Company financial information is key to building trust in the global business world. EsinBiz can efficiently meet your needs by focusing on providing accurate and high-quality audit and verification services. The services we provide include:

1. Audit Services;
2. Limited Scope Audits;
3. Reviews and Evaluations;
4. Internal Management and System Assessments;
5. Independent Verification of Financial and Non-Financial Data;
6. Company Capital Verification;
7. Financial Statement Audits.

EsinBiz adheres to the principles of honesty and reliability in helping your company prepare and report official financial documents. Based on the reports you submit, EsinBiz uses professional auditing methods to analyze and identify key factors in business development and potential risks that may exist.

In addition, EsinBiz also assists your company in evaluating the effectiveness of internal management systems and provides practical recommendations for improvement.

Financial and Accounting Services by EsinBiz

EsinBiz has years of experience in company registration in Singapore, accounting filing preparation, tax reporting, and professional corporate secretarial services.

Over the years, we have provided financial and tax services to many small and medium-sized enterprises (SMEs).

We understand that helping companies get started is only the first step — our goal is to help our business partners grow faster and develop their business operations in Singapore.

Therefore, we want our clients to be able to focus their energy on their core business activities, while EsinBiz is ready to handle daily accounting and tax work professionally, securely, and efficiently.

Contents of a Company’s Annual Filing in Singapore

When discussing corporate financial and tax services, we cannot overlook the annual filing (Annual Return) required by the Singapore government.

Every company in Singapore must prepare annual financial reports according to their respective fiscal years.
The following is an overview of the contents of a company’s annual report in Singapore:

Annual Financial filing

Annual financial reports help companies registered in Singapore to compile annual accounting records in accordance with government requirements.

These reports include accounting records, directors’ reports, directors’ statements, income statements, balance sheets, cash flow statements, as well as additional notes and classifications of financial statements.

Holding of Annual General Meetings (AGM)

An Annual General Meeting (AGM) must be held within 18 months after the company is established.

This meeting is chaired by the company secretary, and all decisions or resolutions taken must be approved and signed by all company directors.

Annual Tax Report

The annual tax report helps companies in Singapore prepare their annual financial statements, estimate their annual taxes, and fill out tax reporting forms in accordance with the provisions of the Inland Revenue Authority of Singapore (IRAS).

Corporate Tax Reporting

According to IRAS regulations, every fiscal year, private limited companies in Singapore are required to report their corporate taxes. Corporate tax is calculated based on pre-tax profit, not sales revenue.

The corporate tax rate in Singapore is 17%, but new companies receive tax relief for the first three years, namely tax exemption on profits of up to SGD 200,000 per year.

Consumption Tax in Singapore (Goods and Services Tax – GST)

Singapore’s consumption tax, known as the Goods and Services Tax (GST), is a tax imposed on imported goods and all goods and services provided in Singapore. This tax is equivalent to Value Added Tax (VAT) in several other countries, and the tax burden is borne entirely by the end consumer.

Companies that sell goods or services with an annual turnover exceeding S$1 million are required to register for GST.
For registered taxpayers, the amount of GST payable is the difference between the output tax and the input tax paid on the purchase of goods or services.

Since July 1, 2007, the GST rate in Singapore has been set at 7%. Sales and rentals of residential properties, as well as most financial services, are exempt from GST. Meanwhile, exported goods and services are subject to a zero percent rate (zero-rated GST).

GST Registration and Reporting Services by EsinBiz

According to the Singapore Inland Revenue Authority (IRAS) regulations, GST reporting must be done electronically through the official website of the tax authority by filling out the GST reporting form.

Usually, GST reporting is done every quarter (once every 3 months) and must be completed within one month after the end of the quarter.

However, taxpayers may also apply to report monthly or every six months, with the same deadline of one month after the end of the period.

In addition to providing GST registration and reporting services, EsinBiz also offers professional consulting for various tax compliance needs and guidance on how to obtain incentives or awards from the government in accordance with applicable regulations.

According to Singapore’s Companies Act, all local companies in Singapore are required to maintain proper accounting records and financial statements.

