Posting on behalf of a friend (rags)
Currently I am on Ep and as I am planning to go back to my country in mid 2021 I will be surrendering my EP. I am planning to start a company in Singapore and work as a non resident from the home country.
Since I want to be close to my family I have decided to do this to work remotely as consultant for next 2-3 yrs
Questions
1.In my Sole proprietary company the capital
Is around 10-15k I will ensure there is a revenue of 1-2k every month in my company account. Does this income has to be from Singapore generated ? Or can this be from any outstation projects( paid by clients outside SG). Does this give me any leavy on my visa ? What visa will I have having a company in SG?
2. I am not planning to withdraw any amount for next 2 yrs to avoid any non resident taxes. So hoping no additional tax implications apart from personal income tax slabs applicable on revenue generated.
3. After 2-3 yrs if I decide to come back to Singapore on a EP do I have to close this company ?
4. Does having this company boost my
- PR a application in future ?? Currently I am living in Singapore for 10+ yrs and hoping that leaving the country will not cause only negative impact on PR a application in future. And also hoping that having my company will help ?
TIA
@rags
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Starting a sole proprietor company in Singapore
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Re: Starting a sole proprietor company in Singapore
You will need to have a normally resident in Singapore manager for your sole proprietorship. This person will need to be a Singapore citizen or PR. This person will be responsible for the operation of your company in Singapore. Most people don't want to do this because if you do something illegal, it will be their problem.snayak21 wrote: ↑Mon, 29 Mar 2021 9:25 pmPosting on behalf of a friend (rags)
Currently I am on Ep and as I am planning to go back to my country in mid 2021 I will be surrendering my EP. I am planning to start a company in Singapore and work as a non resident from the home country.
Since I want to be close to my family I have decided to do this to work remotely as consultant for next 2-3 yrs
Questions
1.In my Sole proprietary company the capital
Is around 10-15k I will ensure there is a revenue of 1-2k every month in my company account. Does this income has to be from Singapore generated ? Or can this be from any outstation projects( paid by clients outside SG). Does this give me any leavy on my visa ? What visa will I have having a company in SG?
2. I am not planning to withdraw any amount for next 2 yrs to avoid any non resident taxes. So hoping no additional tax implications apart from personal income tax slabs applicable on revenue generated.
3. After 2-3 yrs if I decide to come back to Singapore on a EP do I have to close this company ?
4. Does having this company boost my
- PR a application in future ?? Currently I am living in Singapore for 10+ yrs and hoping that leaving the country will not cause only negative impact on PR a application in future. And also hoping that having my company will help ?
TIA
@rags
You will not get any kind of visa for starting your SP. All the normal rules for visas will apply to you. In other words, you cannot work in Singapore just because you start an SP.
If you come back on EP, you can no longer work for your own company.
It makes no difference where you earn your income. You can have clients outside Singapore.
It doesn't matter if you withdraw funds or not. If you earn a profit, you must report it and pay taxes on it. That is the way SP tax law works. Only if you form a private limited can you retain earnings and not pay yourself.
Leaving the country will have a major impact on your PR application. You show that there are things more important to you than living in Singapore. Having a sole proprietorship that you manage remotely won't help... it may hurt... you are remote.
It will be unusual for a foreigner to setup a sole proprietorship, engage a local manager, and perform work remotely. You will need to contact IRAS for details of your tax liability
https://www.acra.gov.sg/how-to-guides/s ... -singapore
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