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.
Criteria for Renewal of LOC
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.
5 Steps to apply for 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