EsinBiz has years of experience in company registration in Singapore, bookkeeping and accounting reporting, tax reporting, and providing high-quality corporate secretarial services. We have been providing financial and tax services to many small and medium-sized businesses for many years. Therefore, when companies need to handle daily tax and accounting matters, EsinBiz will provide professional, secure, efficient, and reliable solutions.

I. EsinBiz provides high-quality bookkeeping and financial reporting services, including:

1. General ledger management
2. Accounts payable ledger management
3. Accounts receivable management
4. Bank account reconciliation
5. Fixed asset recording and settlement
6. Cash flow/budget reports
7. Monthly, quarterly, and annual financial reports and statements
8. Bookkeeping adjustments
9. Management reports
10. Financial analysis

II. EsinBiz provides the following list of daily financial and tax services:

1. Direct business bank account opening services (exclusive to EsinBiz VIP registration packages)
2. Daily company accounting management
3. Company annual report services
4. Financial analysis services
5. Financial planning consultation
6. Salary management and CPF (Central Provident Fund) reporting
7. Company audit services
8. Consultation on accounting standards and audit systems

III. Bookkeeping and Financial Reporting Services.

According to Singapore’s Companies Act, all local companies in Singapore are required to maintain proper financial records and company accounts.

EsinBiz has years of experience in company registration in Singapore, financial reporting, tax reporting, and providing high-quality corporate secretarial services. We have been serving many small and medium-sized businesses in financial and tax matters for many years. Therefore, when companies need assistance in handling their daily tax and accounting matters, EsinBiz will provide professional, secure, efficient, and reliable solutions.

I. EsinBiz provides high-quality bookkeeping and financial reporting services, including:

1. General ledger management
2. Accounts payable management
3. Accounts receivable management
4. Bank account reconciliation
5. Fixed asset management
6. Cash flow/budget reports
7. Monthly, quarterly, and annual financial reports and statements
8. Bookkeeping reorganization
9. Management reports
10. Financial analysis

II. EsinBiz provides the following daily financial and tax services:

1. Assistance in opening a corporate business bank account (exclusive to EsinBiz VIP registration packages)
2. Daily company accounting management
3. Company annual reporting services
4. Financial analysis services
5. Financial planning consultation
6. Salary management and CPF (Central Provident Fund) reporting
7. Company audit services
8. Accounting standards and audit system consultation

III. Bookkeeping and financial reporting services.

Introduction

As a Permanent Resident in Singapore, you and your family can enjoy greater freedom to live, work, and purchase property in the country. You will be considered an integral part of the local community, entitled to various government benefits granted to citizens, such as free travel to and from Singapore. Your children will also have priority access to Singapore’s high-quality public education system. In terms of employment, your employer is required to make monthly contributions to your pension scheme. You will no longer need to apply for a new work visa every time your current work visa expires. Although Singapore PR status gives you significant benefits and rights in the country, the government also requires you to fulfill certain responsibilities and obligations. One such obligation is national service; for example, your sons (if they are also PR holders) must undergo national service after reaching the age of 18.

What are the three main issues in applying for Singapore Permanent Residency (PR)?

1. Low approval rate:
Since 2009, Singapore has reduced the number of approved permanent resident applications by 50%. If you apply for PR, how do you plan to convince officials to approve it?

2. Complicated process:
The procedure for applying Singapore PR is relatively easy to complete. However, the overall application process is much more complicated than you might imagine. A small error in the documents can cause a permanent residency application to be rejected.

3. Demanding task:
Applying for Singaporean permanent residency status requires a significant amount of time and effort. Documents must be completed without errors and in accordance with the specified format. The number of documents that must be prepared can be overwhelming and cause a great deal of stress.

Why do you need our help?

1. Throughout your application process, we provide expert advice and assistance to save you valuable time.

2. To date, we have a success rate of 90%.

3. We ensure the completeness and accuracy of all your documents.

How can we improve your approval rating?

Expert Consultation

Many applications fail because applicants are unaware of the key points that the ICA focuses on when assessing PR applications. At Esin Group, our experts will provide professional guidance to increase the chances of your PR application being successful.

