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digital media startup and employmentpass

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newpro
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digital media startup and employmentpass

Postby newpro » Mon, 09 Oct 2017 1:35 am

i am plaing to to start digital marketing firm in singpore,i am planing to relocate to singapore and run my business in singapore,can you suggest me best agnecy services who can help me in better way to setup and get employment visa,and if any one good experience with compnay setp up and ep,please share me some info

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Re: digital media startup and employmentpass

Postby ecureilx » Mon, 09 Oct 2017 6:36 pm

newpro wrote:i am plaing to to start digital marketing firm in singpore,i am planing to relocate to singapore and run my business in singapore,can you suggest me best agnecy services who can help me in better way to setup and get employment visa,and if any one good experience with compnay setp up and ep,please share me some info
Where are you from ?

What's the capital you are looking at?

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Strong Eagle
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Re: digital media startup and employmentpass

Postby Strong Eagle » Mon, 09 Oct 2017 11:05 pm

Please read the many threads in the business and career sections about starting a business, including my thread on the Entrepass. While not relevant to you, it provides a lot of information about what you will need to do in order to succeed.

The questions ecureilx asked are valid. Far too many scammers have attempted to gain residency in Singapore by setting up a business... a business for which they have no money, no training, and no experience.

You pay the price for this. You will need to be capitalized, demonstrate experience, have a business plan, if you hope to succeed. If you simply attempt to use an agency to form a pte ltd, then apply for an employment pass for you, you will likely fail.

For example, you can read threads from people who had an agency setup their company, then apply for an EP at a salary of $9,000 per month. They were immediately rejected because there were no company revenues to support such a salary. The agency thinks a big number makes all the difference; the reality is that you need a financial plan that shows how you cover expenses to break even.

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Re: digital media startup and employmentpass

Postby newpro » Tue, 10 Oct 2017 4:20 am

Strong Eagle wrote:Please read the many threads in the business and career sections about starting a business, including my thread on the Entrepass. While not relevant to you, it provides a lot of information about what you will need to do in order to succeed.

The questions ecureilx asked are valid. Far too many scammers have attempted to gain residency in Singapore by setting up a business... a business for which they have no money, no training, and no experience.

You pay the price for this. You will need to be capitalized, demonstrate experience, have a business plan, if you hope to succeed. If you simply attempt to use an agency to form a pte ltd, then apply for an employment pass for you, you will likely fail.

For example, you can read threads from people who had an agency setup their company, then apply for an EP at a salary of $9,000 per month. They were immediately rejected because there were no company revenues to support such a salary. The agency thinks a big number makes all the difference; the reality is that you need a financial plan that shows how you cover expenses to break even.

i have perfect plan business and projects in hand,so business plan,making revenue is not an issue,i just had bacheor agree,had enough experiance as a freelancer,can show good paid up capital,and on going projects,need correct guidence to setup firm and get employementpass,as entry pass is really tuff and lot of step to finish,some one guide me in coreect way eagle u looks ur the best,guide me

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Re: digital media startup and employmentpass

Postby newpro » Tue, 10 Oct 2017 4:21 am

ecureilx wrote:
newpro wrote:i am plaing to to start digital marketing firm in singpore,i am planing to relocate to singapore and run my business in singapore,can you suggest me best agnecy services who can help me in better way to setup and get employment visa,and if any one good experience with compnay setp up and ep,please share me some info
Where are you from ?

What's the capital you are looking at?

i am from india,paid up capital can show around 30k sgd

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Re: digital media startup and employmentpass

Postby Strong Eagle » Tue, 10 Oct 2017 5:23 am

Then you _perhaps_ have a chance, based upon the information you provided. You will need an agency who will form a company and rent you a director. You need an agency bright enough to be able submit your business plan which includes pro forma financials and your projected time to break even.

You need to demonstrate that you have enough money to cover your own living expenses plus your company expenses through break even with the capital amounts you intend to invest. If you cannot do this, you are likely doomed. You will probably want to put your money into your company's bank account in Singapore.

Here's an example: You must earn at least $3,600 per month to get an EP. You will have company expenses to handle... let's be simple and call it $400 per month. That's $4,000 per month total. If you're bringing $30,000 capital, then 7.5 max to achieve break even.

MoM uses an agency called Spring (https://www.spring.gov.sg/Pages/Home.aspx) to vet Entrepass applications and my guess is that all startups go through Spring. They can spot bullshit a mile away so make sure your projections are realistic.

I can't recommend an agency to you, and you need to interview several. The big question they need to be able to answer is how they will handle you as a startup. There are plenty of idiots in Singapore who will screw the whole thing up because they don't know how to do it. Be prepared to spend $3-5,000 to get your company and director setup.

