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The 2 Common Options
For foreign individuals or investors, one of the only practical option to set up a business entity in Singapore is to incorporate a private limited company. However, each private limited company will require at least one (1) local resident (ie. Singapore Citizen, Singapore Permanent Resident,or an individual issued with a FIN number on their employment pass (subject to approval)) to be named as the director of the company. This requirement proves to be challenging for any aspiring foreigner interested in investing and setting up a business in Singapore as they will not meet the criteria as a local resident for the company director. Therefore, below are two (2) approaches commonly adopted in practice to allow foreigner to start a business in Singapore.
PLANNING TO RELOCATE TO SINGAPORE
This option is suitable for foreign investors who wish to relocate themselves or one of their key executives to Singapore and operate their Singapore private limited company based out from Singapore. Under this option, we will first incorporate your company and then apply for Employment Pass.
RUNNING YOUR BUSINESS FROM OVERSEAS
This option is suitable for foreign investors who wish to incorporate a Singapore private limited company and to operate the business from their existing locations with no plans to relocate to Singapore at the present. This option will engage the services of our resident director to satisfy the statutory requirement of local resident director.