Singapore isn’t called a haven for business without reason. The laws are transparent, there is no bureaucracy or corruption, taxes are meager which come with various DTAs and incentives, and the infrastructures and living conditions are among the best in the world. However, before getting to start your company as a foreigner, you will need to apply for a business visa.
The entrepreneur pass is for foreigners who want to start their own venture in Singapore. To be able to apply for it, the candidate should be at least 18 years old and have not indulged in illegal activities before.
To get an Entrepass, you should be starting a business in Singapore soon, or should have registered a company for no more than six months. Remember, your business idea plays a vital role in deciding whether you get the pass.
Investors, Entrepreneurs, and Innovators can apply for the Entrepass in Singapore. You can contact a business advisor to know more about it.
The investment should be at least SDG 50K, and the person making the application for the Entrepass should own at least 30% of the shares of the company.
On the other hand, if you have already registered your company in Singapore, you can also relocate to the city-state as its employee. Well, the idea here is to hire yourself as the director of your company. The Employment Pass can initially be issued for one to two years, and later be extended for three.
Note: A Singapore company needs to have a resident director. If you can’t live in Singapore while running the business, you can hire a nominee director who should be able to take care of your responsibilities.
How Do I Maximize My Chances of Getting a Business Visa in Singapore?
You will need to consult a corporate service provider in Singapore who will guide you in your application. Furthermore, as mentioned before, the probability of you getting the visa also depends on the company you are planning to register. In the case of Employment Pass, the company should be paying the applicant an appropriate salary.
You see, there are various complexities while getting an investor visa in Singapore. So, it will be extra helpful for you to work with a corporate service provider as they can also guide you in opening the right kind of company.