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Entrepass-Salary increase

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cutejesey
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Entrepass-Salary increase

Postby cutejesey » Tue, 07 Mar 2017 12:42 am

Hi guys

I would like to gather opinion from you all, if I decided to increase my salary from $6.5k to $10k, does it affect my entrepass renewal in Dec'17?

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ecureilx
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Re: RE: Entrepass-Salary increase

Postby ecureilx » Tue, 07 Mar 2017 1:05 am

cutejesey wrote:Hi guys

I would like to gather opinion from you all, if I decided to increase my salary from $6.5k to $10k, does it affect my entrepass renewal in Dec'17?

Have you proportionately increased the local head count ?

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Re: Entrepass-Salary increase

Postby Strong Eagle » Tue, 07 Mar 2017 3:06 am

If you have otherwise met headcount, employee spend, and training requirements for the Entrepass, I would imagine it would help.

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ukdesigner
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Re: Entrepass-Salary increase

Postby ukdesigner » Tue, 07 Mar 2017 5:20 pm

Depends if you're running a Pte Ltd or a sole prop. If a sole prop it makes no difference whatsoever as they consider all the net profit as income. If a pte ltd then only if the accounts stack up. They can ask for the accounts or if not they certainly will check against what you provided in the previous tax year.

Their main concern at the moment is to meet their head count and BTS (business total spend) requirements. Remember this isn't approved by MoM but by Spring so they look at your business viability and so on.
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cutejesey
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Re: Entrepass-Salary increase

Postby cutejesey » Wed, 08 Mar 2017 11:35 am

ecureilx wrote:
cutejesey wrote:Hi guys

Have you proportionately increased the local head count ?

Let's say I'm planning to increase my pay from $6.5k to $10k next month Apr'17 (my entrepass expiring in Dec'17)
I have just hired a new staff this month Mar'17, and getting another 2 staff in July 2017.


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cutejesey
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Re: Entrepass-Salary increase

Postby cutejesey » Wed, 08 Mar 2017 11:36 am

Strong Eagle wrote:If you have otherwise met headcount, employee spend, and training requirements for the Entrepass, I would imagine it would help.

May I understand more about training requirements?


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Re: Entrepass-Salary increase

Postby Strong Eagle » Wed, 08 Mar 2017 12:11 pm

cutejesey wrote:
Strong Eagle wrote:If you have otherwise met headcount, employee spend, and training requirements for the Entrepass, I would imagine it would help.

May I understand more about training requirements?


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I stand corrected. My apologies. It has been a while. I should have been referring to the technical qualifications of those hired.

"Depending upon the type of Entrepass issued, you need to demonstrate that you have hired 2 (P3), 4 (P2), or 8 (P1) Singaporeans/PR's into your company in the last 12 months of operations, AND, these people must have minimum qualifications: The full-time local employees need to possess at least National Technical Certificate (NTC2), National ITE Certificate (NITEC) or vocational qualifications obtained after at least two years of full-time studies."

UKDesigner is really the go to person at this point... search his threads... he's been through it all with the Entrepass.

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Re: Entrepass-Salary increase

Postby ukdesigner » Wed, 08 Mar 2017 12:24 pm

I'll reiterate my comment about being a sole prop or having a pte ltd. You never answered that so before we can really help we need to know what you're running as MoM makes a clear distinction and that'll affect you'll renewal.

You'll also, more than likely, be on the new system which has very specific criteria about employing a certain number of people by the end of year 1, year 2 and year 3. If memory serves you need to have 3 local people by the end of 1, 6 (local and foreign) by the end of 2 and 12 (local and foreign) by the end of 3.

Not to sugar coat this but giving yourself a bumper pay rise but not meeting the employment criteria will mean sweet f**k all to them and more than likely result in your pass not being renewed.
Don't p*ss me off! I am running out of places to hide the bodies.

cutejesey
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Re: Entrepass-Salary increase

Postby cutejesey » Wed, 08 Mar 2017 3:16 pm

I'm running pte ltd
In July 2017 my company should have 3 local staff
Perhaps this help my renewal when Dec 2017


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Re: Entrepass-Salary increase

Postby ukdesigner » Wed, 08 Mar 2017 3:24 pm

it'll help but like everything here there's no guarantee. As the application is looked at by Spring and not MoM they also look at your business viability, it's profit and loss and so on so as long as the company looks like and is able to cover your salary comfortably without it looking like you're bleeding it dry then you have a better chance of renewal.

But as I say, there's no guarantee. I've had my renewal take nearly 4 months before and that was when I had 4 staff. With 8 staff it took 2 months but when I had 0 staff I got a renewal within 2 weeks, so who knows. The rules are tightening and changing all the time.
Don't p*ss me off! I am running out of places to hide the bodies.

cutejesey
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Re: Entrepass-Salary increase

Postby cutejesey » Thu, 09 Mar 2017 12:34 am

Thanks for your information.


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