and even getting on the so-called "black list" as the company owner. When checking the company, we will provide you with a report on the activities, assets, lawsuits and other important points.

We offer due diligence services for Singapore companies and Singapore residents. With our help you can get valuable information on a potential business partner, nominee director of your company, supplier or potential investment target registered in the Republic of Singapore.

Our profile is corporate and personal verification in Singapore, but verification in other countries is possible upon request.

Business Profile (BizFile) is an electronic report that contains the following information: registration number, name of the legal entity, types of activities, dates of registration, owners and officers, share capital, shareholders.

Business Profile (BizFile) with an electronic certificate from the Registrar General of Singapore (ACRA) contains the same information as the normal Business Profile (BizFile). The main difference is that it can be produced in court as evidence.

An electronic report that is a quick and convenient checklist that allows you to assess a company's financial condition and status at a glance. The report includes: information on the company's business profile, a financial profile based on comparative data for up to three years, financial indicators, an auditor's report, and the opinion of the company's directors. Available only for companies with financial data for at least the last two years.

Financial statements may or may not be available for sole proprietorships, partnerships, foreign affiliates, or limited liability companies because they are not required to file their financial statements with ACRA.

Statements are copies of forms and attachments filed by a legal entity, such as the company's Constitution and Bylaws, annual reports, or audited accounts.

Requested extracts of data filed by the legal entity, such as the Constitution and Bylaws, annual reports or audited accounts along with filed attachments.

Requested extracts of data filed by the legal entity, such as the Constitution and Bylaws, annual reports or audited accounts electronically certified as "true copy" by the Principal Registrar (ACRA).

Certificates show certified business information and/or organization status.

Depending on your needs, we can offer you comprehensive reports that include detailed information about an individual, their current and past campaigns and businesses, the existence of lawsuits and bankruptcy records, consumer classification and more.

There is an extensive list of reasons why a background check may be required in Singapore. Among the main ones are hiring, concluding transactions on sale of housing or motor vehicles, purchase of shares / ready-made business, appointment as a director or official of a company, etc.

We offer due diligence services for Singapore companies and Singapore residents. With our help you can get valuable information on a potential business partner, nominee director of your company, supplier or potential investment target registered in the Republic of Singapore.

Our profile is the verification of individuals and companies in Singapore, but verification in other countries is possible upon request.

According to the Companies Act, Chapter 50, every company registered in Singapore must have at least one local director, who can be a Singapore citizen, a permanent resident status holder, or a work visa holder if he/she meets the legal requirements. Many agents in Singapore offer the services of nominee directors, and this is a definite help for your business. However, you need to keep in mind, if you need to open a corporate account with a local bank, it is the director of the company must be present at the interview during the opening of the account. Banks in Singapore pay attention to the number of firms registered on one director. If there are more than 15 such firms - opening a bank account may be in jeopardy. In this case, verification of the individual plays a very important role in this process, as before opening an account you can check your director and change him if necessary. According to the results of this type of verification, it may turn out that there are more than 200 companies registered on the director. Not only does this make it impossible to open a company bank account, but it can also be dangerous for your company. If at least one of the companies has debts or any other problems, your company may face closure, fines, inspections.

The report includes the individual's actual name, residential address, business and interest in the business, former prior ownership, lawsuits against the individual and the business, bankruptcy record, and the number of times the individual has been the subject of a search.

An individual's profile is an electronic report that lists all of the legal entities in which the individual participates/participated.

This search will provide a list of companies/businesses associated with an individual who is an executive or owner of commercial firms, an agent of foreign companies, a director, manager, executive, secretary or shareholder of local companies, as well as any litigation - subpoenas against that individual.

Reporting is done once a year.

Even dormant or dormant companies (including Companies without a bank account in Singapore) are required to hold an Annual Meeting of Shareholders and file Reports within the above time limits.

Record keeping requires:

• Bank statements for the financial period. It is recommended that you download bank statements monthly in two formats - PDF and Excel - for easy record keeping. Remember, the ability to download bank statements in online banking is limited to six months. Keep your statements up to date!
• Invoices to Pay.
• Contracts are preferable for transactions over 10,000 SGD.

Directors of the Company who breach statutory obligations under the Companies Act may be liable to penalties of $700 per director.

In addition, the Company will be fined between $350 and $900.

Section 205B/205C of the Companies Act:

The Company must appoint an auditor within 3 months of the date of incorporation if the Company is NOT exempt from audit requirements.

As a reminder, the Company is exempt from an audit if 2 of the following 3 conditions are met for 2 consecutive fiscal years:

1. The company's total revenue for the fiscal year is less than SGD 10 million.
2. Company assets are less than SGD 10 million.
3. Number of employees is less than 50.

Section 201 of the Companies Act:

The financial statements of the Company presented at the Annual General Meeting shall be prepared not later than 6 months prior to the date of the Annual Meeting of Stockholders.

The Annual General Meeting (AGM) is a way for your company to present its financial statements to shareholders and members. Based on which shareholders can ask questions about the state of your business.
All companies registered in Singapore are required to hold an annual AGM.

Read more.

Section 175 of the Companies Act:

Every company incorporated in Singapore is required to hold its first Annual General Meeting within 18 months from the date of incorporation and within six months from the date of the end of the financial year.

Read more.

Section 175 of the Companies Act:

If your company is listed on a stock exchange, you must hold an annual meeting of shareholders within four months after the end of your company's fiscal year and file the annual report within five months after the end of your company's fiscal year.

If your company is unlisted, you must hold your annual shareholders meeting within six months of the end of your company's fiscal year and file your annual report within seven months of the end of your company's fiscal year.

Read more.

Beginning August 31, 2018, private companies may be exempt from the AGM if they send their financial statements to their members within five months of the end of the fiscal year.

The AGM exemption is subject to the following safeguards:

• A member wishing to request an AGM must notify the company at least 14 days before the end of the sixth month following the end of the fiscal year.
• The directors are required to hold an AGM within 6 months of the end of the fiscal year if any shareholder/board member so requests.
• Private companies must hold a general meeting to present the company's financial statements if any member or auditor requests it no later than 14 days after the financial statements are mailed. The directors must, within 14 days of the date of the request, hold a general meeting and present the financial statements

Private inactive qualifying companies* that are exempt from preparing financial statements are not required to hold annual meetings, subject to the safeguards described above.

* A Private Inactive Qualifying Company is a private company that is inactive, is not publicly listed (and is also not a subsidiary of a listed company); and has total assets of less than or equal to SGD 500,000 (consolidated value if it is the ultimate parent company).

