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Sole Proprietorship as Foreigner

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tomorrowme
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Sole Proprietorship as Foreigner

Postby tomorrowme » Tue, 16 Jun 2015 1:49 pm

Hi all,

I am keen to start a Sole Proprietorship in Singapore as a foreigner who would reside in Singapore. My first question: is it possible to get an EP through Sole Proprietorship? If so which EP would this fall under?

According to ACRA website I "should" get MOM approval before registering for a business. When I called the MOM to clarify what approval means they said I should have a EP/DP pass or apply for an EntrePass. Beyond the fact that I do not meet the $50K requirement, the ACRA website and MOM says Sole Proprietorship is not valid on an Entrepass. So my question is what comes first the EP or the Sole Proprietorship registration?

Any insight would be a great help!

Thanks!

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Strong Eagle
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Re: Sole Proprietorship as Foreigner

Postby Strong Eagle » Tue, 16 Jun 2015 8:39 pm

Search my threads on the topic. I think you hurt your chances trying to start a business as a SP... you look like a two bit amateur with no experience and no money. And if you don't have $50K available, how are you going to convince MOM that you can support yourself until you business becomes profitable?

If you want any chance of getting approved, I judge you will need to start a private limited. Again, read the threads I have posted on this topic. There are quite a few of them.

tomorrowme
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Re: Sole Proprietorship as Foreigner

Postby tomorrowme » Tue, 16 Jun 2015 8:58 pm

Thanks for your feedback! I will take a look through your posting history. Apologies if my question was redundant.
I have 2 years of experience including an undergraduate degree and certification in the field (Personal Training). I also hold some amount of financial backing just not $50K. My parents are expat's living here so my living expenses and overhead costs for operation are relatively low. Finally, I have met a few Personal Trainers/Small Business owners who are overwhelmed with their current client base and would love to work with an Freelance trainer and my skill set. While they are not hiring full-time, I believe I have the experience to build a client base.


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