Are You Ready To Set Up A Consulting Business In Singapore?
Photo by John Schnobrich on Unsplash
With so much change in the world right now, this is a great time to follow your dream of setting up that consultancy you have always wanted. Who wouldn't want to control their destiny, select their clients, and choose projects that match their skills? With the growing acceptance of remote work, you could build a global business from your dining room table.
But what do you need to know about setting up a consulting business in Singapore? Our Corporate Secretary team has helped incorporate many consulting companies in Singapore, and we’ve rounded up some of the frequently asked questions from our clients to help you get started.
How long does it take to set up the company?
Setting up a company in Singapore is actually relatively quick and easy! Believe it or not, this can be done in just a few days after we receive all the relevant information from you. This includes your company's name, so it is worth getting started to brainstorm what your new venture might be called.
How long does it take to set up a bank account, and can it be done from abroad?
Setting up a bank account is where the process starts to get a little more complicated. All businesses incorporated in Singapore need to have a corporate bank account. We can help with the setup of an e-banking option or a local bank.
For a local bank, it can take anywhere from 2 - 6 weeks to complete the setup if you travel to Singapore for the account opening. Of course, it isn't easy to do so. With Accela, it is possible to do this from abroad, but in this case, you will need our help to liaise with our banking relationship manager.
What are the different ways to set up a company in Singapore?
There are two different ways to set up a Pte. Ltd. company. The first way is for your business to use a Singaporean Citizen or Permanent Resident (PR) to act as the director. The second is to use a nominee director provided by Accela.
The choice is yours and depends on your contacts and network available to take on this role. There is not much difference here in terms of actual set up, as we only need to know the details of the person. The main difference is that if you use a nominee director, you will have to pay fees. We can help you out with finding someone here.
How long does it take to get an Employment Pass (EP)?
To apply for an Employment Pass, you must collate details, including copies of any educational results, so planning for this ahead of time will reduce your wait. After we receive all this documentation, it generally takes 4-6weeks before the application is approved. You can apply for Employment Passes with Accela Talent here.
How do I apply for a work pass to have the best chance of it being approved?
First, it's important to ensure all the information provided in the application is true and correct. In addition to this, you need to make sure that you have put enough share capital into the company bank account to support the application. Third, you need to ensure you are paying yourself a fair salary given your experience, as the MOM (Ministry of Manpower) will examine all of these things when evaluating your application.
We will advise you of the minimum salary you will need to pay yourself based on your background information.
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Accela has successfully helped incorporate many consulting companies across multiple industries, including scientific research consulting, technology consulting, and finance consulting. We pride ourselves on always keeping up to date with changes at MOM and all other relevant authorities to raise our success rate in applying for work passes.
For a seamless experience, please contact us at [email protected] and we will be able to assist with the process.