I live abroad and owner of a Ltd. based in Singapore using a nominee director service. I am the solo share holder. The company is maker of software products. I am planning to move to Singapore after obtaining an EP through my own company.
The company just turned 2.
First year's revenue was SGD140K and profit was SGD120K.
Second year's revenue was SGD270K and profit was SGD240K.
I expect the third year's revenue to be around SGD400K and profit to be around SGD360K.
Since I am technically not a employee of my own company at the moment, so far, I've been collecting dividends from the yearly profits.
I am looking forward to move to Singapore to focus & grow on my business by the end of 3rd year. Therefore looking forward to obtain EP through my own company. If I am not mistaken, I am technically eligible for applying and getting a EP but I have doubts if that would be the case in real life. I am not entirely sure what does my case look like when authorities process my application.
Some more facts:
- I am 31 and I have wife and an infant which need dependent passes.
- Company was established with a paid capital of SGD 1.
- I have personal savings around SGD350K which I will keep in SG.
- I am not planning to hire anybody else at the moment. It will be just me, employed by my company.
1) Do you think I will be available to get an EP? Considering the fact that I will be the only employee/director of the company, are there any restrictions?
2) If I am not mistaken, the requirement should be have a salary of around SGD6000-6500 for my case. Would it matter if I try to minimize the salary I collect (for tax benefits)? Would it increase my chance to obtain a EP if I am to have more salary from my company?
3) Initially, I don't want to contribute to CPF, how would it be possible? Would it decrease my chance of obtaining a EP, would it be negative when renewing EP?