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.