Form a Singapore Company, A Close Look by Rikvin

The Singapore Employment Pass (EP) is a visa given to foreign businessmen, shareholders, and managing directors who want to setup a company and “personally” handle their business, according to Singapore’s leading business registration specialist Rikvin.

To qualify for this visa, applicants should meet certain requirements that will show their eligibility in managing a business in the country.

One of the most important requirements is the college diploma from a reputable school. However, Rikvin said that passing this condition alone does not guaranty a successful application since the Ministry of Manpower (MOM) sometimes makes an exception.

“In some cases, the agency gives EP to applicants who lack in the educational criteria if they have other compensating factors. On the other hand, some individuals who have outstanding educational achievement may be turned down if they fall short on the other requirements,” Rikvin said.

Aside from the educational background, another factor which can determine the eligibility for this visa is the entrepreneurial and professional skills.

“The entrepreneurial and professional skills are the most important requirements which can determine if a person is qualified for the Singapore Employment Pass or not,” Rikvin said.

“With this, foreign entrepreneurs who have existing companies abroad have a greater chance of securing this visa particularly if their business has a good track record, it has a notable business potential, and its reputation and image has not been flawed with any malpractices or illicit activities,” it added.

In some cases, MOM also considers the amount of paid-up capital the EP applicants will spend on their business. In this way, the agency can determine their potential economic contributions to the country.

Foreign entrepreneurs should know that they are required to incorporate a company before they can apply for this visa. It is important to note that incorporating a business does not automatically mean that they will have a successful application for their visa.

Meanwhile, foreign businessmen should realize that it is possible to form a Singapore company without having to relocate in the country as long as they will designate at least one local resident who will act as a director.

According to Rikvin, a local resident director may be a “natural citizen” or a foreigner who has been issued with Employment Pass, EntrePass, PR Status, or Dependant Pass.

But in case that the foreign businessmen have no trusted contact in Singapore, the business registration firm said that it can provide a nominee director for their clients’ companies.

“Foreign businessmen who want to start a Singapore company should make sure that they only hire a professional registration firm which has been accredited by the Accounting and Corporate Regulatory Authority (ACRA). In this way, they will have no problem during the application process,” Rikvin added.

Rikvin Pte Ltd20 Cecil Street, #14-01, Equity Plaza, Singapore 049705 Main Lines : (65) 6438 8887Fax : (65) 6438 2436http :// www . rikvin . com /