INCORPORATION OF SINGAPORE PRIVATE LIMITED … · INCORPORATION OF SINGAPORE PRIVATE LIMITED...

INCORPORATION OF SINGAPORE PRIVATE LIMITED COMPANY

+ EMPLOYMENT PASS

RIKVIN PTE LTD | www.rikvin.com | [email protected] | Phone: +65 6320 1888

• 1 Shareholder - Can be an individual or corporate entity of any nationality. 100% local or foreign shareholding is allowed.

• 1 Resident Director - Must be a Singapore resident; i.e. Singapore Citizen/Permanent Resident/Employment Pass/Dependent Pass Holder. If you do not have a resident director, you can engage our resident Nominee Director Service.

• Minimum paid-up capital is S$1.00 - Can be in any equivalent currency.

• Registeredofficeaddress - Must be a physical address and cannot be a P.O. Box.

• 1 Company Secretary - Must be an ordinary resident in Singapore.

SINGAPORE WORK VISAS FOR FOREIGN STAFF

• If you plan to relocate CEO, Directors, or Management staff to Singapore to run the company’s operation, we can assist in the application of their work visas, commonly known as Employment Pass.

• If you do not intend to relocate to Singapore, you must appoint a Resident Director.

SINGAPORE CORPORATE TAX

Singapore’s maximum corporate tax rate is 17%. However, it has the lowest effective corporate tax rate in the world when partial tax exemption, incentives and rebates are included.

SETUP REQUIREMENTS FOR SINGAPORE PRIVATE LIMITED COMPANY

To qualify for Start-up Tax Exemption (SUTE):

• Must have no more than 20 individual shareholders

• For corporate shareholders, one individual must hold at least 10% of the issued shares

• Property and investment holding companies are not eligible

All other companies that do not qualify for the SUTE Scheme will be eligible for partial tax exemption.


PROCESS AND TIMELINE

Incorporate a Singapore Company1

Apply for anEmployment Pass (EP)2

Start Business uponEP Approval3

Apply for SingaporePermanent Residence4

Apply for SingaporeCitizenship5

You are eligible to apply for Permanent Residence

after one (1) year under the PTS Scheme

Two (2) years after Permanent Residence has been granted, you will be eligible to apply for citizenship, subject to ICA approval


ITEMS DESCRIPTION

Company Name Approval • The proposed name of your Singapore company can be in any language with Roman

characters.

• Company name ending can only have permitted suffixes.

Directors • Minimum of one resident director is required.

• Any number of additional directors (of any nationality) can be appointed.

• We also offer nominee resident director service at an additional fee.

Shareholders • A minimum of 1 and maximum of 50 shareholders

• 100% local or foreign shareholding allowed.

• A director(s) and shareholder(s) can be the same or different person.

• A shareholder can be an individual, corporate body, or both.

Company Secretary • Company secretary must be an individual who is ordinarily resident in Singapore.

• We can act as your company secretary.

Paid-up Capital • Minimum capital: One share in any currency.

• Maximum share capital: Unlimited.

Registered Address • All Singapore companies must have a local registered office address.

• We can provide you a registered office address in Singapore.

Bank Account Opening • We will assist you with your corporate bank account opening with local or international banks.

Documents Required Singapore resident shareholder and director:• Copy of Singapore IC; • Copy of Employment Pass/Dependant Pass + proof of address

Non-resident shareholder and director:• Copy of passport; • Copy of residential address proof such as a recent utility bill or bank statement

Corporate shareholder:• Copy of the certificate of registration; • Current extract of company particulars from Registrar of Companies; and• Copy of the constitution of the company (M&A)• Copy of passport of the Authorized Person signing on behalf of the Corporate

Shareholder

*All official documents must be in English or officially translated in English; if you have difficulties getting non English documents translated, we can assist you to translate the documents at applicable fees.

REQUIREMENTS FOR INCORPORATION OF A PRIVATE LIMITED COMPANY IN SINGAPORE


STEPS PROCEDURE RESPONSIBILITY AVERAGE TIMELINE

1 Submit Incorporation Order Form Client 15 minutes

2 Upon receipt of the above from you, we will:

• Check your proposed company name’s availability

• Follow-up with you to clarify queries (if any) and advise accordingly

• Send you an invoice for our services

Rikvin Same day

3 Make payment:

Upon receiving the payment for our services, we will reserve the company name and prepare the incorporation documents to be duly signed either in Singapore before us or overseas before Notary Public

Rikvin/Client Varies

(Depends on your response time)

4 Incorporate Company:

Upon receipt of the signed incorporation documents, we will proceed to register the Singapore Company. Once the Company is incorporated, you may proceed to open a corporate bank account.

Rikvin Same day

5 Apply for Employment Pass:

Rikvin submits all Employment Pass (EP) applications electronically to the Ministry of Manpower (MOM) as the application process is shorter.

The process consists of the following steps:

• Submission of the EP application online. It takes MOM between 1-15 working days to process the application.