Read more.

Directors who fail to comply with AGM requirements may be held liable in court.

Possible consequences could include disqualification or removal of a director.
In addition, ACRA may impose fines on companies that fail to hold mandatory AGMs.

Separately, late filing fines are levied for each annual report filed late.

Read more.

Section 197 of the Companies Act:

The Directors of the Company are required to file the Company's Annual Returns with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) within 1 month after the Annual Meeting of Shareholders.

Since January 1, 2003, Singapore has had a one-tier corporate income tax system. The tax paid by the company on its taxable income is a final tax, and all dividends paid by the company to its shareholders are exempt from further taxation.

At the moment, the general income tax rate for both local and foreign companies in Singapore is 17%.

It is important to understand that the total income tax rate in Singapore, is not the effective and real corporate tax rate. The effective corporate tax rate in Singapore is in most cases lower than the total tax rate because of the tax incentives and exemptions applied.

Although the general corporate tax rate in Singapore is 17%, there are various programs to help legally reduce taxation.

These tax credit programs fall into 3 categories:

• benefits for all Singaporean companies,
  benefits for companies under three years old,
• industry benefits, in particular banking, financial services, wealth management, tourism, insurance, shipping and shipping companies, and many others.
  

Singapore has a partial tax exemption program applicable to all companies registered in Singapore.

From the reporting year 2020 onwards:

Tax exemption on the first SGD 200,000 of taxable income:

Taxable income:
First $10,000
% Tax Exempt:
75%
Amount exempt from tax:
$7,500

Taxable income:
Subsequent $190,000
% Tax Exempt:
50%
Amount exempt from tax:
$95,000

Taxable income:
Total $200,000
% Tax Exempt:
-
Amount exempt from tax:
$102,500

Which means that 75% of the first $10,000 of taxable income will be fully exempt. Of the next $190,000 of taxable income, 50% will be exempt. So the total amount exempted will be $102,500. And for annual income in excess of S$200,000 (taxable income), the standard corporate tax rate of 17% will apply.

The government pays special attention to support start-ups and companies under 3 years old. There is a partial tax exemption program for Singapore companies under three years old:

Beginning in the 2020 reporting year and beyond:

Tax exemption on the first $200,000 of SGD taxable income if any of the first three reporting years falls in 2020 or thereafter:

Taxable income:
First $100,000.
% Tax Exempt:
75%
Amount exempt from tax:
$75,000

Taxable income:
Subsequent $100,000
% Tax Exempt:
50%
Amount exempt from tax:
$50,000

Taxable income:
Total amount of $200,000
% Tax Exempt:
-
Amount exempt from tax:
$125,000

Which means that 75% of the first $100,000 of taxable income will be fully exempt. Of the next $100,000 of taxable income, 50% will be exempt. So the total exempt amount would be $125,000. And for annual income in excess of S$200,000 (taxable income), the standard corporate tax rate of 17% will apply.

The conditions for obtaining tax benefits:

• The company must be incorporated in Singapore;
• The company is a tax resident of Singapore;
• The company has no more than 20 shareholders, one of whom is an individual and owns at least 10% of the Company's shares.

To qualify for tax benefits for start-ups, the company must be less than three years old

Exclusions: Companies whose main business activity is investment holding activities; and Companies that develop real estate for sale or investment cannot qualify for tax credits.

In addition to tax benefits in Singapore, there are also discounts on corporate income tax. The rate of this discount varies from year to year. For fiscal year 2020, it is 25% of the tax payable, but no more than SGD 15,000.

Currently, the deadline for filing tax returns for Singapore companies is December 15 (for electronic filing). But starting from the 2021 reporting year, the deadline will be November 30.

Depending on the size of the company and its turnover, the Company must file a full set of required reporting documents, including Form C or C-S, audited or unaudited accounts, as well as a tax calculation.

The tax period, i.e. the period of time at the end of which the tax base is determined and the amount of tax is calculated, in Singapore is calculated on the basis of the previous year. This means that the tax period for any reporting year always refers to the financial year preceding the reporting year.

For example, in 2021, you will be filing a tax return for your company's fiscal year that ended between January 1, 2020 and December 31, 2020.

The tax is levied on income earned in the previous fiscal year. For example, a tax return for assessment year (YA) 2021 would declare income earned during fiscal year 2020. This tax return must be filed by November 30, 2021.

There are two scenarios for registering a company with the GST:

• Mandatory registration - when your taxable turnover exceeds S$1 million in the last calendar year or your estimated turnover in the next 12 months exceeds S$1 million.
• Voluntary registration - you choose to register your company for GST voluntarily, even if your taxable turnover is less than S$1 million.

The place of incorporation of a company does not necessarily indicate the tax residence of the company. A company is considered to be tax resident in Singapore if its business is controlled and managed in Singapore. Control and management refers to decision-making on strategic issues, such as determining the company's development strategy.

As a rule, the place of the general meeting of the Board of Directors of the company, is one of the key factors determining where the control and management of the company is carried out.

If the company has an executive director or top managers who play an important role in decision making in Singapore, this is also one of the key factors in determining where control and governance is exercised.

Singapore has tax treaties with more than 80 countries and the list continues to grow. The treaties reflect Singapore's ongoing efforts to help businesses eliminate double taxation and to promote and facilitate international trade and investment opportunities.

Moreover, since 2009, Singapore has granted unilateral tax incentives to Singapore companies. Under this policy, all Singaporean companies with income earned in countries that do not have a double tax treaty with Singapore will be allowed a tax deduction on their foreign income from those countries.

This is a very frequently asked question. Issues of international taxation is a complex topic, because it involves the tax laws of several countries. It is important to consider the tax laws of Singapore, the tax laws of the country where the main business transactions/bank account is opened, as well as the terms of the double taxation treaty between these countries (if such a treaty has been signed).

It will only be possible to answer this question accurately if all the details are understood, in particular, in which countries the company's accounts will be opened, where business transactions will be carried out, from which country to which and for what the money will be transferred and other nuances.

If you plan to grow your business and strengthen your presence in Singapore, we strongly recommend that you pay your taxes in Singapore for the following reasons:

1. Low tax rates compared to other jurisdictions
2. Compliance with the law

3. good business reputation of the company in Singapore, which will be very useful in the following cases:

• Obtaining work visas
• Opening of bank accounts in Singapore
• Taking loans and credits from Singaporean financial institutions
• Obtaining government grants
• Due diligence by potential Singaporean partners

4. If you decide to sell the company/attract investors you will need to provide all of the company records, including taxes paid. The absence of some documents may adversely affect the decision to buy/invest.

