Company quota checks in Singapore involve an analysis of the regulation relating to ownership and apportionment of available resources, such as shares and visas. An incremental procedure would be having your company comply with set quotas locally.
- Determine the type of business entity: Common business entities in Singapore include Private Limited Companies (Pte Ltd) and Sole Proprietorships. Each type has a different set of quotas, especially as regards foreign ownership and limits on employee visas.
- Understand Foreign Ownership Restrictions: Most enterprises permit foreign ownership up to 100%, but some sectors, such as banking, insurance, or media, may be subject to specific restrictions that reduce the number of foreign directors or shareholders.
- Work Pass and Employment Quotas: If your business is bringing in foreign workers, you will need to comply with certain manpower and work permit quotas established by the Ministry of Manpower, including quotas on the maximum number of Employment Pass (EP) or S Pass holders allowed by company size and industry.
- Check with Government Agencies: The government in Singapore makes it easy by providing tools, including the Ministry of Manpower Work Pass Online system and the Accounting and Corporate Regulatory Authority for businesses to verify compliance with both the employment quotas and ownership regulations.
To ensure that your company is fully compliant with local regulations and quotas, consulting a professional service provider can be highly beneficial. One IBC Singapore offers expert guidance to navigate business setup and quota management, ensuring that your business adheres to all necessary legal and regulatory requirements.