Company Incorparation
REGISTRATION OF BUSINESS BRANCH
• Sole Proprietor firm/ Partnership/ Limited Liability Partnership
• Consultation and providing information based on your needs to register the firm
• Preparing of statutory forms for lodgments with Accounting & Corporate Regulatory Authority
• Lodging registration documents with the Accounting & Corporate Regulatory Authority and obtaining
Certificate of Registration
• Providing documents to open a bank account
• Obtain Central Registration Number for import and export business for your firm
• Registration for GST (Goods & Service Tax) if applicable.
CORPORATE SECRETARIAL SERVICES
Our scope of responsibilities are the followings:
• Drafting resolutions to regularize routine corporate secretarial matters such as those pertaining to change in
your company’s officers, mandate for banking accounts, registered office, adoption of annual audited
accounts, etc.
• Lodgment of documents on behalf of the company the requisite documents with Accounting & Corporate
Regulatory Authority.
• Safekeeping and updating of the statutory books as required under the Companies Act, Cap 50 (i.e. Minutes
book & Statutory Registers).
• Safekeeping of company’s common seal and share certificate book.
• Drafting resolution for allotment of new shares including the issuance of the relevant share certificates.
• Sending reminders so that the company holds the Annual General Meeting on time as required by the
Companies Act and file the Annual return in stipulated time with ACRA.
For queries, please write to : kmc@khanmgt.com
Immigiration Related Services
SINGAPORE EMPLOYMENT PASS
Foreign entrepreneurs who wish to establish their company and reside in Singapore have two options to choose from: Employment pass and EntrePass. Each one has its own advantage in terms of ease of approval, processing period and mandatory requirements.
• Employment Pass
• Foreign Entrepreneurs can also apply for Entrepass Visa, Singapore version of Entrepreneurs visa.
Foreign Entrepreneurs, professionals, managing directors and shareholders of Singaporean companies who wish to work in Singapore may apply for an Employment Pass.
Singapore Immigration allows foreigners to apply for an Employment Pass after they have incorporated their Singapore Company, to enable them to live and work in Singapore. The Singapore Employment Pass comes with a valid stay visa for up to two years. The application can be submitted on-line and due to this the outcome of the application from the Ministry of Manpower is obtained within a shorter period of time and the probability for approval is higher than an EntrePass application.
Employment pass applicants are assessed based on their education level, age, declared income and company position.
Comparison: Singapore Entrepass versus Singapore Employment Pass
Employment Pass types - P Pass/ Q Pass
There are three categories of Employment Pass: P1, P2 and Q Pass. The P Pass is for foreigners seeking professional, managerial or executive and specialist jobs.
• P1 Pass - for applicants earning a fixed monthly salary of more than $7,000.
• P2 Pass - for applicants earning a fixed monthly salary of more than $3,500 and up to $7,000 and he/she
possesses recognised qualifications
• Q Pass - for applicants earning a fixed monthly salary of more than $2,500 and possessing recognised
qualifications, degrees, experience or specialist skills.
Compensatory factors such as skills and years of experience may be taken into consideration for Q1 applications.
Snap Shot: Singapore Employment Pass Eligibility Summary Table
|
Pass Type |
Factor One |
Factor Two |
Factor Three |
|
P1 |
Fixed monthly salary > $7,000 |
Professional, Managerial, Management, Executive, Specialistjobs |
-- |
|
P2 |
Fixed monthly salary > $3,500 |
Professional, Managerial, Management, Executive, Specialistjobs |
and recognised qualifications |
|
Q1 |
Fixed monthly salary > $2,500 |
|
and recognised qualifications In lieu of recognised qualifications, compensatory factors such as skills and years of experience may be taken into consideration (a minimum of five years relevant work experience is recommended) |
If your basic monthly salary is below $2,500 but you have an acceptable university degree or diploma from a recognised educational institution in Singapore, you may also apply for the Employment Pass. All Employment Pass holder may apply for Dependant's Passes for a spouse and unmarried children under 21 years old.
If you hold an Employment Pass, your spouse is eligible to apply for a Dependant Pass and thereafter to obtain consent from the Ministry of Manpower (MOM) to work in Singapore.
Who is eligible to apply for an Employment Pass?
