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Setting up a private limited company in Singapore.

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tkman76
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Setting up a private limited company in Singapore.

Postby tkman76 » Wed, 09 Aug 2006 1:28 pm

Short introduction about myself, I have been running different IT-companies (IT Security/Network/UNIX) in Sweden for the past 8 years. And now I am thinking about setting up a company in Singapore and possible in the long run move there.

I know this topic have been discuss in and out before in this forum so I hope you will excuse me for bring it up again :-)

I am thinking about setting up a private limited company. As far as I have understood from previous posts in this forum and from reading on http://www.acra.gov.sg and scanning through the Singapore company act/law you need one local director and also one local secretary the rest of the directors can be foreigner.

I know some people well in Singapore who can function as the director and possible secretary of the company if I decide to start one in Singapore. And I could probably use their HDB-block-address as the company address until it is time to rent a office space.

According to the information because I as a shareholder/director is non-Singaporean I need to use a professional firm in the incorporation process of my company in Singapore. I have been looking up on the different companies suggested her like . and lexcon. The price for incorporation is affordable but the price for secretarial/office address services is bit high especially for a dormant company (20k-100k/10-20 transactions). Of course we have the option to take care of it by ourselves. I also know the list on www.saicsa.com/practitioner.htm but just a couple of them have email address or a website listed and I am do lazy to call all up to ask for quote or search on google for their secret website. So please feel free to give me personal recommendations for professional firm for incorporation and secretarial services if you have any.

Secondly do you have any thought about how MOM will see it if I am in 2 years time apply for EntrePass or P1 for being able to move to Singapore to be more active involved in the company? Will it be advantage/disadvantage/neutral to have had a quite dormant (turn-over around 20k-100k) company in Singapore for 2-3 years compared with starting it up directly before/after you apply for EntrePass?

Kind regards
//Tommy

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XavierG
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HI Tommy

Postby XavierG » Thu, 10 Aug 2006 6:21 pm

Hi Tommy,
unfortunately, there is not a short answer to your question, however there are help available to assist you.
Not sure if you need to have a Pte Ltd if your company is so called dormant, you can look into setting up a Sole P or at best a LLP for your case.
In the case of your setup, if you do not need a physical space for your local operations, you can consider getting the help of service providers. I recommend the use of Ideal Commercial @+65 63368866. This is the most cost effective and they are very professional. Your questions can be directed to them and have trust that they will be able to answer you accordingly. There is no other easier way for you so i guess you have to make the effort to make the call.

With that, i wish you the best in your business.

Xavier

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Postby Strong Eagle » Fri, 11 Aug 2006 6:43 am

From MOM: When you apply for an Entrepass, the company in question must not be more than six months old.

http://www.mom.gov.sg/ProceduresAndGuid ... repreneurs).htm

I don't think you'll get very far with a dormant company. The whole point is to encourage new business development.

tkman76
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Postby tkman76 » Fri, 11 Aug 2006 1:05 pm

Strong Eagle wrote:From MOM: When you apply for an Entrepass, the company in question must not be more than six months old.

I don't think you'll get very far with a dormant company. The whole point is to encourage new business development.


Thanks, had problem miss out the thing with the 6 months. But if I start up a new company under entrepass will MOM take into consideration that I before have had dormants or holding companies in Singapore?

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Postby Strong Eagle » Fri, 11 Aug 2006 1:37 pm

tkman76 wrote:
Strong Eagle wrote:From MOM: When you apply for an Entrepass, the company in question must not be more than six months old.

I don't think you'll get very far with a dormant company. The whole point is to encourage new business development.


Thanks, had problem miss out the thing with the 6 months. But if I start up a new company under entrepass will MOM take into consideration that I before have had dormants or holding companies in Singapore?


Why don't you call them? They are quite helpful.

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Postby jpatokal » Fri, 11 Aug 2006 1:52 pm

You'll also need permission from HDB if you want to use an HDB address as the company's place of business.

Prices for corporate secretarial services vary widely, but if you only need a name on a piece of paper and a signature for the accounts, it's only a few hundred bucks a year.
Vaguely heretical thoughts on travel technology at Gyrovague

tkman76
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Postby tkman76 » Fri, 11 Aug 2006 2:51 pm

Thanks, had probably miss out the thing with the 6 months. But if I start up a new company under entrepass will MOM take into consideration that I before have had dormants or holding companies in Singapore?[/quote]

Why don't you call them? They are quite helpful.[/quote]

Yeah probably best to call them up the same goes with calling up some of the professional firm that can handle company incorporation, entrepass, employment pass and so.

Is it an alternative that instead of applying for an Entrepass in two-three years I instead let my SG company sponsors me with an Employment pass P1 and with a salary of 9000SGD/month or possible more? In that time frame the SG company would probably have enough income (mostly from overseas contracts) to be able to pay me that salary of 9000SGD/month or probably even more than that.
Or will MOM still consider it as an Entrepass application because I will be working for my own company?

//Tommy

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Postby tkman76 » Fri, 11 Aug 2006 2:55 pm

jpatokal wrote:You'll also need permission from HDB if you want to use an HDB address as the company's place of business.

Prices for corporate secretarial services vary widely, but if you only need a name on a piece of paper and a signature for the accounts, it's only a few hundred bucks a year.


Do you have any good recommendations? For the moment and my needs I think that . is a bit expensive with almost 900SGD/year.

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XavierG
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Hi

Postby XavierG » Fri, 11 Aug 2006 4:01 pm

As mentioned, you can try Ideal Commercial. They are very professional and cost effective. The number i gave you in my previous posting

Xavier

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Postby Strong Eagle » Fri, 11 Aug 2006 7:27 pm

tkman76 wrote:
jpatokal wrote:You'll also need permission from HDB if you want to use an HDB address as the company's place of business.

Prices for corporate secretarial services vary widely, but if you only need a name on a piece of paper and a signature for the accounts, it's only a few hundred bucks a year.


Do you have any good recommendations? For the moment and my needs I think that . is a bit expensive with almost 900SGD/year.


I've used a local firm since the inception of my company. Very good, reasonably priced, drop me an email.


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