DP holders who wish to operate a business in Singapore must apply for an LOC.
To be eligible, an applicant should be one of the following types of business owners:
- The sole proprietor of an ACRA-registered business.
- A partner of an ACRA-registered business.
- A company director with at least 30% shareholding in an ACRA-registered business.
To be eligible for a renewal of LOC, you will need to hire at least one Singaporean/PR who earns at least the prevailing Local Qualifying Salary ($1400/month) and received CPF contributions for at least 3 months.
Steps to applying LOC
- Successful registration of Sole Proprietorship or Pte Ltd company with ACRA to set up a business (1-3 working days)
- Request to apply LOC (pre-approval) (1 week)
- Request to apply LOC
- LOC and bank account application (4-8 weeks)
- Can start operating business after obtaining LOC until due for renewal
