It really depends upon whether or not you can convince MOM to go along with the deal.
Clearly, forming a company and then "working" for it is a scam that ACRA and MOM are well aware of... unemployed PEP's trying to stay in the country as long as possible. The PEP holder doesn't have a contract or a client, and is probably not getting paid anything.
OTOH, professionals in several areas have successfully incorporated a private limited (and yes, this is indeed the way you would want to go), then applied for an EP with the newly formed company. It is a way around onerous Entrepass rules that would prevent any professional in finance, law, or technology from setting up shop, and from an email conversation I had with MOM a while back, they are aware that Entrepass effectively blocks qualified professionals and will consider each of these applications on a case by case basis.
My view aligns with SMS. You probably cannot get approval from MOM to work for your own company. Instead, you should take the route as stated above, and get an EP. Any person can form a company according to IRAS. You would get your own nominee director so that you yourself would not run afoul of the PEP rules about being a director of a company that you own. Once your EP is issued, you can become the director and remove your nominee director.
You should make your application for EP much the same way as you would for an Entrepass... a concise business plan that demonstrates clients and contracts, and your expertise. You should have five years worth of pro forma financial statements showing your break even point. You should open a bank account in your company's name and put enough money in it to handle start up and costs, including your own salary, until you are profitable. You should note the local Singaporeans you will hire as auditors, accountants, etc, and the fact that you keep your money in Singapore banks.
The whole point of this exercise is to:
a) Prove that you are not setting up a scam/sham company to avoid leaving Singapore.
b) Demonstrate that you are a qualified professional with a viable business that has clients and contracts.
c) That you are a competent businessman as evidenced by a business plan and pro forma statements.
It's still not a slam dunk and several people on this board have done this.
For actual PEP details, see here:
http://www.mom.gov.sg/foreign-manpower/ ... ligibility
For an outline of the business plan I used to get my Entrepass, see here:
http://www.herberts.org/miscdocs/Sample ... ntents.pdf. It may be more than you need.
And, you should read the details about business plans under my Entrepass thread:
http://forum.singaporeexpats.com/ftopic93619.html. I believe that most of the information is applicable for a professional trying to get an EP.