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Sole Proprietor or ? - Advice Sought

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
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martincymru
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Sole Proprietor or ? - Advice Sought

Postby martincymru » Wed, 25 Nov 2015 11:30 am

Facts:
Job: Quantity Surveyor / Contracts Manager
EP ends 7 Jan 2016.
Employment ceases 7 Jan 2016 (same date).
I have 30 days to 7 Feb 2016 to source employment.
//
I would like to become a sole proprietor (?) and commence the business 7 Feb 2016.

Is this possible? If not then what option would you suggest?

Should I set this up / start the formal application process:-
a) now
b) 7 Jan - 7 Feb 2016
c) after 7 Feb 2016 ?

Whether now or later, what action / preparation do I need to do?

Should I seek professional advice? Can you suggest someone?

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Strong Eagle
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Re: Sole Proprietor or ? - Advice Sought

Postby Strong Eagle » Wed, 25 Nov 2015 11:45 pm

Martin,

Have you read the other multiple threads regarding starting a business with either a LOC or a private limited and an EP?

Have you got cash to put into the business? Do you have expertise in this business? Do you have demonstrable contracts/customers lined up?

You know my view of the process is that your chances of success are entirely dependent upon at least the above three items, as well as a good business plan. Reading the threads here you will see that some have achieved success while others have failed in their application.

It really depends.

What is your status once your EP expires? SVP 30 day pass? Be aware that lots of people would like to do what you want to do. My view is that if you can make this look as though you are continuing your relationship with your previous employer as a contractor rather than an employee, your chances are enhanced.

If you are going to simply hang out a shingle and build a business... well... you'll need a very convincing business plan and pro forma financials to even have half a shot at your scheme.

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martincymru
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Re: Sole Proprietor or ? - Advice Sought

Postby martincymru » Thu, 26 Nov 2015 11:43 am

SMS:
"Have you read the other multiple threads.." Will do
"Have you got cash to put into the business? Yes
Do you have expertise in this business? Yes
Do you have demonstrable contracts/customers lined up?" No / Maybe

"What is your status once your EP expires? "
My Employer will issue a 30-day Short Term Visit Pass (STVP).

"continuing your relationship with your previous employer ...".
Good point. Thanks.


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