Must-Know Information for Startup Founders Relocating to Singapore
Here is an article from our Founder.
Today, I’d like to share essential information for startup founders moving to Singapore, covering Visa, housing, personal banking and setting up local company.
1. Visa: EntrePass for Startup Founders
For startup founders, EntrePass is the most suitable visa option. Here are the details on how to get approval:
🔗 EntrePass Overview & Application Process
🔗 More details on EntrePass, family visas, and renewal process
The official website states that approval takes up to 8 weeks, and in my case, it took exactly that long.
Once approved, I received my FIN (Foreign Identification Number) securely via email. This FIN number is crucial and is required for multiple tasks, such as:
✅ Setting up a company
✅ Signing a rental agreement for housing
✅ Opening a bank account
To finalize the visa, I had to visit Singapore to complete registration at the Ministry of Manpower (MoM).
2. Finding Housing in Singapore 🏠
When I first arrived in Singapore on a tourist visa, my main goal was to find a place to live and get my residence card.
Rental Process:
✔️ Find a suitable property
✔️ Sign the lease agreement
✔️ Transfer the rent and deposit
After that, I returned to Japan.
The Residence Card Challenge
One issue was that the residence card is sent to your Singapore address two weeks after registration, but my rental contract only started four weeks later.
To solve this, I asked a Japanese acquaintance in Singapore to receive the card for me. Once I got the envelope from him, I registered for Singpass using the mobile app.
🚀 Singpass is a must-have app for daily life in Singapore!
3. Personal Banking: Best Accounts to Open 🏦
I opened two bank accounts, and I consider both essential for expats in Singapore.
1. TRUST Bank
✅ Opened entirely online, no need to visit a branch.
✅ Super fast account setup + instant virtual debit card.
✅ Loyalty points & seamless integration with FairPrice (major supermarket chain).
✅ No currency exchange fees when using the debit card abroad—perfect for managing expenses when visiting Japan.
🚨 Downside: No ATMs (as far as I know). The service is focused solely on the Singapore market, supports only Singapore Dollars (SGD), and does not offer foreign currency deposits.
🔗 TRUST Bank Website
🔹 Referral code: 999AZX1X (If you're interested, please use my referral code—we both get benefits!)
2. DBS Digital Bank
This was recommended by my German mentor with a financial background living in Singapore.
✅ Ideal for passive income & savings growth.
✅ Great for international money transfers.
✅ Everything can be managed via the app.
🚀 Key Advantages:
✔ Zero fees for many international bank transfers.
✔ Multi-currency deposits available.
✔ DBS/POSB ATMs are widely available, making it convenient for depositing both banknotes and coins.
✔ Same-day international transfers:
- If I send Japanese Yen before 10:30 AM, it arrives in my Japanese bank on the same day.
4. Setting Up a Company in Singapore
II use these services because they are API-integrated, eliminating the need for manual Excel uploads.
1. Aspire (Neobank for Business)
✅ 24/7 banking operations
✅ Supports receiving payments from different time zones
✅ Provides corporate cards with spending limits, as well as industry and merchant restrictions for enhanced security.
🔗 Aspire Event for Startup Founders
🔗 Aspire Website
🔹 Referral code: 6ABQSRHV (We both get benefits if you use this code!)
2. Osome (Accounting & Tax Filing)
✅ Offers company setup services in Singapore
✅ Handles accounting & tax filing efficiently
🔗 Osome Website
🔹 Referral code: 2B9B2T (We both get benefits if you use this code!)
Final Thoughts
These are some of the most common questions I’ve been asked about relocating to Singapore as a startup founder.
I hope this information helps others considering the move! Let me know if you have any questions.
🚀 Singapore is a great place for startups, and having the right setup makes all the difference.