Please be aware that the Singapore Revenue Authority may decide to audit your company. In the event that the audit reveals facts that may be considered by IRAS as tax evasion, the company and its directors face the following consequences:

• Under Singapore's tax law, any person who willfully evades/assists in tax evasion is guilty of an offence. Offenders found guilty face a fine of up to four times the amount of tax underpaid, a fine of not more than SGD 50,000 and/or imprisonment of not more than seven years.
• If there is fraud, the statutory limitation period under section 74(1) of the Income Tax Act and section 45(5) of the VAT Act does not apply. A tax audit can be conducted at any time after the statutory statute of limitations has expired:
• Standard statute of limitations for income tax frau

6 years, for fiscal year 2007 and earlier; or
4 years, for fiscal year 2008 et seq.

Tax returns are filed once a year for the previous fiscal year.

Income Tax is a tax on personal income. For individuals the tax rate is progressive from 0 to 22%

For individuals the tax rate is progressive from 0 to 22%. The maximum tax of 22% applies to those whose annual income exceeds S$320,000 (~224,000 USD).

Online Filing: April 18 of each year
Paper Filing: April 15th of each year.

In the case of late filing, you will be charged a fine of 300 Singapore dollars. In the case of a large delay, the tax office will notify the bank about the violations, respectively, you risk in addition to the penalties of closing the account.

Under the Singapore Companies Act, every company incorporated in Singapore is required to file annual financial, management and tax reports with the Singapore Revenue and Registration Authority within the statutory time limits. All reports must be made in accordance with Singapore's financial and management accounting standards.

At the end of the fiscal year, your company is required to prepare and file the following types of reports by the legal deadlines:

• Statement of the Company's deemed taxable income (ECI)
  
  
• Annual General Meeting (AGM)
  
  
• Annual Returns
  
  
• Corporate Income Tax Return (Form C/C-S)
  

At the end of the fiscal year, your company is required to prepare and file the following types of reports by the legal deadlines: Department

Statement of presumptive taxable income (ECI)
Office: IRAS
Deadline for submission: 3 months after the end of the fiscal year

Annual General Meeting (AGM)
Department: ACRA
Deadline for submission: 6 months after the end of the fiscal year

Annual report (AR)
The Office: ACRA
Deadline for submission: 6 months after the end of the fiscal year

Corporate Income Tax Return (Form C/CS)
Office: IRAS
Deadline: 30.11.2020

Filing of mandatory reports is mandatory for all companies registered in Singapore, including companies with no financial activities, companies without a bank account in Singapore, and companies with a director and shareholder in one person.

ECI (Estimated Chargeable Income) or Estimated Taxable Income of the Company is a preliminary estimate of your company's taxable income (after deduction of allowable tax expenses) for the financial year under review.

According to the requirements of the Internal Revenue Authority of Singapore (IRAS), every company registered in Singapore, including new companies, is required to submit an ECI report annually within three months after the end of the financial year.

The Annual General Meeting (AGM) is a way for your company to present its financial statements to shareholders and members (even if the company has only one shareholder).

All companies registered in Singapore are required to hold an annual general meeting. During the AGM, the company presents its financial statements to shareholders/participants and answers any questions regarding the business.

Under the Companies Act, all companies incorporated in Singapore are required to file their annual profit report for the reporting period with ACRA within 1 month after the AGM* to ensure that the company's information in the ACRA register is up to date.

As part of the filing of the annual profit report, the Company must report the date of its annual general meeting of shareholders, provide financial statements for the company, as well as the most up-to-date information on the officers of the company (directors and secretary, registered office of the company, as well as the names of the auditors (if applicable).

All companies doing business in Singapore are required to report their income by filing an annual tax return with the Internal Revenue Authority of Singapore (IRAS) within the statutory deadlines and in accordance with the approved tax reporting forms (C-S/C).

From FY 2020 onwards, electronic filing of Form C-S/C is compulsory for all companies.

From fiscal year 2021 all companies are required to file their corporate tax returns electronically by November 30 of each calendar year.

Under the Singapore Companies Act, every company incorporated in Singapore is required to file annual financial, management and tax reports with the Singapore Revenue and Registration Authority within the statutory time limits. All reports must be made in accordance with Singapore's financial and management accounting standards.

At the end of the fiscal year, your company is required to prepare and file the following types of reports by the legal deadlines:

• Statement of the Company's deemed taxable income (ECI)
  
  
• Annual General Meeting (AGM)
  
  
• Annual Returns
  
  
• Corporate Income Tax Return (Form C/C-S)
  

At the end of the fiscal year, your company is required to prepare and file the following types of reports by the legal deadlines: Department

Statement of presumptive taxable income (ECI)
Office: IRAS
Deadline for submission: 3 months after the end of the fiscal year

Annual General Meeting (AGM)
Department: ACRA
Deadline for submission: 6 months after the end of the fiscal year

Annual report (AR)
The Office: ACRA
Deadline for submission: 6 months after the end of the fiscal year

Corporate Income Tax Return (Form C/CS)
Office: IRAS
Deadline: 30.11.2020

Filing of mandatory reports is mandatory for all companies registered in Singapore, including companies with no financial activities, companies without a bank account in Singapore, and companies with a director and shareholder in one person.

ECI (Estimated Chargeable Income) or Estimated Taxable Income of the Company is a preliminary estimate of your company's taxable income (after deduction of allowable tax expenses) for the financial year under review.

According to the requirements of the Internal Revenue Authority of Singapore (IRAS), every company registered in Singapore, including new companies, is required to submit an ECI report annually within three months after the end of the financial year.

The Annual General Meeting (AGM) is a way for your company to present its financial statements to shareholders and members (even if the company has only one shareholder).

All companies registered in Singapore are required to hold an annual general meeting. During the AGM, the company presents its financial statements to shareholders/participants and answers any questions regarding the business.

Under the Companies Act, all companies incorporated in Singapore are required to file their annual profit report for the reporting period with ACRA within 1 month after the AGM* to ensure that the company's information in the ACRA register is up to date.

As part of the filing of the annual profit report, the Company must report the date of its annual general meeting of shareholders, provide financial statements for the company, as well as the most up-to-date information on the officers of the company (directors and secretary, registered office of the company, as well as the names of the auditors (if applicable).

All companies doing business in Singapore are required to report their income by filing an annual tax return with the Internal Revenue Authority of Singapore (IRAS) within the statutory deadlines and in accordance with the approved tax reporting forms (C-S/C).

