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sponsoring your own ep

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epless

sponsoring your own ep

Postby epless » Mon, 30 May 2005 1:46 pm

Hi everyone,

Hoping to get some advice -- have been in Singapore for six months on a P2 EP but resigned from my job and EP will be cancelled very soon. Really want to stay here and have established a company with the intention of sponsoring my own employment pass. Have very little startup capital (ok, none) but can prove I'll have a few clients right off the bat. For what it's worth I'm educated and quite experienced in the industry the company will be in, which is also a sector (media/marketing) that the government's trying to promote.

Have heard from more than a few people that EP shouldn't been a problem but was wondering if anyone here has been through something similar? Any tips on ensuring EP's approved as unfortunately I don't really have a plan B ...

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Strong Eagle
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Postby Strong Eagle » Mon, 30 May 2005 2:05 pm

You will need to apply for an Entrepass, I believe. Details on MoM website at

http://www.mom.gov.sg/MOM/CDA/0,1858,12 ... --,00.html

You'll need a ten page business plan which should outline your marketing stragtegy, competition, sales strategy, target markets, and three years worth of pro forma financials including a break even analysis. Be sure to include tax payments, payments to local accountants and lawyers and the fact that your business funds will be kept in a Singapore bank.

That you have clients early on is a boon. That you do not have start up capital is not so hot, but if your P&L shows that you can support yourself, you may be OK. Having a written from a client would be real good.

Your success will also depend upon the nature of the business. I just don't think you will be granted an EP to open a hawker center. If you introduce technology, new processes (including management), or provide jobs and training, your chances are improved.

Good luck

epless

thanks

Postby epless » Mon, 30 May 2005 2:47 pm

Hi Strong Eagle,

Thanks for the info -- don't think I can go the Entrepass route as that should be done before the company is established. Mine has already been successfully registered; all I need to do now is get an EP under it. As I said other people have told me this isn't difficult as long as you're qualified but looking at the EP application process have been getting a bit intimidated.

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Postby Strong Eagle » Mon, 30 May 2005 3:05 pm

Well, you could go that route... or... do as I did... which was to get the Entrepass. My partner has lived in Singapore for more than a decade. He registered a business in July, 2004. I joined the business as a partner and applied for an Entrepass as a partnter coming over to take an active role in a start up business already in existence, already making money. No problem.

You can go the EP route but I think it is more of a hassle than an Entrepass (although the biz plan was no picnic to write), no justifications were necessary, and we don't have an EP counting against our company.

You really should drop down to MoM and chat with them about this.

Guest

Postby Guest » Mon, 30 May 2005 3:57 pm

What SE doesn't know is that once your biz is registered, you cannot apply for an EntrePass. This law change has only just been put into effect.

Thus: EP it is. (Perhaps S Pass might be the way to go).

Good luck indeed.

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Postby Strong Eagle » Mon, 30 May 2005 5:20 pm

What SE doesn't know is that once your business is registered, you cannot apply for an EntrePass. This law change has only just been put into effect.


Can you provide a cite for this?

It doesn't seem that way from the MoM website. For example, from the 'Documents Required' section:

'Companies / businesses registered with the Accounting and Corporate Regulatory Authority (ACRA) must produce a copy of the company's latest Business Profile / Instant Information;'.

It is true that the wording is different since I applied but unless epless' business was formed a long time ago, I think he can just say he is lining his ducks up by insuring that his business can be registered.

But again, he really should go and talk to SPRING and MoM.

Guest

Re: sponsoring your own ep

Postby Guest » Tue, 31 May 2005 3:08 am

[quote="epless"]Hi everyone,

Hoping to get some advice -- have been in Singapore for six months on a P2 EP but resigned from my job and EP will be cancelled very soon. Really want to stay here and have established a company with the intention of sponsoring my own employment pass. Have very little startup capital (ok, none) but can prove I'll have a few clients right off the bat. For what it's worth I'm educated and quite experienced in the industry the company will be in, which is also a sector (media/marketing) that the government's trying to promote.

Have heard from more than a few people that EP shouldn't been a problem but was wondering if anyone here has been through something similar? Any tips on ensuring EP's approved as unfortunately I don't really have a plan B ...[/quot

I can only give you my example, when i had a chat with MOM, I arrived on a DP, and don't really wish residence here, becuase I freelance and earn income elsewhere.

I was informed, that providing I don't stay longer than 183 days, I can continue to freelance, if I stay over the 183 days, I should just register with acra for tax purpose. and employment pass, would be issued no problem.

I'm neither a business nor an employee,

I would be interested to know more about your marketing plans, I have also something I would like to do here in Singapore. Marketing/Advertizing

potato

Postby potato » Sun, 05 Jun 2005 3:37 pm

Strong Eagle wrote:
What SE doesn't know is that once your business is registered, you cannot apply for an EntrePass. This law change has only just been put into effect.


Can you provide a cite for this?

It doesn't seem that way from the MoM website. For example, from the 'Documents Required' section:

'Companies / businesses registered with the Accounting and Corporate Regulatory Authority (ACRA) must produce a copy of the company's latest Business Profile / Instant Information;'.

It is true that the wording is different since I applied but unless epless' business was formed a long time ago, I think he can just say he is lining his ducks up by insuring that his business can be registered.

But again, he really should go and talk to SPRING and MoM.


Tried to apply for EP after company was incorporated, MoM replied with letters saying that we ought to apply for Work Permits instead.

This happened about 1 month ago... ...and we didn't see it on the MoM website 2 months ago when we first applied.


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