Form 4A Review

Most Form 4A forms filled out by individuals and their handwriting may be difficult to read, which could ultimately lead to the rejection of your permanent residence application. Another common mistake is only listing your job title without explaining the specific duties you perform. At Esin Group, we will review your Form 4A and help you fill it out professionally. The submitted form will be presented in a more formal manner, making it readable by expert personnel.

Correct completion and translation of documents

Many individuals make mistakes in the accuracy of their documents when applying for PR. For example, applicants may misinterpret “Account Statement” in their income tax documents as “Assessment Notice,” which ultimately leads to the rejection of their Permanent Citizenship application.

In addition, most applicants neglect to translate their non-English documents into English and submit them with their PR application files, which ultimately leads to rejection. At Esin Group, we increase your chances of success by preparing and checking all forms and documents to ensure they meet the standards recognized by the Immigration and Checkpoints Authority (ICA).

Required supporting documents

It’s not just about how you fit in, but also about making you stand out. There are many applicants with better qualifications, higher salaries, or who are younger than you. If you apply for PR alongside them, how do you plan to convince the officer to prioritize your approval? At Esin Group, we help you gather the necessary supporting documents to increase your chances of PR application approval.

Application Letter

We don’t just process your documents. We also increase your chances of getting approved. There are no face-to-face interviews during the PR application process. The ICA officer’s decision to approve or reject your application depends entirely on the documents you submit when applying for PR.

At Esin Group, we will draft an immigration cover letter tailored to your needs, helping you stand out among thousands of other applicants.
This letter is different from a standard job application letter. For example, it does not mention your desire for scholarships, careers, property, or similar benefits from Singapore. Instead, you should focus on what you can contribute to the country.

Priority Booking

Appointments with the ICA are usually scheduled about eight months in advance. Sometimes, there are no appointment slots available at all. If you need urgent processing for your PR application, Esin Group can help you get an earlier appointment date.

Frequently Asked Questions Regarding Permanent Residency Applications

What are the requirements for applying for Singapore Permanent Resident status?

To apply for Permanent Citizenship, you must fall into one of the following categories:
1. Holders of an Employment Pass, Work Permit, Entrepreneur Pass, or Personalised Employment Pass;
2. Spouses of Singapore Citizens or Permanent Citizens;
3. Unmarried child of a Singapore Citizen or Permanent Citizen;
4. Elderly parent of a Singapore Citizen;
5. Investor.

What is the success rate of your immigration agency?

Your PR application cannot be guaranteed a 100% success rate. If another company promises this, you can be sure that it is a misleading marketing tactic. However, since 2014, our firm’s approval rate has been stable at around 85–90%. We maintain this high success rate by being selective in choosing clients. If we assess that a client is not yet ready or does not meet the application criteria, we will postpone processing their application.

Can permanent residents be rejected when renewing their status?

We occasionally encounter cases where clients who have obtained permanent resident status fail to reside in Singapore and consequently do not fulfill the period of residence required by the government, resulting in their extension applications being rejected. However, if you continue to reside in Singapore and contribute significantly to society, rejection is highly unlikely. This is because the government believes that approved individuals intend to settle permanently in the country – hence the term “permanent resident.”

Why is it now more difficult to obtain permanent residency status?

Before 2009, Permanent Resident (PR) status was relatively easy to obtain. Many people took advantage of this opportunity, using PR status as a basis for financial gain. They invested in property and treated Singapore as a vacation spot. In fact, some of them never lived or worked in Singapore, nor did they contribute to the country. This situation also contributed to excessive population density. As a result, to address this issue, the government introduced new assessment criteria. The authorities became more selective, only granting PR status to those deemed eligible.

Why was my application for Singapore Permanent Citizenship rejected?

