I don't know the criteria MOM uses, but I imagine the main questions they need answered are:sharkgator wrote:While applying for the EP I will be giving my personal details such as cv, certificates, previous employer testimonials but how can I prove that the I will be reviving the company with new business plan to MOM, do I have to submit a business plan.
I recommend it. Again, I've seen multiple posts where an agency applied for an EP, only to be rejected with the words, "No revenues to support the salary". This is your task.sharkgator wrote:While applying for the EP I will be giving my personal details such as cv, certificates, previous employer testimonials but how can I prove that the I will be reviving the company with new business plan to MOM, do I have to submit a business plan.
This is why you must prepare a business plan and pro forma financials and ensure that they are included along with your EP application. This is exactly what I was referring to earlier about muppet agencies making up big EP salary numbers when no turnover is present.sharkgator wrote:I downloaded the EP application from MOM website and I come across this box,
"Value of Turnover of the Company in the past 3 years"
If my company is dormant for last three years how should I fill it, what if they come to a conclusion that the company sponsoring the employee is a dormant company.
Even if I deposit enough money into my company bank account to show MOM that there is money to pay the salary to the employee(me) and run the company, how will I explain MOM that company is infact revived and going to have a new start.
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