It seems that it is more difficult for foreigners to open a business in Singapore than for local ones: a foreign country, ignorance of the laws, bureaucracy. In reality, a foreign citizen can register a business within a few days if he follows the law and follows the registration procedure. In this article, we talked about what documents are needed and what sequence of actions when registering a business, as well as if a foreign has to set up a company in Singapore so he may face many difficulties when opening a business.
Rights, Obligations, and Restrictions
Rights, obligations, and restrictions Foreign citizens and stateless persons have similar rights and commitments as Singapore residents. This is communicated in the Constitution of the Singapore Federation. There are a few limitations, but they do not apply to registering and they have to apply for it just like some foreigners set up company in Singapore
The activities of foreigners who decide to register a business in the Singapore Federation are regulated by many laws:
- A foreign citizen can register as both an individual entrepreneur and an LLC. Each form of ownership has pluses and minuses, which will help you to understand the article ” What is better to open an individual entrepreneur or LLC .”
To register with the tax authorities as an individual entrepreneur, a foreigner must legally stay in Singapore: have a temporary residence permit (TRP) or a residence permit (residence permit) with a mark of registration at the place of residence.
Methods to Open a Business
The most effective method to open an individual business to an outsider is to set up the organization in Singapore Federation: the essential archives and techniques.
It is feasible to open an individual business visionary to an unfamiliar resident both with a transitory home license and with a home grant. The same types of activities are available to foreigners set up company in Singapore Federation: all, except for those requiring special permits and licenses, which are not issued to individual entrepreneurs, and those that, according to the law, can only be carried out by legal entities. So, it will not be possible to trade in alcohol and produce it (except for beer), open a pawn shop, or take up insurance.
The registration procedure is the same as for citizens of the Singapore Federation, the only difference is in the number of required documents.
Documents for registering a foreign as an individual business person:
- A copy of the identification with an authorized interpretation into Singapore or another personality archive: ID-card, DNI, service passport.
- A photocopy of the birth certificate with a notarized translation, if the passport does not contain information about the date and place of birth. Instead of a birth certificate, there might be another record that affirms the date and spot of the birth of a foreign citizen or stateless person.
- A photocopy of the RVP stamp in the passport or on a separate sheet or a photocopy of the residence permit (a separate document). The authorities also check company name that you decided for your company.
- A photocopy of a document (or passport page) confirming the applicant’s registration in Singapore.
- To register a foreign citizen as an individual entrepreneur, a work permit or patent is not required, since doing business is not equated to work.
- In addition to copies of documents, you must have the originals with you. They will not be collected at the tax office, but they may be asked to verify the data.
You can submit archives for the registration of an individual business visionary:
Registration of an individual business visionary requires three working days. After this time, the candidate gets a notification of enlistment of the individual business person and a concentrate from the USRIP (if the reports were submitted through the State Services, get it in electronic structure) or a refusal to register.
What to do with a business when you received citizenship
If you are registered as an individual entrepreneur or are the founder of an LLC, then you must inform the tax office of obtaining Singapore citizenship within three days:
Foreign citizens and stateless persons can conduct business in the foreigners set up company in Singapore Federation. They have similar rights and commitments as Singapore residents. Foreign citizens can register as both individual entrepreneurs and LLC. To open an individual business visionary, you need to have a brief home license or home grant. You can participate in a movement, with the exception of those that are legally prohibited for individual entrepreneurs. An individual or a company can register an LLC in Singapore; this does not require a temporary residence permit or residence permit. These documents are required only if the founder will work as a director. Then, at that point, he will in any case require a work license. Non-occupants reserve the privilege to open current records in approved Singapore banks, albeit this isn’t required for singular business visionaries. LLCs can open accounts in rubles and in foreign currency.