We cannot confirm the exact reason for the rejection of your Permanent Resident (PR) application, as the Immigration and Checkpoints Authority (ICA) never discloses the criteria for PR approval. However, we can explain some of the factors that influence PR applications. Some people assume that getting Singapore PR approval is just a matter of luck. In reality, there are factors that influence the outcome, some of which are beyond your control and others within your control.
1. Factors Beyond Your Control:
1) Objective facts.
2) Key factors that affect your eligibility include your age, salary, length of stay, and Singapore Tax Identification Number. These conditions are beyond your control; you cannot change your age or salary.
3) Quota: The Singapore government annually reviews the proportion of permanent residents in the total population, using this statistic to calculate the annual quota. The quota is confidential and subject to periodic adjustment.
4) Politics: Several current issues have the potential to influence selection policies. Singapore’s relationship with the applicant’s country of origin can significantly affect the likelihood of your Singapore PR application being approved.
2. Controllable Factors:
1) Application Process;
2) Since the application process is one of the controllable factors that affect the success rate of your Singapore PR application, you should pay close attention to the entire application process. Having a neat and error-free application file, supported by strong supporting documents and a convincing cover letter, can significantly increase the chances of your Singapore PR application being approved.

My friend, who is in exactly the same situation as me, had their PR application approved. Why was my application rejected?

At first glance, it may seem as though your situation is exactly the same as your friend’s. However, it is precisely because of differences in each person’s background that the results of the application are not entirely identical. The ICA usually checks every detail of your application documents and procedures.

What should I do if my request for your service is denied?

We cannot guarantee 100% approval for your Permanent Residence Permit application. However, you can be assured that we will do our utmost to increase your chances of success. As a general rule, we advise clients to keep copies of all documents that have been submitted. If your application is rejected, we can review the documents to identify areas where your profile can be strengthened using the material provided. Even if the application is approved, we still recommend keeping all copies, as the documents may be useful if you apply for Singapore citizenship in the future.

What if my company does not support my PR visa application? What if my company refuses to provide the necessary documents?

In fact, some employers are reluctant to provide supporting documents for their employees’ permanent residence (PR) applications, worrying that the employees will resign after obtaining permanent residence. Try to convince your company to help you, as this can increase your chances. However, if they refuse to provide supporting documents, don’t despair. You can also advocate for yourself by gathering evidence such as pay slips and other relevant records.

How can I make an electronic appointment as quickly as possible? How can I apply for PR early?

We monitor the progress of requests from other candidates so that we can identify available appointment slots for you. You can specify your preferred appointment time, and we will try to secure that slot for you. However, we cannot guarantee a specific date, as this still depends on the overall availability of appointment slots.

What should I do if I lose my bachelor’s degree certificate?

If you lose one of your required documents, you need to include a letter of explanation describing your situation. We provide a service to draft such letters.

You don’t know me. How could you possibly write a letter of recommendation for me?

In response to your cover letter, our professional services team will contact you by phone to conduct a background interview. We need to understand your background and circumstances. Once the initial draft is complete, we will provide you with a copy for your reference, then make appropriate revisions based on your feedback.

If the application letter and other documents are so important, why doesn’t the ICA explicitly require them?

If ICA explicitly requests a cover letter, applicants will automatically send many letters that have no substantial value. The same principle applies to other documents. Applicants will try to collect as many supporting documents as possible to strengthen their applications. ICA does not require these documents, as processing each one would significantly increase their workload. However, if you submit a carefully prepared cover letter and supporting documents that demonstrate your unique personal contributions, your application will stand out.

Why should I hire you to tell me what specific documents I need to complete?

Many applicants submit documents that are completely useless because they include the wrong supporting documents. For example, including your driver’s license will not help your case, even though it is common practice. Our years of experience in PR visa applications allow us to identify which supporting documents can help increase your chances of approval.

May I ask if ICA will conduct a thorough examination of my documents?

We must remember that ICA officers review thousands of applications every day. However, you can be sure that your documents will be reviewed fairly. Provided, of course, that your documents are neat and organized—this is very important.

Why are your services so expensive? Other companies are willing to take me on at a lower price.

There are three types of companies that offer PR application services:
1. Agencies
The services they offer are generally tasks that you can actually handle yourself. They help fill out Form 4A and provide advice on important documents. These things can be easily researched online. You don’t get any real added value from their services. Why pay for something you can handle yourself?
2. Consultants
Consultants generally operate similarly to law firms. They have specialized knowledge to handle your permanent residence application and provide valuable advice during consultations. Wing Xin Group is the only local consultant that exclusively focuses on assisting with Permanent Residence and Singapore Citizenship applications. Our expertise and experience can significantly increase your chances of success.
3. Lawyers and Accounting Firms
Lawyers and accounting firms typically charge more than £5,000. Their clients are mostly large corporate entities. However, immigration is not their core business.

