Singapour

Setting Up as an Entrepreneur in Singapore

{{Being an entrepreneur these days takes a
lot of courage. Nevertheless Singapore attracts
quite a few entrepreneurs in part
due to Singapore’s living and working environment
as compared to other countries
as well as the identified niche market
which remains to be addressed.}}

Being an entrepreneur these days takes a lot of courage. Nevertheless Singapore attracts quite a few entrepreneurs in part due to Singapore’s living and working environment as compared to other countries as well as the identified niche market which remains to be addressed.

The question is how easy is it to set up a business in Singapore?

THE ENTREPASS
The Entrepass is an option for people who want to setup a business in Singapore. Previously all that is required is a comprehensive business plan showing 3-year forecast, a tertiary degree from a recognized reputable education institute; failing which, extensive working experience must be shown as proof. However, recently the situation has evolved towards more controlled and selective criteria as well as the need for higher returns and expenses...

RECENT CHANGES TO THE ENTREPRENEURS PASS POLICY
Since September 2009 the paid-up capital must be at least SGD 50,000 (bank statement required) and the shareholding of the entrepreneur at least 30% within a Private Limited company, limiting those who only wish to set up a less constraining structure such as a Sole Proprietorship.

For the Entrepreneurs Pass renewals, conditions have changed considerably. Conditions of being an active company securing third party funding and faithfulness to the original business plan (for the first renewal) have now been topped up with much more stringent criteria such as requirement of local employees quota and business turnover.

Is there any other possible way to go about these stringent measures criterion ?

EMPLOYMENT PASSES
An alternative is to incorporate a Private Limited company with foreign shareholding and a Singaporean nominee director making it possible to apply for an Employment Pass for the person coming to Singapore to work. The criteria depend on the amount of paid up capital, the company profile, proposed activities and objectives. The applicant needs good working experience track record and a tertiary degree from a recognized reputable education institution.
Another type of Employment passes, such as the Personalized Employment Pass PEP, is not tied to any employer and will be granted on the strength of an EP holder's individual merits. A PEP holder is able to remain in Singapore for up to six months in between jobs to evaluate new employment opportunities. The PEP is issued for a 5 year term.
All in all, the good news is that in order to set up your business in Singapore the your options are not only limited to applying for an Entrepreneurs Pass if this does not necessarily suit your activity and needs.

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<doc657|left>Un article issu du magazine Focus une publication de la Chambre de commerce française à Singapour

The French Chamber of Commerce in Singapore
Nicolas AVRIL
Tel : +65 6735 5523 Ext 204 - Fax : +65 6735 5394
@ : [navril@fccsingapore.com->navril@fccsingapore.com]
Site : www.fccsingapore.com