Any foreigner may apply for an Employment Pass to be employed or to do business in Singapore if they have acceptable tertiary/professional qualifications or a basic salary per month above $2500.00.
How long does the Employment pass approval takes?
Singapore Government is fairly efficient, provided all information required is given upon submission of your employment pass application; approval should take between 2 to 15 working days.
Would you like to order your Singapore Company Setup and Employment pass today?
You can incorporate your Singapore Company and apply for your Employment Pass by using our online order form now. Should you need any assistance, Please call us at +65 6438 8887 or mobile +65 9850 2083.
For queries, please write to : kmc@khanmgt.com
Top
• Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Khan Management Consultants can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business
Back Office Processing (BOP)
• We believe that good administration plays an important role in the success of the company and we offer the
back office processing service to our clients once they have incorporated their company in the Republic Of
Singapore.
• Our experienced staff can handle letters of credit for you by liaising with the bank, negotiate on L.C
documents and complete all other formalities.
• They can arrange for insurance for the cargo for export or re-export and handle shipping related activities.
We will raise invoice on your behalf for shipment or Tran's shipment. They can also operate the bank account
on behalf of the company.
• The above activities will relieve you from the day-to-day operations at a very marginal cost, thus saving time
and money for you.
• We also provide book keeping services to clients so that the accounts are kept in order at all times.
GST Compliance (Good & Service Tax Compliance)
GST is a tax on goods and services purchased or consumed locally. Here is a quick overview of GST and how it affects your business
• Goods and Services Tax (GST) is a tax charged on the supply of goods and services made in Singapore and
on the importation of goods into Singapore
• The current rate is 5% (from 1 January 2004). The rate will be increased to 7% from 1 July 2007
Goods and services are subject to GST as the following:
• All goods and services are taxable and known as taxable supplies.
• However, some items are specifically exempt from GST by law. Exempted items include financial services
and the sale or lease of residential properties.
Necessity of Registration
• Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1
million from the sale of taxable goods and services.
• This requirement may be waived if most of your goods or services are exported or supplied internationally
("zero-rated supplies")
Choose to Registration
• You may also apply to the Comptroller of GST to collect GST voluntarily. Approval for voluntary registration
is at the discretion of the Comptroller.
• Once approval is given, you must remain registered for at least two years.
Purpose of Registration
• Most businesses register for GST to claim back the GST incurred on their business purchases
• When GST paid exceeds GST collected, the difference can be claimed from IRAS as a GST refund.
• When GST collected exceeds GST paid, you have to pay the difference to IRAS.
• When GST rate increase, it may make business sense to voluntarily register to collect GST in order to claim
back GST incurred on business purchases.
Eligible Persons for Registration
• Sole proprietorships
• Partnerships
• Limited liability partnerships
• Companies
• Clubs, associations, management corporations or organizations
• Non-profit organizations
• Statutory boards
• Government bodies
GST Schemes To Help Businesses
To create a pro-enterprise environment, the Government has several assistance schemes relating to GST. These schemes generally help to ease the cash flow for businesses.
Goods and Services Tax (GST) Assistance Scheme
Get a grant to lower the costs involved in becoming a GST-registered trader. GST traders can collect GST and claim back for GST paid to suppliers.
Major Exporter Scheme (MES)
Major exporters can improve their cash flow by deferring GST payments on goods imported mainly for re-export out of Singapore.
Licensed Warehouse Scheme
Transform your warehouse into a licensed warehouse for storing dutiable goods. In licensed warehouses, duty and Goods and Services Tax (GST) are suspended until the goods are released for sale into Singapore.
Zero GST Warehouse Scheme (ZGS)
Businesses can transform their warehouses into zero-GST warehouses to minimise red tape and bypass the Goods and Services Tax (GST) process.
We offer consultation for smooth running of your business in Singapore. Beyond consultation, we assist in implementation, decision making and providing network connections too. It enables enterprises to absorb and benefit from the capabilities of our partners like:
• Starting a new one, reshaping an old one, or managing an existing business
• Creating a Structure or re-structuring
• Legal Requirements
• Disputes & Conflict
• Employment Contracts
• Money management
• Crisis Management - Family finance
• Etiquettes of doing business
• Entrepreneurial spirit with in us
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