From FY 2020 onwards, electronic filing of Form C-S/C is compulsory for all companies.

From fiscal year 2021 all companies are required to file their corporate tax returns electronically by November 30 of each calendar year.

EntrePass is an entrepreneur visa allowing foreigners to start and run a new business in Singapore. This type of work visa is designed for serial entrepreneurs, high-level innovators or experienced investors who want to start a business in Singapore.

• Can apply before company registration
• Gives the right to live and work in Singapore for the duration of the visa (1-2 years, renewable)
• Can apply for long term visas for family members (wife/husband, children and parents) to live in Singapore
• You can apply for Permanent Residence Permit (PRP) in Singapore for you and your family members.
• Can send your children to study in local and international schools in Singapore.
• You are considered to be a tax resident of Singapore (the personal tax rate in Singapore is progressive and ranges from 0% to 22%)
• No quotas or requirements for number of local employees
• No statutory capital requirement
• No wage requirements
• Open to all nationalities.

1. Enables you to open a personal bank account with one of Singapore's top banks with minimum deposit*

*- For comparison, if you do not have EntrePass or other long-term visa in Singapore, the minimum amount to open a personal bank account in Singapore begins with a deposit of $200 thousand to $10 million.

You can apply for the Entrepreneur Visa only if you do not yet have a company in Singapore or your company is younger than 6 months. In addition, your company/future company must qualify under one of the categories: Entrepreneur, Innovator, or Investor. For each category, there are strict requirements and the need to prove that the company really belongs to this category.

Whether your company is registered in Singapore or not yet, the Singapore Ministry of Labor may request the following documents:

Company info

• If the company is already registered, a recent business profile of the company (Bizfile)
• Documents confirming the innovation criteria / criteria that have been fulfilled
• Business plan in English (no more than 10 pages)
• Proposed product and service
• Market analysis
• Work plan
• Profile of the management team
• Projected workforce for the next 3 years
• Projected turnover over the next 3 years
• Amount of capital needed to start operations
• Sources of funding
• Supporting documents, such as license agreements, product certificates and approved patents
• All relevant documents proving that you fulfill the necessary criteria for your category (Entrepreneur, Innovator, Investor)
• Other documents requested by the Singapore Department of Labor

EntrePass is open to all nationalities.

You can apply for EntrePass if you qualify for both:

• Established or intend to establish a private limited liability company registered with ACRA that is funded by venture capital funds or owns innovative technology.
• If you are registered, the company must be under 6 months old on the date of application.
• If you are not registered, you can do so after you know the outcome of your application.
• Meet any of the following innovation criteria as an entrepreneur, innovator or investor. You do not need to meet all of the criteria for each relevant profile, but having higher qualifications will help your application.

• Own intellectual property
• Have a research collaboration with an institution of higher learning or research institute in Singapore.
• Have extraordinary achievements in key areas of knowledge

You have good business investment experience and want to develop new or existing businesses in Singapore. Requirements: You are willing to invest a significant amount of money in a local company and have experience in one of the following:

• Investing in and driving the growth of scalable businesses.
• Significant experience (minimum 8 years) as a senior manager or executive in a large corporation.

If you have funding from a state-recognized venture capitalist (VC) or business angel.

Investment Agreement, shareholder's certificate) to show that you have raised at least $100,000 in funding.
You are an incubator in a state-recognized incubator or gas pedal

• Show that your company operates a state-recognized incubator or gas pedal or participates in Accreditation @ SGD.
• Explain how the work of your incubator or accelerator relates to your business.

If you have a business network and entrepreneurial track record, and you qualify under any of the following criteria

Founded and sold a technology company.

• Show that your company operates a state-recognized incubator or gas pedal or participates in Accreditation @ SGD.
• Explain how the work of your incubator or accelerator relates to your business.

Raised significant funds from investors for a current or past venture.

• Provide evidence of funding from outside investors such as venture capitalists (VCs) or business angels (e.g., investment agreement, shareholder's certificate).
• Describe in detail your current or past venture.
• Explain your role as a key decision-maker in the venture.

Incubated or have been incubated by an international incubator or accelerator

• Show proof that you are an incubator in an organization or program.

Have strong industry networks and business contacts related to your proposed business.

• Demonstrate the power of your business contacts (e.g., testimonials or letters of intent from key industry or business contacts and their contact information).
• Show how these networks can contribute to the growth of your business. For example, explain if the contact is a potential client or investor, or indicate the specific support they can offer to help you go international.
• Include the estimated potential monetary value of these contacts, explaining how that value is calculated.

Received recognition from a national body, recognized media, or respected industry organization for your professional, business or entrepreneurial achievements and track record.

• Demonstrate your accomplishments and track record (e.g., certifications, media publications, testimonials and resumes).
• Explain how your accomplishments or track record will contribute to the growth of your business.

Possess intellectual property (IP).

• Ensure that the IP is registered with an approved national IP institution.

Learn to collaborate with IHP or a research institute in Singapore.

• Provide an overview of the research collaboration and demonstrate how it relates to the proposed business.
• Provide contact information for the person at IHP or the research institute with whom you are collaborating.

Have outstanding achievements in key areas of knowledge.

• Show that you have the necessary experience (e.g., certifications, articles, or testimonials).
• Demonstrate your ability to contribute to business growth.
  

If you are willing to invest a significant amount of money in a local company, you need to provide:

• Documentation of your current investments.
• Information about your sector of interest and a list of local companies that are being considered for investment.
• Documentation demonstrating your level of engagement with these companies (e.g., correspondence, investment agreements, signed letters of interest or letters of intent).

You must also do any of the following:

You have experience investing in and fostering the growth of a scalable business.

• You have a proven investment history (e.g. investment agreements, signed letter of interest/intent for local companies and shareholder certificate).
• Your ability to develop investee companies.

Substantial experience as a senior executive or leader of a large corporation.

• You have the necessary experience (e.g., testimonials, resumes or CVs).
• A profile of the companies you have worked for.
• Your contribution to the company.

Each application is reviewed individually by the Department of Labor based on a wide range of factors, such as the financial condition of the employer's company, the candidate's salary, work experience, business reputation, recognized industry expertise, and rankings of the educational institutions the candidate graduated from.

It can take anywhere from three weeks to several months to issue a work visa in Singapore.

In the case of refusal by the Singapore Department of Labor, you can appeal against the application.

Once you are denied a visa, you have 3 months to appeal the denial, but you should only do so if you can challenge the reasons for the denial.

You can review the denial information in the company's EP Online Office to learn the reasons for the denial and to find out what to do next. If you applied manually, check the denial letter.