What is the PR approval quota?

Quotas are confidential and subject to periodic adjustment. The government only releases historical quota statistics. For example, in 2010, the number of Permanent Residence Permit applications approved was 29,265.

What should you do if an ICA officer refuses to accept additional documents?

You may encounter ICA officers who state that they do not require your additional documents, not because they are unimportant, but because they want to avoid excessive bureaucracy. By following our guidelines, you can ensure that the officers will accept all of your documents.

What are the advantages and disadvantages of permanent residency status?

1. Permanent Resident (PR) status offers various advantages over foreign resident status, one of which is a reduction in stamp duty for public housing. PR holders only pay half of the stamp duty imposed on foreign residents. Naturally, PR holders are entitled to purchase government apartments after three years, provided their income remains below the specified limit.
2. Another advantage is job stability. Employers generally prefer to hire locals (PR or citizens) as this avoids the hassle of obtaining Ministry of Manpower approval for their work permits. As a PR, you and your children also get access to public healthcare and education.
3. Finally, there is the Central Provident Fund (CPF). Functioning like a pension scheme, the CPF provides security in old age. You can use your CPF funds for medical expenses, housing, or even investments. Employers are required to contribute a percentage of your salary to your CPF account. This may seem disadvantageous to some, as part of their income is automatically deducted and saved for future use. You cannot withdraw your CPF savings until you reach the age of 52. If you wish to leave Singapore and relinquish your PR status, you can withdraw your CPF savings.
4. One of the obligations of PR status is that your children are required to participate in National Service.
We believe that PR status offers additional benefits, although ultimately the choice is yours. We only hope that by utilizing our years of professional experience, we can help you achieve your goals in the most efficient way possible.

Why should I apply for Singapore citizenship?

First, stamp duty on property purchases is lower for citizens.
Second, this impacts your livelihood and job security. Re-entry permits for Permanent Resident (PR) holders must be renewed every five years. Therefore, to maintain their PR status in Singapore, we generally advise clients to live and work in Singapore as much as possible. If they do not meet the necessary stay and work requirements, their PR renewal application may be rejected. Conversely, citizens are not required to reside in Singapore or contribute to the country. They have greater flexibility in their choices.

Since both my spouse and I live in Singapore, should we apply separately or together?

Even if your partner only has a valid work permit, we still recommend applying together to show your commitment to living in Singapore.

If my family members do not live with me in Singapore, can I apply together with my family?

The ideal scenario is to apply together with your family to demonstrate unity, stability, and long-term development potential. At the same time, you should consider your income to determine whether your salary is sufficient to provide a comfortable living for all family members in Singapore. If your monthly income is below $4,000, it is recommended that you apply independently first.

Can I prevent my child from applying for permanent residency? I also don’t want him to be subject to compulsory military service.

You can let your child apply for permanent residency independently. However, when you have a whole family, especially children, your chances of getting permanent residency approved automatically are higher. The government views them as potential contributors to future social and economic development.

Can I revoke my child’s permanent residence status before he completes his military service?

August 5, 2014 – A government statement was issued warning that relinquishing Permanent Resident status to avoid obligations will have adverse consequences. We recommend that if you do not want your child to undergo compulsory service, he or she should not be included in the application for Permanent Resident status.

If I obtain permanent residency status, am I required to fulfill national service obligations?

Professionals/technicians and skilled workers who obtain permanent resident (PR) status, or investors, are exempt from national service obligations. Male children who obtain permanent resident status are required to fulfill national service obligations in accordance with the Compulsory Military Service Act.

If my child wishes to defer their national service obligation due to academic commitments or other personal reasons, can we apply for a deferment?

Children who continue their higher education are usually granted a deferment. However, most men are still required to serve their country before entering college. You can write a letter requesting a deferment, but the final decision rests with the Ministry of Defense.

Do I need to apply to upgrade my status to an Employment Pass (EP) (currently holding an S Pass) or a Permanent Employment Pass (PEP) (currently holding an EP) before applying for Permanent Residency (PR)?

This is not necessary. If you are eligible to apply for permanent residence, you should do so immediately.

