Mr.Lis an enterprising entrepreneur in China who wants to take his business overseas. In the fall of last year, he approached us with a very clear goal: to set up a company in Singapore, get his identity, establish a firm foothold, and bring his wife and children there later.
1, the first step: to build the company firmly and securely
The first step to starting a company in Singapore is tocomplete a registrationwith the Accounting and Corporate Regulatory Authority (ACRA). This sounds like a form-filling exercise, but there are a lot of doors.
What is the name of the company? What is the scope of business to be written in a way that is both consistent with the business plan and conducive to subsequent visa applications? How much registered capital is needed? All these questions need to be planned in advance. Based onMr.L’s business background in China,wedesigned a suitable business scope plan for him and carefully prepared a full set of legal documents such as articles of association and appointment of directors.
Of particular importance was the requirement for Singapore companies to have a local director. We utilized our resources to recommend reliable and suitable partners to ensure that this step was fully compliant withACRA‘s mandatory requirements.
Throughout the entire registration process, we followed up, submitted, and responded toACRA‘s inquiriesonline, without letting him worry about a single thing. Soon after, the company’s business registration certificate came down, which was a solid starting point.
2. The Most Critical Hard Battle: Responding toMOM‘sEPRequests
The company is the shell,the EPis the soul. Singapore’s Ministry of Manpower (MOM) isvery“picky” when it comesto auditingEPs, especially self-employedEPsof start-up companies. What they want to see is: Is your company for real? Are you really here to manage the company? What value can you bring to Singapore?
At that time,the MOMhad already fully implemented the Complementary Professional Assessment Framework (COMPASS).This meant thatEPapplications were no longer based on salary alone, but had to be scored on four dimensions, including monthly salary, educational qualifications, diversity of the company’s workforce, and support for local employment, with a total score of40pointsrequired. That’s quite a challenge for a startup.
Our job is to helpMr.Lturn these“uncertainties“into“certainties“.
①Polish a“real“business plan:
We‘ve had several meetingswithMr.L.We’re not asking him to brag about it, but we’re picking apart the details together. Where are the market opportunities? How exactly do we make money? What are the operating costs and revenue projections for the first year? When do you plan to hire local staff?
We take these tangible plans and organize them into a business plan with clear logic and solid data. It’s not just a dream, it’s a“blueprint for action“for theMOMreviewer.
② Design a“reasonable“salary:
EP‘s salary requirements are adjusted annually and are linked to age. Weset a monthly salary for Mr.Lthat meets the minimum threshold and is in line with industry practice and the company’s ability to pay,based onthe latest salary scale issued byMOMand taking into accountMr. L’s age and position (Managing Director of the company).
This salary, while reflecting his executive value, should be affordable to the company’s finances and stand up to scrutiny.
③Precisely prepare application materials:
This is the part that tests the most patience and meticulousness. FromMr.L‘s personal academic certificates and work certificates, to the company’s registration documents, bank account opening certificates, the contract for renting an office address (even if it is a shared office at the initial stage), to the business plan and salary planning mentioned above, we have compiled a clear list of documents.
Each of these documents is ensured to be authentic, valid and corroborated to supportthe core story of“a real, promising Singapore company managed by qualified entrepreneurs“.
Once the material is submitted, it’s a waiting game. During that time, we were ready to respond toany additional inquiries fromMOM. Fortunately, the preparation was adequate and everything went smoothly. Within a few days, the good news came thatthe EPwas approved straight away, with no addendums or twists and turns.
Photo/Client successfully applied for EP in Singapore, stolen photo will be punished!
4. New beginnings, new planning
With theEP,Mr.Lwill be able to fly to Singapore and start his business. We have already talked about his next step: when the company is running smoothly and his monthly salary reachesS$6,000or above, he can apply for a Dependent Pass (DP)for his wife and children, thus realizing family reunion. His children will also be able toapply for admission to local schoolson the basis of theDP.
Looking back at this service, it is not like any“high-end customization“, but more like a professional“full escort“.FromACRAtoMOM, from the company shell to personal identity, each link must be solid, there can be no shortcomings.
Our value is to turn complex regulations into clear, step-by-step actions that can be implemented on behalf of our clients to avoid risks.
Mr.L‘s new career journey has begun, and we feel that this job is particularly meaningful as we can use our expertise to help our clients take this crucial step steadily.
If you are also thinking about starting a business and identity planning in Singapore, these tangible details of our experience may give you some pointers.
*Reference source: SingaporeMOM,ACRA, the synthesis of customer oral collation, reproduced must indicate the source, infringement and deletion of contact.
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