Personalized Employment Pass is a personalized employment visa designed for Employment Pass holders and high-wage foreign professionals. PEP is not tied to a specific employer and gives more flexibility than the regular Employment Pass.

• Right to live and work in Singapore for up to 3 years
• Ability to apply for visas for family members - dependent visas for spouse, children, and long-term visas for parents
• No quota and no foreign labor tax
• No restrictions on the industry you can work in. However, the PEP does not exempt you from the registration/licensing requirements for professions such as medicine, dentistry, pharmaceuticals, architecture, law, etc.
• You do not need to reapply for a new visa if you change jobs. In the case of a change of employer, you simply need to notify the Singapore Ministry of Labour
• In the case of loss of employment, you can stay in Singapore for up to 6 months to find a new job.

• Issued only once for a maximum period of not more than 3 years without the right to renew
• High minimum wage requirements
• Not suitable for all foreign workers
• You are not allowed to start a business or engage in any entrepreneurial activity while on PEP.*

* If you plan to be self-employed, you should apply for an EntrePass or Employment Pass.

Applicants must meet the following requirements to apply for a Personalized Employment Pass:

• Completed higher education, confirmed by diplomas and certificates
• Relevant work experience in your field
• Valid Employment Pass
• Salary of at least SGD 12,000 per month for at least 6 months before applying for PEP.
• Expatriate and your fixed monthly salary in your last job was at least SGD 18,000 per month.

Recognized expertise in an applicant's field of specialization - awards, interviews, and publications in relevant media - are not required, but greatly increase the chances of obtaining a personal work visa.

To prove your qualifications, the Singapore Department of Labor routinely asks for the following documents:

• Completed and signed form (Form 8)
• Copy of passport (page with personal data)
• Summary of last 10 years of employment with company, position and salary
• References in media (if applicable)
• Special skills of the applicant in relation to the work to be offered
• Copies of all diplomas and certificates of education received by the applicant
• Copies of references from previous employers (if any)
• Marriage certificate (if applicant is married)
• Educational background of spouse
• Data on the spouse's work experience
• Information on children (if any)

Each application is reviewed individually by the Ministry of Labor based on a wide range of factors, such as the financial condition of the employer's company, the candidate's salary, work experience, business reputation, recognized industry expertise, and the ratings of the educational institutions the candidate has graduated from.

The issuance of a work visa in Singapore can take anywhere from three weeks to several months.

The applicant can apply on his or her own, or with the help of a recruiting agency.

Yes. The Personalized Employment Pass holder may also sponsor dependent visas for his/her family members: spouses, unmarried natural and stepchildren under 21, unmarried disabled children over 21, unmarried children, and parents of the Employment Pass holder. Dependent visas are linked to the Personalized Employment Pass holder and entitle the holder to reside in Singapore.

Below you will find a detailed description of what type of visa is suitable for which category of relatives:

• Dependant's Pass (DP) spouse
• Children under 21 years of age, including legally adopted unmarried Dependant's Pass (DP)
• Domestic partner Long Term Visit Pass (LTVP)
• Disabled children over 21 years of age who are not married Long Term Visit Pass (LTVP)
• Foster children under 21 who are not married Long Term Visit Pass (LTVP)

EntrePass - Official Work Permit from the Singapore Ministry of Labor for Dependant Pass holders who are owners of Singapore-registered businesses, and LTVP/LTVP+ holders who are spouses or unmarried children of Singapore citizens and permanent residents.

• Gives you the official right to work in Singapore
• Easy and fast issuance procedure (standard 1-4 weeks)
• No minimum wage requirement.
• Applicable to all industries
• No Foreign Worker Levy
• No quotas or requirements for the employer company to hire local workers
• Extendable

*- As of May 1, 2021, applies only to relatives of citizens and permanent residents in Singapore. For DP Pass holders who are business owners, there are requirements to hire local employees

• Not a standalone visa**
• Additional requirements for DP Pass holders who are business owners

**- LOC work permit is issued with a valid DP/LTVP / LTVP+, which are linked to the sponsor, which can be a Work Visa holder or Singapore Permanent Resident/Citizen. If the sponsor loses his/her work visa or status in Singapore, all dependent visas and work permits are automatically revoked.

• Written consent from the employer's company about the willingness to hire the candidate
• Written consent from the employee Color scanned copy of passport (page with personal data)
• Color scans of both sides of your Dependant Pass/LTVP+
• Resume with information about the candidate's work experience and contact information: phone, email, and residential address.
• Suggested salary information
• Position information
• Applicant's academic credentials and certificates*.
• Additional documents that may be requested by the Singapore Department of Labor during the application process

*- All diplomas must be submitted in their original language and translated into English with a notarized translation

Note: For some professions such as medical professionals, lawyers, foreign companies in Singapore and others, the Singapore Ministry of Manpower (MOM) may request additional documents.

The LOC is valid until (one option):

• The LOC expiration date specified by the employer on the LOC release application.
• Date of expiry of your long-term visa (LTVP, LTVP +).

First filing (the option closer to the due date is applicable):

• One year from the date of issuance
• Before Dependent Visa (DP) expires

Subsequent extensions:

• Until the expiration of the Dependent Visa (DP)

The LOC ceases to be valid when:

• The Dependent Visa (DP) is revoked or expired.
• The business is no longer active. You still need to cancel the LOC

To be eligible to apply for a LOC, you must meet the following requirements:

• Be a business owner of one of the following types*:
• Individual Entrepreneur
• Partner
• Director of a company with at least 30% of the companies shares
• Your DP must be valid for at least 3 months on the date of application,

*- All types of businesses must be officially registered in Singapore by the Principal Registrar of ACRA

Valid LOCs:

• Valid Dependant's Pass holders who have an LOC issued for their business in Singapore can continue to work until the LOC expires, or apply for a one-time extension until April 30, 2022. After that date, the applicant will need to meet the criteria below in order to be renewed.

For LOCs issued from May 1, 2021 onwards:

• To be eligible for LOC renewal, you will need to employ at least one Singapore citizen or a permanent resident with a monthly salary of at least SGD 1,400 per month and contributions to the Singapore Pension Fund (CPF). At the time of renewal, the local employee must have worked in the business for at least 3 months and have made appropriate contributions to the Singapore Pension Fund (CPF).
• One local employee, who can be a company director if he/she is paid minimum wage and official Pension Fund contributions have been paid on him/her, is sufficient to issue several LOCs, the maximum number is 3

Yes, if you own 30% of that company and are one of the directors.

