Many expats come to Singapore with a host of fresh business ideas; others discover an entrepreneurial streak once they’ve settled in. If you do have a great business idea, though, how do you turn it into a real-life proposition?
First you’ll need to apply for an EntrePass through the Ministry of Manpower (MOM). This involves writing a detailed business plan and financial projections and furnishing a security deposit of $3,000. Successful applicants will be issued an Approval-In-Principle letter within 2 to 6 weeks.
The business must also be registered with the Accounting and Corporate Regulatory Authority (ACRA) as a private limited company with at least $50,000 in paid-up capital. This can be done simply online using a Singpass (apply at www.singpass.gov.sg).
Fees for registering a company are $15 for the name application and $300 to incorporate the company. The registration is usually approved within 15 minutes for online applications.
The Ministry of Manpower: www.mom.gov.sg
Accounting and Corporate Regulatory Authority: www.acra.gov.sg
Singapore Personal Access (Singpass): www.singpass.gov.sg
Entrepreneur’s Resource Centre: www.erc.com.sg
International Enterprise (IE) Singapore: www.iesingapore.com
Economic Development Board: www.edb.gov.sg