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PR CHANCES / SUCCESS STORIES 2016

Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
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jay1979
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PR CHANCES / SUCCESS STORIES 2016

Post by jay1979 » Mon, 27 Jun 2016 6:06 pm

Hi All,

Would like to apply for Singapore PR next year , would like to get your views on my chances or success stories of others who have made it;

I have been living/ working here since March 2014 on an Employment pass.

- Hong Kong Passport ( Chinese Nationality ) / Born in HK.
- Race : Indian
Education Backround : High School ( O Levels )
-Age : 37
- Managing Director at own Incorporated Export company in Singapore ( No Staff )
- Salary : Basic around 156K per year , Gross around 180 K
- Company revenue around 5-6 Million SGD a year ( So paying corporate tax on that )
- Daughter born in Singapore with Hong Kong passport.
- Wife - Indian Passport on a DP.

Would like to make Singapore home , and hopefully start expanding my business and employing staff in the next year or so.

Do let me know if you have any suggestions / advices on how to make my PR submission stronger .

Thanks
Jay

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singaporeflyer
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by singaporeflyer » Mon, 27 Jun 2016 6:39 pm

jay1979 wrote:Hi All,

Would like to apply for Singapore PR next year , would like to get your views on my chances or success stories of others who have made it;

I have been living/ working here since March 2014 on an Employment pass.

- Hong Kong Passport ( Chinese Nationality ) / Born in HK.
- Race : Indian
Education Backround : High School ( O Levels )
-Age : 37
- Managing Director at own Incorporated Export company in Singapore ( No Staff )
- Salary : Basic around 156K per year , Gross around 180 K
- Company revenue around 5-6 Million SGD a year ( So paying corporate tax on that )
- Daughter born in Singapore with Hong Kong passport.
- Wife - Indian Passport on a DP.

Would like to make Singapore home , and hopefully start expanding my business and employing staff in the next year or so.

Do let me know if you have any suggestions / advices on how to make my PR submission stronger .

Thanks
Jay
Why have you posted the same content across multiple threads?

jay1979
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by jay1979 » Mon, 27 Jun 2016 7:45 pm

Sorry that was a mistake meant to post it here

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PNGMK
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by PNGMK » Mon, 27 Jun 2016 9:07 pm

Close to zero. The BREXIT and TRUMP have put the willies into any idea's of global stability or growth and I expect right now there are govt employees in ICA burning the late night oil trimming their forecasts for PR and SC approvals. No joke. Singapore politics is directly coupled to the GDP which is in a closed loop feedback to PR/SC approval numbers.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

BBCWatcher
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by BBCWatcher » Mon, 27 Jun 2016 10:44 pm

Chances not helped by the fact you don't have three Income Tax Notices of Assessment yet.

jay1979
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by jay1979 » Mon, 27 Jun 2016 11:04 pm

Hey bbcwatcher yes. I will be as I'm planning to only apply next year after 3 tax assessments both for personal and my company tax.

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Strong Eagle
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by Strong Eagle » Tue, 28 Jun 2016 5:08 am

Help me understand. You formed a Pte Ltd with a local director, then applied for an EP with the company you formed, is that correct? If so, you are already a relative rarity in Singapore these days, and if that is correct, I would ensure the ICA was aware that MOM decided you had sufficient business skills to grant you an EP for your own company.

You don't pay corporate income taxes on revenues, you pay them on profits. And since you probably formed your company in 2014, you automatically get a 100% exemption on the first $100K of profits and a 50% exemption on the next $200K of profits. So, your computed tax on $300K would be $17K but there is an exemption of either 30% or 50%, depending on the tax year, so actual corporate income taxes IF you cleared $300K would be as low as $8.5K. Your taxes would be less if you didn't clear $300K profit.

Your real issue is that if you are actually grossing $5-6 million a year in revenues and you have zero employees, it's not going to be obvious what benefit you are to Singapore. Your corporate tax is minimal, as is your personal tax rate. You're not paying any salaries. You're not contributing to CPF.

Now, if you are renting warehouse space, using contract workers for various services, engaged in contracts with local companies, then you would want to include this information as evidence that your company is a jobs generator.

jay1979
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Re: PR CHANCES / SUCCESS STORIES 2016

Post by jay1979 » Tue, 28 Jun 2016 11:48 am

Hi Strong Eagle - Thanks for your valuable info .

Yes - I see the issue with the no staff and no CPF contribution . As for the Corporate Tax, Im paying around 24-25 K a year, and I believe the incentives will stop after 3 years , and I will be paying more tax gradually . Will they look at it that my incentives will be over and they will be getting more ?

As for my business, I am purchasing goods from local vendors here and re exporting them , temporary leasing warehouse for my consolidation work . So I could get testimonials from my suppliers/ Invoices and shipping documents to show that we are buying locally and exporting . Not sure how strong and valid this will be.

I also have many of my relatives who are Singaporean ( Moms siblings all are Singapore Citizens / grandma was a Singaporean but passed away ) , so I can show strong family ties .

But going back to the point of staff.. this is probably the most important factor.

Thanks again for your valuable advice.

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