Does Singapore allow crypto capital injection?

[Rome]

You can register a company in Singapore and apply for an Employment Pass (a temporary residence permit). Everything is done remotely, even the bank account opening process. If you have a share capital which is at least 100,000 Singapore dollars, you can get an Employment Pass. Do they accept crypto capital injections for this purpose?

 

[jafo]

Do you have a source for‍ this?

 

[Rome]

I will PM‌ you

 

[aage]

Why PM - is it top‌ secret ?

You can find information here
https://www.mom.gov.sg/
It doesn't seem like there's a specific‍ minimum or maximum amount of share capital required for a company to qualify for an⁠ Employment Pass in Singapore. Therefore, I conclude that in Singapore, as in all other countries,⁤ things need to be legitimate, and you need to have money to get approved.

 

[Rome]

My source was from a⁣ service provider. That's why. I didn't want everyone to rush to them and ruin my⁢ chances.

 

[pomo]

Interesting, I would be quite surprised that an EP would be granted just because you‌ put down 100k as share capital. I haven't tried to apply since 2019, but then‍ they asked for plans to hire locals, investments etc. and it took quite a long⁠ time to get it issued. From what I've heard it's even harder nowadays.

 

[JackAlabama]

last time i looked, which is many years ago you need to pay yourself a⁣ salary worth 6k minimum which will eat up this 100k in short. I assume now⁢ its more.
That being said, creative solutions exist.

Doubt that the bank open remotely for︀ a measily 100k. They didnt do it 10y ago either. Might get away with some︁ cumbersome back and forth mailing of docs.

 

[laksaboy]

Singapore EP's minimum salary requirement ranges from $5.6k per month for age 23 to $10.7k‌ per month for 45 years old. For the newly start up company, the share capital‍ should cover at least 1 year salary in general. That's is where the $100k share⁠ capital estimate comes from.

For an operating company, if the company has revenues sufficient to⁤ pay for the annual salary, that will be taken into account and need not top⁣ up the capital.

If the company doesn't have revenue nor share capital, his contracts and⁢ sales agreement from his overseas' entities and companies work as well (as a supporting document︀ that the company indeed has the funds to pay for his salary).

There are no︁ officially guidelines but are figured out by the market based on the results of the︂ rejections and passing cases, all from personal experience.