Dependant's Pass (DP) - is a type of dependent visa in which the official spouses as well as the children of work visa holders (Employment Pass or S Pass) can legally reside in Singapore.

To be eligible to apply for a Dependant Pass, the sponsor must meet the following requirements:

Employment Pass:

If the sponsor is an Employment Pass holder, it must:\

• Have a valid Employment Pass
• Salary of at least SGD 6,000 (USD 4,400) to sponsor a spouse and children
• Salary of at least SGD 12,000 (8,800 USD) to sponsor applicant's parents

EntrePass:

If the sponsor is an EntrePass holder, the sponsor must:

To be eligible for dependent visas for family members, the EntrePass holder must meet minimum annual business and job creation requirements for local employees

To sponsor: Legal or common-law spouses and children
Your annual business expenses must be at least: $100,000
You must hire at least: 3 LQS or 1 local PME

To sponsor: Parents
Your annual business expenses must be at least: $200,000
You must hire at least: 6 LQS or 2 local PMEs.

* - Annual business expenses are calculated by subtracting the following costs from your total operating expenses:

• Expenses associated with the acquisition of royalties, franchises and fees for technical know-how from foreign companies.
• Expenses due to outsourcing of work abroad.
• The entire amount of remuneration for EntrePass holders.

* - LQS refers to Singaporeans and Permanent Residents (PRM) who earn a monthly salary of at least SGD 1,400 and have been contributing to the Singapore Pension Fund for at least 3 months.

** - PMEs are defined as professionals, managers and executives who are Singaporeans or permanent residents, earn a monthly salary of at least SGD 3,900 and have been contributing to the Singapore Pension Fund for at least 3 months.

1 local PME equates to 3 LQS. For example, to meet the 6 LQS requirement, you can hire 3 LQS and 1 local PME.

If you are applying for DP Pass for your spouse:

1. Completed and signed DP Pass release form (Form 12)
2. Copy of spouse's passport (personal data page)
3. Resume
4. Educational background of spouse

If you are applying for DP Pass for unmarried children under 21

1. Completed and signed DP Pass release form (Form 12)
2. Photocopy of children's passports (parents, if children are inscribed in the passport)
3. Children's birth certificates with names of parents
4. Copy of child's vaccination certificates
5. Vaccination information verification
6. Information about the child's education

If you are applying for DP Pass for unmarried, legally adopted children under the age of 21

1. Completed and signed DP Pass release form (Form 12)
2. Photocopy of children's passports (or parents, if children are inscribed in the passport)
3. Copy of adoption decree or other appropriate documents
4. Copy of child's vaccination certificates
5. Verification of vaccination requirements
6. Details of the child's educational background

Each application is reviewed individually by the Ministry of Labor based on a wide range of factors, such as the sponsor's salary, work experience, business reputation, recognized industry expertise, and the ratings of the educational institutions the candidate has graduated from.


The issuance of a dependent visa in Singapore can take anywhere from three weeks to several months.

Under the rules of the ACRA principal registrar, once you have obtained a LOC for your own business, you may become the sole local director of your company.

In the event that your Dependant's Pass has been revoked, you may hire a local nominee director to ensure that your company continues to exist. In parallel, you can apply for a work visa issue for your company.

LTVP or Long Term Visit Pass this is a social visa intended for long-term residence in Singapore

The LTVP is intended for family members of citizens and permanent residents in Singapore, as well as family members of work visa holders (Employment Pass, EntrePass, Personalized Employment Pass, S Pass).

The LTVP can also be issued to Singaporean graduates, the mother or grandmother of a child studying in Singapore on a student visa (Student Pass), and women wishing to give birth in Singapore.

Due to the large number of categories and grounds under which the LTVP can be issued, this type of visa is issued by two government agencies in Singapore: the Singapore Ministry of Labor and the Singapore Immigration Authority (ICA).

• Gives the right to live in Singapore for the duration of the visa
• Ability to send children to study in local and international schools in Singapore

• Не дает права на работу в Сингапуре
• Сложность в оформлении разрешения на работу
• Невозможность выступить спонсором выпуска виз для своих детей и родителей

In the case of an LTVP for family members of work visa holders, the applicant must fall into one of the following categories in order to qualify for the LTVP:

• Common-law spouse
• Unmarried disabled child over 21
• Unmarried foster child under 21 years of age.
• Parent

Employment Pass/Personalized Employment Pass/S Pass:
If the sponsor is an Employment Pass/Personalized Employment Pass/S Pass holder, the sponsor must:

• Have a valid work visa
• Salary of at least SGD 6,000 (4,400 USD) to sponsor applicant's common-law spouse and children
• Salary of at least SGD 12,000 (8,800 USD) to sponsor applicant's parents

EntrePass:
To be eligible for LTVP visas for family members, EntrePass holders must meet minimum annual business and job creation requirements for local employees:

To sponsor: Legal or common-law spouses and children
Your annual business expenses* must be at least: $100,000
You must hire at least: 3 LQS** or 1 local PME

To sponsor: Parents
Your annual business expenses* must be at least: $200,000
You must hire at least: 6 LQS** or 2 local PME


* - Annual business expenses are calculated by subtracting the following costs from total operating expenses:

• Expenses associated with the acquisition of royalties, franchises and fees for technical know-how from foreign companies.
• Expenses due to outsourcing of work abroad.
  
• The entire amount of remuneration for EntrePass holders.
  

** - LQS refers to Singaporeans and Permanent Residents (PRS) who earn a monthly salary of at least SGD 1,400 and have been contributing to the Singapore Pension Fund for at least 3 months.

*** - PMEs are defined as professionals, managers and executives who are Singaporeans or permanent residents, earn a monthly salary of at least SGD 3,900 and have been contributing to the Singapore Pension Fund for at least 3 months.

1 local PME equates to 3 LQS. For example, to meet 6 LQS requirements, you can hire 3 LQS and 1 local PME.

