How to register business in Singapore with a Dependent Pass?

Dependent’s Pass (DP) holders who wish to operate a business in Singapore can apply for a Letter of Consent (LOC) to register their business in Singapore. Let us know the complete process to register business in Singapore with a Dependent Pass.

Eligibility Criteria to register business in Singapore with a Dependent Pass

You can register a business and incorporate your own company in Singapore even with a Dependent Pass.  However, there’s an additional step involved compared to other business owners.

Eligibility Criteria to obtain Letter of Consent in Singapore

There are specific requirements to qualify for a Letter of Consent (LOC):

1. Business Ownership: You must be the sole proprietor of an ACRA-registered business. You can also be a partner in an ACRA-registered business. Furthermore, a company director who owns at least 30% of a registered ACRA company is also eligibile.
2. LOC Renewal: To renew your LOC, you’ll need to hire at least one Singaporean citizen. You can also hire a permanent resident who earns the minimum qualifying salary and has made CPF contributions for at least three months.

Process to register business in Singapore with a Dependent Pass

1. Apply for a Letter of Consent (LOC):  While you can register the business, you’ll need this approval from the Ministry of Manpower (MOM) to actually run it. E-StartupIndia’s experts can help you in getting Letter of Consent along with the Singapore Company Registration Process.
2. Plan Your Business Structure: This includes choosing a catchy company name, deciding how your business will be organised (sole proprietorship, partnership, etc.), and selecting the relevant business activity codes.
3. Register Your Company: This involves appointing company officials (director and potentially a secretary), setting your financial year-end, determining ownership structure (shares), registering your business address, and opening a corporate bank account. Learn the Company Registration process in Singapore in detail at: How to register a business in Singapore as a foreigner?

Alternative Option: Company Incorporation and Employment Pass

While the Letter of Consent (LOC) route exists, incorporating a company and applying for an Employment Pass (EP) offers another path for Dependant Pass holders looking to run a business in Singapore.  This option provides some key advantages:

1. Physical Presence: Having an Employment Pass allows you to reside in Singapore, facilitating faster business development and client interaction.
2. Corporate Bank Account:  An Employment Pass grants the ability to open a corporate bank account, crucial for managing your company’s finances and injecting capital.
3. Incorporate Your Company: Register your business with the Accounting and Corporate Regulatory Authority (ACRA).
4. Apply for an Employment Pass:  Submit your application to the Ministry of Manpower (MOM) along with required documents and demonstrate your business qualifications and value proposition.

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Advantages of Incorporating Singapore Company