My father/mother is a Singaporean citizen/permanent resident. Can they help me?

If you are under 21 years of age, your parents can act as your sponsor. If you are over 21 years of age, you must apply for PR on your own behalf.

I have a work permit, but my parents are Singaporean citizens/permanent residents. Will my application be easier?

If you only hold a Work Permit (WP), you are not eligible to apply for Permanent Residency (PR). The basic requirement is that you must have an S Pass (SP) or a higher pass. If you are an SP holder aged 21 or above, having parents who are local residents can give you additional points. However, you must still apply for PR on your own behalf.

I previously studied in Singapore. What are the benefits I will receive when applying for Permanent Resident status?

This depends entirely on your school. If you graduate from a local institution (such as the National University of Singapore, Singapore Management University, Nanyang Technological University, TP, NP, NYP, RP, SP, etc.), you have an advantage over other applicants, as ICA officers consider you more likely to integrate into the local community. Graduating from an international school or private institution does not give you a significant advantage.

Will changing jobs while my permanent residence (PR) application is still being processed by the ICA affect its approval?

This will not affect your approval as long as you do not change jobs frequently. The most important consideration for the ICA is to prove that you are a stable and responsible candidate. Before changing companies, We suggest you contact them at ica_pr@ica.gov.sg. You can also choose to visit their office in person.

Provide them with:
1. A letter explaining your current situation;
2. A copy of your new work permit;
3. A photocopy of your biometric passport page;
4. Documents from your new employer.

Singapore Family Office

A family office is a specialized institution that focuses on the comprehensive management and governance of family financial affairs with ultra-high net worth. These families generally have financial assets of at least US$100 million. Family offices are responsible for managing all family assets, including financial investments, family capital, human resources, and social networks. This includes not only the creation and management of assets, but also succession and effective utilization. This integrated approach to management and governance helps families maintain the stability and growth of their wealth.

Types of family offices:

The main types of family offices in Singapore are 13D, 13O, and 13U.

Single-Family Office: This type is established independently by a single wealthy family to manage its financial affairs and investment portfolio. It can operate as a nonprofit organization or a for-profit company.

Multi-Family Office: Serving multiple families, this office provides shared resources and expertise. It typically operates on a larger scale with more resources, enabling it to offer a wider range of services.

Services and Responsibilities

Financial Planning: Family offices provide financial planning services to help families set long-term financial goals, manage expenses, and plan for retirement and estate succession.

Investment Management: Family offices oversee the management of the family’s investment portfolio, including stocks, bonds, real estate, and venture capital, to maximize returns while mitigating risk.

Tax Planning: The office provides tax strategies and planning to minimize tax liabilities and legally reduce the tax burden.

Risk Management: Manages the family’s insurance and risk management strategies to protect assets from adverse events.

Estate Planning: Assists families in developing succession plans to ensure assets are transferred smoothly to the next generation while reducing tax liabilities.

Benefits of a Family Office

Tax-free income.

Eligible funds are entitled to tax exemption on their investment income.

Global Asset Allocation

A well-structured financial system, no foreign exchange controls, and access to global markets.

Optimal Tax Planning

Clients who obtain Singapore tax residency status through the EP scheme can avoid the Common Reporting Standard (CRS).

Family Immigration

Children and parents can apply directly for family visas and long-term visit visas.

Identity Planning Abroad

Customers can move to Singapore by changing their Employment Pass (EP) status to Singapore Permanent Resident (PR) status.

Passing on Family Wealth

Building a sustainable family tradition through a family office to achieve intergenerational succession and the preservation and growth of family wealth.

Other Benefits

Asset Protection:

The family office is responsible for protecting family assets and inheritance. This includes inheritance planning, trust formation, creating legal structures to mitigate legal risks, and ensuring the financial security of family members.

Confidentiality and Privacy:

The family office maintains strict confidentiality and privacy regarding the family’s financial situation and related information, ensuring that the family’s privacy is respected.

Investment Strategy:

The family office formulates and implements investment strategies to ensure the appreciation of the family’s investment portfolio. This may involve diversified investments, including stocks, real estate, private equity, and others.

