Employment Pass Holder Starting Business - Advice sought!

[Jagox]

Hi all,

I moved to Singapore from Europe 3 months ago on an employment pass. However, things at the company I am working at do not look so good so I have made the decision to start my own company with a Singaporean citizen (also in my field). From the research I have done there are two ways to go about it:

i) Register a company with my Singaporean partner and apply for an employment pass under that company as a Director. Paid up capital will be around 50,000 SGD. Company is in the financial services sector.

ii) Apply for an entrepeneur pass (submit business plan etc.)

I am young (under 30) and have good university degrees from foreign schools. Option i is preferable to me because it takes less time (only 3 days to register company and 2 weeks to get employment pass), however, will MOM allow a new company to issue an employment pass when it is so young? Is there some requirement that a company be at least 6 months old to issue an employment pass?

I have already checked I can register a company with my employment pass (source: Company that specializes in registering pte ltds)

Desperately need some advice guys. I don't want to ruin my chances, and am concerned that MOM will not look well upon my leaving my current EP after only 3 months.

What do you think?

Thanks in advance.

[AnthonyC]

Hi there,

The trouble is with an EP, is that it currently allows you to be a director in a company, but not work in the company you own. Being a director is fine - you apply to MOM under the company.

However, technically you are not suppose to be a shareholder in that company. People we know then make another company or friend / relative their shareholder.

EP will be easier to obtain than the entrepass. And easier to renew.

[Servolve]

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[togeorgemathew]

Jagbox,

Your switching from the EP after three months is not a negative. It is an eventuality that happens quite a bit.

New companies can apply for an Employment Pass - the two factors of sufficient paid up capital ($50,000) and university degree work in your favor.
With a good business plan written up, a rental contract (preferrable) and an appeal (most likely) you should have your pass.

The Entrepass framework places harder demands to reach the same outcome.

George