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PteLtd Registration - Local Directors

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johnleung23
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PteLtd Registration - Local Directors

Postby johnleung23 » Wed, 30 Jul 2008 5:33 am

Hi,

On the EnterpriseOne website it says the following:

However, there must be at least one director of the company who is above 21 and be one of the following:
Singapore Citizen
Singapore Permanent Resident
Employment Pass holder
Approval-in-Principal Employment Pass holder
Dependant Pass holder

There must be at least one shareholder and one director. They can be the same person. However, most companies opt to have at least 2 directors as banks and other financial institutions usually require 2 signatories.


Does this mean that at least one director must be local? Or do all directors need to be local?

-j

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Postby johnleung23 » Wed, 30 Jul 2008 5:50 am

Doesn't really answer the general question. None the less it's a sufficient for my particular circumstance:

For self-incorporation of a company, all the directors, the company secretary and shareholders must be Singapore NRIC holders, Employment Pass holders or Dependant Pass holders. Otherwise, you need to engage a professional service firm to register on your behalf.


-j

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Postby sundaymorningstaple » Wed, 30 Jul 2008 8:31 am

Your first post and your second post say exactly the same thing. As long as "one" director holds an identity card. Citizens & PR hold NRIC's, the rest hold various Employment or resident permits which double as identity cards. Easy-Peasy. And very clear.

This from ACRA (the defining body):

[quote]Incorporating a Local Company



Any person who wants to incorporate a local company may engage a professional firm or service bureau to assist him in the filing of the application for incorporation via Bizfile.

A company can also be incorporated by the directors themselves. (For convenience, we call this process “self-incorporation”

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Postby johnleung23 » Wed, 30 Jul 2008 11:19 am

Sorry my grammer's not the best. Wasn't sure if that second condition applied to the "one director" or just a/any "director". I just didn't want to make an assumption in such an important detail.

-j[/quote]

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Postby Strong Eagle » Wed, 30 Jul 2008 12:34 pm

As I understand it all directors must meet the local residence requirement, citizen, PR, EP or dependent pass. However, it appears to be quite straightforward to get an EP/Entrepass to act as director.

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Postby sierra2469alpha » Wed, 30 Jul 2008 5:16 pm

Just following on from the OP's original:

If a DEP holder, whose DEP pass is tied into a P1 of their spouse, started a company, and then the spouse's P1 pass is not renewed for some reason, then what would happen to a company incorporated by the DEP holder?

Just a point of interest :) Thanks! P & C

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Postby guitarnoise » Wed, 30 Jul 2008 7:19 pm

The spouse on the dependent's pass could apply for an EP as director of the company. It is against the law to run a company without a locally engaged director so that's something that would have to be fixed right away. Get the EP or get someone eligible to fill in as director.

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Postby sierra2469alpha » Wed, 30 Jul 2008 7:27 pm

Yeh but that seems to be different from the other advice here - or am I missing something (sorry I don't ant to hijack the thread)

P

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Postby ksl » Wed, 30 Jul 2008 7:43 pm

sierra2469alpha wrote:Yeh but that seems to be different from the other advice here - or am I missing something (sorry I don't ant to hijack the thread)

P

The dependant pass is tied to your P1, so when the P1 runs out, so would the dependant pass. If she starts a company she will apply for an EP I would think, or the entre pass which will be independant of the P1.

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Postby sundaymorningstaple » Wed, 30 Jul 2008 9:00 pm

In that scenario the entrepass route would already be out is it's only for a non-resident wanting to start a business here in Singapore but not yet here. See other post regarding same sometime last week.

As the director of a company while on the Dependent's Pass, it would behoove that person to get an EP as soon as feasible rather than sitting there with nothing more than a DP. If they didn't bother to think any further ahead, I don't hold much hope for the company anyway.

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Postby guitarnoise » Wed, 30 Jul 2008 10:19 pm

It does seem wise to get your own EP early, but I can see why someone might wait. As the director of a company on an EP you'd have to pay yourself at least $2500 a month and pay income tax on that. A small start up trying to spend as little as possible would want to avoid that cost. Could a DP who opened a company do so without paying himself a salary?

In any case, you would think the spouse would see the cancellation of their EP coming, giving the couple enough time to avoid this tricky situation. If the company is already established and in good standing the EP application process doesn't have to take that long.

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Postby sierra2469alpha » Thu, 31 Jul 2008 11:51 am

Gotcha - thanks everyone!

If we went down this path then setup company as DEP, once setup and moving along then get company to sponser EP for the DEP holder - how does that sound?

P&C

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Postby guitarnoise » Thu, 31 Jul 2008 12:48 pm

If you find someone who is willing to be your nominee director then you have no worries.


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