Tax Strategy:

The family office provides tax planning advice to reduce the family’s tax burden and ensure wealth retention is maximized while complying with regulations.

Family Governance:

A family office can assist families in establishing a family constitution or governance structure to regulate family members’ involvement in family affairs, distribution of authority, and decision-making processes.

Philanthropy and Social Responsibility:
A family office can also be involved in family philanthropy and social responsibility initiatives, helping families achieve charitable goals and support the community.

Monitoring and Reporting:
The family office typically provides regular financial reports to family members, transparently displaying asset status and investment performance.

Regulation and Compliance:
The office must comply with Singapore’s regulatory and compliance requirements to ensure all operations are legally valid while meeting regulatory authority requirements.

Family Office Registration Procedure

1. Determine the type of family office to be established: First, you must decide whether your family office will be a single-family office or a multi-family office. This will affect the next steps and regulatory requirements.

2. Draft the family constitution: For a single-family office, you need to draft a family constitution or a preliminary version. This document will outline the family office’s objectives, governance structure, financial planning, succession arrangements, and other relevant matters.

3. Register the company: You will need to select a registered agent or professional services firm to assist with the registration process. They will help prepare and submit the necessary documents for establishing a company in Singapore.

4. Choose a registered name: Choose a unique name that will be used as the official designation for your family office. Make sure the name does not conflict with existing company names and complies with naming conventions in Singapore.

5. Provide a Registered Address: You must provide a registered address for your family office. This can be a physical address in Singapore, or you can consider renting a virtual office or using a registered address service.

6. Prepare and Submit Application: Together with your registration agent, prepare and submit an application to register your family office, including the family charter, articles of association, shareholder information, and other relevant documents.

7. Wait for approval: Once submitted, the application requires approval from the Singapore authorities. This process usually takes a few working days.

8. Open a bank account: Once registration is successful, you can proceed to open a corporate bank account. You can choose a Singaporean bank or an international bank according to your needs.

9. Financial Management and Planning: After commencing operations, you can begin financial management and planning activities, including portfolio management, tax planning, and estate succession arrangements.

10. Regulatory Compliance and Reporting: The family office must comply with Singapore’s regulatory and compliance requirements. You are required to submit periodic reports detailing the financial and operational status of the family office.

Singapore-based team

Expert in Singapore immigration policy, partner of the Singapore Economic Development Board (EDB).

High success rate

The success rate of immigration program applications is 96%.

Professional writing team

Immigration specialists professionally design, compile, and refine immigration proposals in Mandarin and English, as well as assist in the organization of comprehensive documentation.

Customization

Clients enjoy exclusive one-on-one service with tailored family office immigration solutions.

Attorney Certification

Esinbiz’s internal legal team provides strict supervision for your projects.

End-to-end service

Design and establishment of family office structures, along with comprehensive services including identity planning.

Comprehensive after-sales service

Airport shuttle service, property rental, domestic worker recruitment, utility connection management, and telephone card/travel card arrangements.

Children’s Education Planning

Assisting clients in planning their children’s education abroad and applying for admission to universities.

Expertise and Experience: We have extensive expertise and experience, particularly in family services. Our team excels in financial planning, investment management, tax strategy, and wealth succession. Our years of experience enable us to provide carefully tailored solutions to meet each family’s unique needs.

Customized Services: We recognize that every family has different financial goals and needs. We work closely with your family to develop a plan tailored to your long-term financial and family goals. We gain a deep understanding of your situation to ensure the most suitable solutions are provided.

Tax Advantages: We provide professional tax planning services to help families minimize their tax burden. We have a deep understanding of Singapore tax regulations and can help families legally maximize their wealth. Our goal is to ensure your compliance while maximizing your tax benefits.

Comprehensive Financial Management: We provide one-stop solutions that include financial planning, investment management, risk management, and estate succession. This allows families to focus more on their lives without the burden of complex financial matters. We are committed to providing a seamless financial experience.

Download the project brochure

Work Permit Summary:

Singapore has launched a five-year Overseas Talent Pass to attract top global talent with a monthly salary of over S$30,000 (approximately RMB150,000) to work in Singapore. Applications for the pass officially began on January 1, 2023.

