Singapore is an attractive country not only because of its remarkable economic results registered in the last decade, but also because it is very open to foreign investors interested in starting a business here. There are several ways to open a company inn Singapore and it is important to know that the main requirement for incorporating a business as a foreigner is to appoint a local agent who completes the formalities with the Companies Register. However, such the role of such an agent can be taken by a family member if he or she has obtained a dependant pass.
The Singapore dependant pass is issued by the Ministry of Manpower (MOM) and targets individuals who need to comply with certain requirements. Below, our company formation agents in Singapore explain how to set up a business under the dependant pass.
Foreign investors can rely on us for assistance in obtaining a Singapore dependant pass and registering a business in the city-state.
There are several criteria imposed by the Ministry of Manpower a person must comply with in order to obtain the Singapore dependant pass. There are also several advantages to be obtained once such a permit has been obtained.
Here is what you need to know about the Singapore dependant pass:
The main advantage of the dependant pass is that it grants the right to open a company in Singapore.
If you are interested in starting a business under the dependant pass, our company registration consultants in Singapore can assist you.
Documents required to obtain a Singapore dependant pass
The following documents need to be prepared and filed with the Ministry of Manpower when applying for a Singapore dependant pass:
The Singapore dependant visa is issued within 3 to 5 weeks after the application and prior to its issuance, an In-Principle-Approval letter is issued by the Ministry of Manpower.
Our Singapore company formation specialists can help foreign citizens interested in obtaining various licenses and permits.
Foreign citizens who have established themselves here and decide to bring family members to Singapore under the Dependant Pass program must also meet a few requirements. Among these, the most important are:
Foreign citizens who have come to Singapore under the EntrePass scheme can also bring family members to the city-state. Spouses and unmarried children with a maximum age of 21 can apply for dependant passes and join their families here.
If you want to open a company in Singapore under the dependant pass, our local specialists are at your disposal with complete information on the procedure you need to follow.
The good news for those who want to open a company in Singapore after having obtained their dependant pass is that the business registration process will imply the same steps as for any other local or foreign investor. One needs to draft the incorporation documents, file them with the Accounting and Corporate Regulatory Authority and obtain the Certificate of Registration and all the licenses allowing them to operate.
Starting a business under the Singapore dependant pass implies no special requirements related to the types of companies one can set up, therefore foreign citizens can operate as sole traders or can establish limited liability companies which are preferred by most investors.
Should you need any advice on how to choose the right business form, our company formation agents in Singapore are at your disposal.
There are no restrictions on the types of companies one can create as a foreign citizen in Singapore. By far, the private limited liability company is the preferred vehicle as it implies relaxed company registration requirements and is suitable for most activities that suit best the most prolific industries in the city-state.
In the past few years, the startup has become one of the most created types of businesses as it destined to entrepreneurs interested in innovation. Considering the Singapore government is keen on supporting innovative sectors, setting up a startup for this purpose will also imply obtaining various benefits.
However, when opening a Singapore company under the dependant pass there is one additional step to complete. That is applying for a letter of consent with the Ministry of Manpower in order to register the business.
The procedure of starting business in Singapore as a dependant pass holder can be explained in detail by our company registration advisors who can also help you during the entire process.
Foreign citizens who come to Singapore as dependants of holders of employment or entrepreneur visas can qualify to obtain permanent residency if their family members are also eligible. This is why, this scheme is one of the most appealing when it comes to permanent relocation to the city-state.
Apart from enabling one to study, work and even set up a business here, Singapore is one of the most appealing cities to live in the world. The good quality of life and stable economy of this state attracts many foreign citizens interested in settling in one of the world’s most beautiful cities.
Opening a business in Singapore comes with many advantages and no matter the way you decide to create it, our representatives are at your disposal with tailored services.
Singapore provides for various types of residence permits that enable foreign citizens to live here. However, these come separate from work visas, which is why when seeking to work in Singapore, one must also apply for an employment permit.
The Singapore dependant pass is one of the main ways through which foreign citizens who already live here can bring family members to join them. Under other types of residence permits, a foreign person’s family members must go through a separate residency application.
The minimum income of a sponsor who brings family members to Singapore as dependants is higher compared to other schemes, however, the benefits family members obtain are also quite important. They can study, work, or even start their own businesses here.
If you decide to move to Singapore under the dependant pass, you can rely local advisors.
Starting a business in Singapore under the dependant visa will definitely have a positive impact on one’s financial future and living style. According to recent reports, in 2019 the Singapore economy:
No, it is not difficult to obtain such a residency visa if all the requirements are met. Considering the main requisite refers to the income of the family member already established here, it quite easy to meet it.
The procedure can take between 4 and 8 weeks based on how the application was filed and if the application dossier is complete. This is where our agents can help you.
The validity of a dependant pass is the same as that of the residence permit of the family member established here.
Yes, the Singapore dependant pass can be renewed. It is advisable to renew it at least 6 months before its expiration date. Our specialists can guide you through this procedure.
For assistance in starting a company under the Singapore dependant pass, please contact our local advisors.