-
Quote
-
0
login to like this post
Post
by Strong Eagle » Tue, 16 Aug 2005 11:41 am
First of all, there is no such thing as a social visit pass for entrepreneurs... so I don't know what you applied for.
Depending upon your country you either automatically get a social visit pass of 14, 30 or 90 days, or if you are subject to visa requirements, you must apply before coming in. But this still has nothing to do with being an entrepreneur.
If your partner has the experience then he should already have set up a company (a private limited or limited company). When you write your business plan, under the management section you must adequately demonstrate what value you bring to the company. Since a trading company like this almost certainly needs capital, you will do yourself a favor by indicating in the business plan the capital you will contribute.
Nobody knows for sure what criteria MOM uses in approving or denying an Entrepass. But I am sure that they will take the following factors into account:
Your level of business knowledge - do you have the skills to run the company? Part of this will be reflected in how professional your business plan is. Part will be reflected in the reasonableness of your financial assumptions and projections.
Are you bringing new technology or new business processes to Singapore? The whole idea of this program is to inject Singapore with new ideas.
Will your business employ people? Train people? Will you make an effort to provide internships for students at local universities? Singapore lets foreigners in if they believe that it will help the overall economy.
How much capital will you inject? The people at MOM are well educated and smart. If you try to present a start up plan with no working capital, when everyone knows you need $250,000 to make it go, you're not going to get approved. The more capital you bring, the better your chances are.
If you don't have a business plan, you need to start there first. How do YOU know your business will work without a plan? I am pretty sure that without a well thought out, consistent, professionally competent plan, you won't get the pass.
I'll close by saying this: I don't mean to sound harsh but it sounds like you have a lot of homework to do before you attempt to get your Entrepass. You need to understand company formation requirements (see the ACRA website). You need to understand Entrepass requirements (see the MOM website). You need to understand your business (get to work on that business plan). You need to write a good business plan (do a search on Google for business plans, and business plans related to your industry). You need to be sure you can do this. Get educated.