Application requirements:

Eligible applicants must meet any one of the following four conditions and provide complete supporting documentation.

Condition:

1. Applicants must have received a fixed monthly salary of at least $30,000 in the past year, or be expected to receive the same salary locally.
2. Overseas applicants must demonstrate that they hold a senior position in a company with a market capitalization exceeding $500 million and annual revenue exceeding $200 million.
3. Holders must report their professional activities to the Ministry of Manpower annually to ensure they make meaningful contributions.
4. Those with outstanding achievements in the arts, sports, science, and academia are exempt from the income threshold.

Employment Pass Framework Adjustment

Equivalent to the top 5% of talent (with a monthly salary of at least $30,000 SGD).

Top-Tier Professional Pass available for application

Equivalent to the top 10% of talent (with a monthly salary of at least $22,500 SGD).

1. A personalized employment pass can be applied for, allowing you to stay in Singapore for six months after leaving your current job to look for new employment.
2. Exemption from posting job advertisements under the Fair Consideration Framework.
3. No need to meet the requirements of the Complementary Talent Assessment Framework.

All employment pass applicants

1. Effective September 1, 2022, the maximum number of days allowed for posting job advertisements, under a fair consideration framework, will be reduced from 28 days to 14 days.
2. Effective immediately, the processing time for work permit applications will be reduced to 10 working days.

Technology specialists with rare skills

Those earning a monthly salary of at least $10,500 SGD are eligible for an employment pass valid for up to 5 years.

✔ Can apply for Singapore long-term passes for family members (spouse, children, parents);

✔ Spouses of Top Talent Pass holders can work directly in Singapore by applying for a work consent form.

Important points to note:

1. What is an “Established Company”?

The Ministry of Manpower (MOM) defines an “Established Company” as one with a market capitalization or valuation of at least US$500 million, or annual revenue exceeding US$200 million. The MOM uses information from the following 10 websites for this assessment: Pitchbook, Yahoo Finance, Crunchbase, Bloomberg, Google Finance, Venturecap, Prepin, QCC.com, Chinaventure.com.cn, and Itjuzi.com.

For companies whose information cannot be obtained from the above sources, the MOM can assess their qualifications through the company’s latest audit report.

2. One Pass holders are required to report details of their professional activities and income to the MOM annually for the past year, which will be considered in visa renewal decisions.

3. One Pass application requirements state that applicants “must have received a fixed monthly salary of at least $30,000 in the past year, or will receive the same salary locally.” This fixed monthly salary of $30,000 must come from a single employer. This is to ensure that pass holders play a “meaningful” role within a company.

Singapore welcomes foreign workers to work and live in the country. Singapore’s immigration laws also provide various pathways that allow foreigners to enter the Singaporean labor market (temporary visas), work locally (work permits), and ultimately make Singapore their home (through permanent residency and citizenship).

The following provides application information for the various permit categories:

1. PEP – Personalised Work Pass
2. EP – Employment Pass
3. S Pass
5. WP – Work Permit
6. DP – Dependent’s Pass
7. LTVP – Long-Term Visit Pass

General criteria for a Long-Term Visit Pass:
1. Family member or parent of a citizen or Permanent Resident (PR).
2. A five-year Long-Term Visit Pass applied for through a property purchase before March 1, 2013.
3. Graduates of Singapore government universities, polytechnics, and selected private institutions.
4. Parents of Eligible Employees (EPs) or EntrePass holders who meet certain requirements.
5. Other cases (e.g., performing arts activities, job training, accompanying students).
6. Employment: LTVP+ (usually for family members of citizens). LTVPs with the suffix “+” allow for direct application of a Letter of Confirmation (LOC) through the employer to the Ministry of Manpower, enabling immediate employment. Most others require an Employment Permit to work, although they benefit from certain quotas.
7. Eligibility for Permanent Residence Permit (PR): Direct application is not possible, but PRs can apply as family members with a sponsor.

Esin Business can assist you with the following:
1. Providing pre-application information and professional advice for LTVP applications;
2. Submitting LTVP application documents;
3. Monitoring the LTVP application process;
4. Investigating the reasons for LTVP application rejections, notifying applicants, and following up on the resolution process.