To issue long-term social visas, you will need to submit the following documents to IOM:


LTVP Pass for civilian spouse:

1. Completed and signed LTVP Pass form (Form 14)
2. Copy of the sponsor's work visa
3. Copy of the applicant's passport (page with personal data)
4. Marriage certificate
5. Letter from an embassy proving that the applicant/work visa holder is civilly married according to the laws of his/her country
6. An affidavit from the applicant/work visa holder stating that he/she and the applicant are in a civil relationship according to the laws of their country. The affidavit must also be notarized in their country
7. Educational background of spouse

LTVP Pass for unmarried foster children under the age of 21:

1. Completed and signed LTVP Pass form (Form 14)
2. Copy of children's passports (parents, if the children are inscribed in the passport)
3. Children's birth certificates with names of parents
4. Copy of child's vaccination certificates
5. Verification of vaccination information
6. Court order granting custody of child
7. Letter from the other biological parent stating that there is no objection to the child coming to Singapore
8. Child's educational records

LTVP Pass for unmarried disabled children over the age of 21:

1. Completed and signed LTVP Pass form (Form 14)
2. Copy of children's passports (parents, if children are inscribed in the passport)
3. Letter or report from a medical practitioner about the applicant's condition
4. Educational background of the child (if applicable)

LTVP Pass for Parents:

1. Completed and signed LTVP Pass form (Form 14)
2. Page with personal data of the applicant's travel document
3. Applicant's/work visa holder's birth certificate with parents' names on it

Each application is reviewed individually by the Ministry of Labor based on a wide range of factors such as financial status of the employer's company, salary of the sponsor, education and work experience of the applicant for a long-term social visa, etc.

It can take anywhere from three weeks to several months to be issued with a long-term social visa in Singapore.

In the case of an LTVP from the Singapore Immigration Authority (ICA), the applicant must fall into one of the following categories:

• Spouse, parent and child of a Singapore citizen and permanent resident
• Graduate of Singapore institutions of higher education, wishing to work in Singapore,
• Mother or grandmother of a child studying in Singapore on a Student Pass
• Women flying to Singapore to give birth

In order to successfully obtain an LTVP, applicants must submit an extensive list of documents, which depends on the category of the applicant.

Below is a list of documents required for each category:

LTVP Pass for civilian spouse:

• Copy of the passport (personal data page)
• Immigration card data
• Digital color photo of applicant, passport size, taken within the last three months
• Official marriage certificate
• Death or divorce certificate for your previous marriages (if applicable)
• Copies of all of the applicant's diplomas and certificates of educational attainment
• Letter of eligibility for the Long Term Visit (LLE) program, if applicable
• Letter of employment stating your start date, position, and monthly salary
• Payroll records for last 6 months (Payslips)
• (For the self-employed) A valid business registration certificate from the Principal Registrar of Singapore (ACRA)
• (For Self-Employed) Business Profit and Loss Statement for last 12 months

A Singapore citizen or permanent resident status holder is also required to provide the following documents:

From a Singapore citizen/ Permanent Resident spouse (sponsor):

• Identity card
• Copies of all diplomas and educational certificates of the sponsor and applicant
• Income tax assessment certificate for the last 3 years from the Inland Revenue Authority of Singapore (IRAS)
• Singapore Pension Fund (CPF) contribution statements for the last 12 months
• Letter of employment stating date of commencement, position and monthly salary
• Payslips for the last 6 months
• (For self-employed) Valid business registration certificate from the Registrar General of Singapore (ACRA)
• (For self-employed) Profit and loss account of the business for the last 12 months

If parents of Singapore citizens or Permanent Resident Holders wish to apply for a Long-Term Social Security Visa, they must provide the following list of documents:

From the parent (applicant):

• Copy of the passport (page with personal data)
• Migration card data
• Digital color photo of applicant, passport size, taken within the last three months
• Adoption documents (if applicable)

The sponsor, who is a Singapore citizen or permanent resident status holder, must provide the following documents:

From a Singapore citizen/resident status holder of a child over 21 years (sponsor):

ID Birth Certificate Official Marriage Certificate (if applicable) Copies of all diplomas and certificates of education received Income Tax Assessment Notification for last 3 years from the Income Tax Authority of Singapore (IRAS) Notifications of contributions to the Singapore Pension Fund (CPF) for last 12 months Employment Letter stating date of commencement of employment, Employment letter indicating date of commencement of employment and monthly salary Payslips for last 6 months (For Self-Employed) Valid business registration certificate from the Principal Registrar of Singapore (ACRA)(For Self-Employed) Business Profit and Loss Statement for last 12 months
The sponsor's spouse (if applicable) is also required to provide a list of documents:

From the spouse/spouse of a Singapore citizen/child above the age of 21 with permanent residence status (sponsor spouse):

• Notice of Income Tax Assessment for the last three years from the Singapore Revenue Authority (IRAS)
• Notice of contributions to the Singapore Pension Fund (CPF) for the last 12 months
• Employment letter indicating date of commencement of employment, position and monthly salary (if applicable)
• Payroll statements for last 6 months (Payslips)
• (For the self-employed) A valid business registration certificate from the Principal Registrar of Singapore (ACRA)
• (For Self-Employed) Business Profit and Loss Statement for last 12 months

From a foreign child (applicant):

• Copy of the passport (page with personal data)
• Migration card data
• Children's birth certificates, including names of parents
• Digital color photo of the applicant, passport size, taken within the last three months

A Singapore citizen or permanent resident status holder must also provide the following list of documents:

From a Singapore citizen/Parent's permanent resident status holder (sponsor):

• ID card
• Copies of all diplomas and certificates of education
• Official marriage certificate
• Divorce certificate and custody papers (if applicable)
• Notification of income tax assessment for the past three years from the Internal Revenue Authority of Singapore (IRAS)
• Notifications of contributions to the Singapore Pension Fund (CPF) for the last 12 months
• Letter of employment stating date of commencement, position and monthly salary
• Payroll statements for last 6 months (Payslips)
• (For the self-employed) A valid business registration certificate from the Principal Registrar of Singapore (ACRA)
• (For Self-Employed) Business Profit and Loss Statement for last 12 months

A graduate of a Singapore institution of higher learning who wishes to work in Singapore must provide the following list of documents:

From the graduate (applicant):

• Copies of all diplomas and certificates of education received
• Photocopy of passport (page with personal data)
• Migration card data
• Digital color photo of the applicant, passport size, taken within the last three months

The mother or grandmother of a student on a Student Pass in Singapore is required to submit the following list of documents:

From mother/grandmother (applicant):

• Copy of the passport (page with personal data)
• Migration card data
• Marriage certificate
• Divorce certificate and custody papers, if any
• Digital color photo of applicant, passport size, taken within the last three months
• Child's birth certificate, passport and Student's Pass (if mother is the applicant)
• Grandchild's birth certificate and parents' birth certificate and Student's Pass (if the applicant is the child's grandmother)

* Only one applicant (the child's mother or grandmother) can apply.