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Re: digital media startup and employmentpass

Postby newpro » Tue, 10 Oct 2017 8:25 pm

can you suggest me any good agnecy,because i am planing to rent director,i am going to show paidup capital 30k and i am going to get weekly tranctions to my bank from my projects,so can i trust my rented directors till i reach sg and get ep

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Re: digital media startup and employmentpass

Postby newpro » Tue, 10 Oct 2017 8:26 pm

can you suggest me any good agnecy,because i am planing to rent director,i am going to show paidup capital 30k and i am going to get weekly tranctions to my bank from my projects,so can i trust my rented directors till i reach sg and get ep

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Re: digital media startup and employmentpass

Postby Strong Eagle » Tue, 10 Oct 2017 9:12 pm

I can make no recommendations for an agency other than to Google and speak with them. Perhaps someone else can make a recommendation. Even then, you carefully need to vet in order to avoid getting screwed by incompetent people.

Be aware that these days, any company that is willing to provide you with a director will insist on being your secretary and your auditor. They will want a Singapore bank account and records of all transactions. They will be your bookkeeper, all for a fee. The reason? Directors are liable for the actions of a company, and if you are really a money launderer, and your "projects" are really schemes for cleaning cash, then it is the director who will be held liable. Thus, they will want to crawl up your arse with a microscope to ensure you are squeaky clean.

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Re: digital media startup and employmentpass

Postby newpro » Tue, 10 Oct 2017 10:12 pm

my projects are clean so no issues

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Re: digital media startup and employmentpass

Postby Strong Eagle » Tue, 10 Oct 2017 10:56 pm

newpro wrote:my projects are clean so no issues


Your issue is getting others, particularly the banks, to understand and believe that.

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Re: digital media startup and employmentpass

Postby newpro » Thu, 12 Oct 2017 4:11 am

once i start company,i may need around 3-5 members,what you guys suggest,better to take citizens or pr also ok,is there minimum salary requirements in singapore,and i may use few freelancers to work for my company from usa and uk,is that legal to use freelancers workers out side if singapore to work for singapore based company
last question,after incorporating compnay ,i need bank account and need to hire staff,for that can i apply for business visa,to get bank account and hire staff

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Re: digital media startup and employmentpass

Postby Strong Eagle » Thu, 12 Oct 2017 5:34 am

newpro wrote:once i start company,i may need around 3-5 members,what you guys suggest,better to take citizens or pr also ok


By "members" I assume you mean shareholders? In Singapore, the two are essentially the same. Anyone can be a shareholder in Singapore. They don't even need to be resident. Sell all the shares you want to folks in India.

If you are referring to employees, the a citizen or PR can work for you without the need for you to obtain a work permit for them.

,is there minimum salary requirements in singapore,


There is no minimum salary in Singapore. However, if you pay less than $2,500 (or $4,500, depending upon the job), you must adhere to the regulations in the employment act regarding the hiring and firing of employees.

and i may use few freelancers to work for my company from usa and uk,is that legal to use freelancers workers out side if singapore to work for singapore based company


In general, you can use free lancers from anywhere, and the fees you pay them will probably not be taxable. However, you need to contact IRAS with your specific situation to get a ruling. Because they are providing services to your Singapore company, there are circumstances where they will be considered to be providing services in Singapore and thus, they are subject to Singapore withholding. But they may not have to pay taxes depending up any tax treaties with other countries. Again, this gets complex and you need to address your specific circumstances with IRAS


last question,after incorporating compnay ,i need bank account and need to hire staff,for that can i apply for business visa,to get bank account and hire staff


There is no such thing as a "business visa". You cannot form a company as a foreigner. You will require the services of an agent. The following is a general outline of what you will have to do.

  1. Verify that the products and services you will be providing do not require licensing or additional approvals. For example, selling food, medicine, and a variety of other products requires additional licenses which you must obtain before starting the company.
  2. Hire the agency that you wish to use. They will supply you with a resident director, and the agency will get your company setup with the ACRA. You will be the sole/initial shareholder of the company, only. Your director will have complete control over the company; you cannot limit his/her powers granted under the companies act. You can also be setup as a non-resident director but this does not limit the powers of the other director. Expect to pay $3,000 to $5,000 or more for these services.
  3. Your director will file for an employment pass for you. As I have previously stated, this needs to be done right for a startup, with enough cash and a realistic break even point. Once you receive your employment pass, you will legally be able to reside in Singapore, and you will be able to become a resident director yourself. You can then dispense with your rented director.
  4. As I have previously stated, the agency that starts your company for you will want to be your corporate secretary and will handle your books. They will also look closely at your staff hiring to ensure that you are not violating any laws. It is their director that is at risk.
  5. In theory, all it takes to open a bank account is a directors resolution. In reality, a startup such as yours will find it to be much more difficult. This is because of the money laundering activities of quite a few banks. Now, they are all afraid to take small fry like you because it is very hard for them to ascertain that you are not a money launderer.


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