• Upon receiving the In-principle Approval notification, we will make arrangement for the collection of your EP.

Rikvin 1-15 days

PROCEDUREANDTIMELINE-INCORPORATIONWITHEMPLOYMENTPASS


Who is it for? Professionals, managerial personnel (managing director, CEO), executives or specialists who wish to work in Singapore may apply for the Singapore Employment Pass.

Eligibility Criteria To be considered for an Employment Pass, a professional must have a fixed monthly salary of at least S$3,000, and possess an acceptable degree, professional qualifications or specialist skills set.

Singapore Employment Passes are carefully assessed by the Ministry of Manpower who take into consideration a number of factors such as the applicant’s educational qualifications, work experience, job profile, economic contributions, employer’s track record and the additional value of the applicant to the Singapore local workforce.

Applicant Company Government

• Relevant work experience and educational qualifications

• Proposed salary

• Age

• Position

• Special skill sets

• Paid-up capital• Operational history• International presence• Employer track record• No. of local employees

• Industry economic contribution

• Skill in demand• Complement and

value add to work force

Pass Type & Eligibility Pass Type Eligibility Criteria

P1:

P2:

Q1:

Fixed monthly salary > $8,000 Possesses recognized qualifications

Fixed monthly salary > $4,500Possesses recognized qualifications

Fixed monthly salary > $3,000Possesses recognized qualifications; orSpecialized skills and a minimum of 5 years of work experience may compensate for the lack of recognized qualifications.

Company Paid-up Capital S$1.00 (One of the assessed factors is the paid-up capital of the company.)

Visa Validity 1 – 2 years

Renewal Renewable as long as you continue to be employed by the company.

Dependent Pass Applicable to immediate family members (for those earning a minimum of $4,000/month)

Permanent Residence (PR) Eligible to apply after 12 months for Singapore Permanent Residence

DocumentsRequiredforEPApplication • A clear scanned copy (preferably color) of Travel Document Particulars Page detailing the personal particulars and travel document number. Please include pages reflecting amendments to details (e.g. name, expiry date), if any.

• Educational Certificates, if any1. Please provide a clear scan copy of the documents in 150 dpi Resolution not exceeding 2MB in PDF file format.

• Registration or Support Letters from a relevant Vetting Agency / Professional Body / Accreditation Agency, if support from them has been declared in the application.

1 Applicants with diploma/degree qualifications from India will need to submit their transcript and marksheets. Applicants with degree qualifications from China will need to submit their Certificate of Graduation and must verify their credentials through an MOM-approved independent verification channel.

ApplicationFiling The Employment Pass can be applied anytime after the incorporation of a company.

EMPLOYMENTPASS-ELIGIBILITYANDREQUIREMENTS

RIKVIN PTE LTD20 Cecil Street, #14-01 Equity Plaza, Singapore 049705Tel: +65 6320 1888 • Fax: +65 6438 2436www.rikvin.com • [email protected] • Reg No 200708442E

COMPANY INCORPORATION S$

CompanyRegistration

• Name check and reservation• Preparation of memorandum & articles of

the company• Preparation of registration forms• Our Professional fees inclusive of Govt. fees• E-Certificate of incorporation

• Preparation of compliance corporate kit, including corporate seal, share certificates, register and minutes book

• Minutes of first board meeting• Resolution to open a bank account

788

Corporate Secretarial Retainer for ONE year 800

Employment Pass (EP) Filing 1,200

Provision of Nominee Director for 2 months 500

SUBTOTAL $3,288

OPTIONAL SERVICES S$

Registered Office Address for ONE year 500

Dependent Pass Application (spouse) 600

Dependent Pass Application (child) under 18 years 400 each

NOTES

• All fees above are subject to 7% GST.• A refundable security deposit of S$2,000 is required for the provision of temporary nominee director service. The security

deposit will be refunded promptly upon approval of your employment pass and replacement of our nominee director service.

• Upon the approval of the EP, you will need to pay fees ranging from S$40 - S$120 to the Ministry of Manpower for the issuance of the pass and visa stamping fees.

PAYMENTMETHODS

1 Cash or Local Cheque

2 Payment via PayPal - Please go to http://rikvin.com/payment (Please note there is an additional administrative fee of 3.5 % charge for payment via PayPal.)

3 Wire transfer

FUND TRANSFER INFORMATION

Bank Name Standard Chartered Bank Swift Code SCBLSGSG

Bank Address 6BatteryRoad Singapore 049909

Bank Code 7144

Branch Code 013

Account Name Rikvin Pte Ltd Account Number 13-1-004606-6

To ensure that the full amount payable is remitted to Rikvin, please instruct your bank that “Telegraphic Transfer / other agent bank charges are to be borne by the applicant” instead of the beneficiary.

FEESCHEDULEFORSINGAPORECOMPANYINCORPORATION&EP

INCORPORATION OF SINGAPORE PRIVATE LIMITED … · INCORPORATION OF SINGAPORE PRIVATE LIMITED...

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