Women wishing to give birth in Singapore must provide the following list of documents:


From a foreign mother wishing to give birth in Singapore (applicant):


Copy of spouse's passport (page with personal data) Migration card data Marriage certificate A letter from the local doctor stating the expected date of delivery and whether there are any complications with the pregnancy A letter from the applicant's embassy or high commission stating that the newborn child will take the applicant's citizenship and that the child will be issued a valid passport or travel documentDigital color photograph of the applicant, passport size, taken within the last three months

Each application is considered individually by the Singapore Immigration Service based on a wide range of factors.

It can take anywhere from two weeks to several months for a long-term social visa to be issued in Singapore.

Each application for permanent residency in Singapore is considered by the Singapore Immigration Authority (ICA) on an individual basis. However, there are some key factors that the Singapore Immigration Service looks at most closely:

• Your family ties with Singapore citizens and residents. If you have family ties to Singapore citizens or permanent residents, this is a positive factor for your application.
• Your education. The Singapore authorities place a very high value on your education and the university you have graduated from. The more well-known and prestigious the university, the higher your chances are.
• Length of residence in Singapore. The longer you have lived in Singapore, the more the authorities are convinced that you plan to continue living in Singapore.
• Your work experience and stability of your employment in Singapore
• The uniqueness of your professional specialty and the in-demand nature of your work experience.
• The success of your employer's company (the bigger and better known the company, the more turnover it has and for which you work, the higher the chances)
• Your salary and financial well-being. Despite the lack of a minimum salary threshold to apply for permanent residency in Singapore, in our practice over the past few years, there were no candidates who obtained a permanent residency in Singapore with a salary below 14 000 SGD (~ 10 000 USD).
• Personal and corporate taxes paid (if the applicant is the owner of the company)
• Your age. Experience shows that Singapore is more willing to grant permanent residency to applicants under 40 years old
• Your character (are you a law-abiding citizen)
• Your charitable contributions to the community such as volunteering, donations, etc. Д.
• Involvement of family members in the local community

We can do our best to increase your chances of getting a permanent residence permit in Singapore. But the only body that makes the decision to grant or refuse a permanent residence permit is the Singapore Immigration Authority (ICA).

There is a chance to get a permanent residence permit even in the case of several refusals. But you should keep in mind that it makes no sense to resubmit without changing the key indicators of the application, as the result will be similar to previous applications. Before making a new application, you need to analyze the previous application and understand the reason for rejection.

Purchase of real estate in Singapore is not the basis for permanent residency in Singapore.

Irrespective of the fact that you used to have permanent residence status in Singapore, given that Entry and Re Entry Permit have not been renewed, you will need to make a new application for permanent residence with the Singapore Immigration Service. Moreover, re-applying for permanent residence permit in cases where the permanent residence permit has been cancelled/not renewed can be more problematic than the first one, as you will need to prove to the Singapore Immigration Service that you are serious and provide compelling reasons for refusing/not renewing the permanent residence permit.

If you have already applied and been rejected for permanent residency, we would recommend to make a detailed analysis of your case, objectively see how and in what issues you can strengthen the application, fix these points and only after that reapply (on your own or with our help).

Given that Singapore is much more willing to grant PR to applicants under 40 years of age, we would not recommend delaying the issue for too long, as time is of the essence here.

Visa to Singapore is issued for a period not exceeding 9 weeks, during which you must enter Singapore. However, you can stay in Singapore on a tourist visa for no more than 30 days. The period of validity of the visa begins at the time of issuance.

Yes, each child needs a separate visa to visit Singapore.

Russia, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

If you are a citizen of the above countries, you can fly into Singapore only if you comply with the transit entry requirement. You can use the 96-hour transit entry option, provided you have a ticket to the 3rd country.

You can enter Singapore without a visa under the following conditions:

• You have an air ticket to a third country. That is, on the route Moscow - Singapore - Bali, a Moscow - Bali airline ticket is a ticket to a third country. On the route Moscow - Singapore - Moscow, the return air ticket is not considered a ticket to the third country, i.e. the rule is not followed.
• Stay in Singapore between flights should not be more than 96 hours.

Recommended by:

• Have a real hotel reservation on hand
• At least 500 USD in cash.

Even with a visa, the final decision to enter Singapore is made by the passport control officer.

In order to avoid risks we recommend:

• Have a real hotel reservation in hand
• Have a return ticket
• Have at least 500 USD in cash on hand, or be able to withdraw it from an ATM if requested

Гарантировать выпуск туристической визы в Сингапур не может ни одно агентство, т.к. окончательное решение по выдаче или отказе в выдаче визы принимает исключительно Иммиграционная служба Сингапура. Со своей стороны мы гарантируем максимальные усилия для получения вашей визы.

The Singapore Immigration Service may refuse to issue a visa without giving a reason. As a rule, it happens in the following cases:

• mistakes in filling in the visa application form (a mistake of one letter or digit can lead to refusal of a visa. Be as attentive as possible!)
• poor quality photo or photo with irregularities
• Negative history of visits to Singapore in the past (disruptions of public order, time spent in Singapore, illegal entry, etc.)
• visit Singapore too often (more than 3 tourist visas per year without good reason)
• your previous visa to Singapore has not yet expired
• Single girls and women between 18 and 40 years old traveling alone or with a girlfriend. For this category, you need to provide a certificate of employment indicating salary and position, bank account statement on availability of funds and other proof of solvency. We highly recommend this category of travelers to apply for visas through the Embassy of Singapore in the country of your presence, this greatly increases your chances of being issued a visa.

The Singapore Immigration Service does not affix a visa to your passport, but issues an electronic visa, which is an official authorization to visit the Republic of Singapore. As a rule, Singapore Immigration Service issues multiple-entry visa for the period from 30 to 90 days, which starts to be valid from the date of issuance of the document.

An electronic visa in PDF format from the Singapore Department of Migration and Control is sent as a confirmation of visa receipt. Each visa has a unique identification number, by which you can check its authenticity on the website of the Migration and Control Department of Singapore. The Singapore visa is printed on an A4 sheet and must be presented together with your passport and a completed immigration card at passport control.

It is worth applying 30 calendar days in advance.

It is important to remember that the visa is counted from the date of its approval, so do not apply too early. Keep in mind that each unexcused stay in Singapore is a maximum of 30 days - each time you enter the country, your passport is stamped for a maximum of 30 days. Please keep in mind that a Visa only entitles you to enter Singapore, not to remain in Singapore indefinitely until it expires!

Multiple-entry visa allows the applicant to enter the country more than once, given that the applicant has the right to stay in Singapore for no more than 30 consecutive days. Single entry visa allows entry only once. Usually tourist visa to Singapore is issued for 2 months.

You can check the validity of your visa at www.ica.gov.sg using your individual identification number.