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setting up a new company and register it

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setting up a new company and register it

Postby start up » Fri, 12 Aug 2005 8:41 pm

hi,
want to set up a new company here, a chemical products trader that will do the export import of petrochemical products for ASEAN countries,i had submitted my application for the social visit pass for entrepreneurs, unfortunatelly the EDB didnt give me support, but they dont want to tell me the reason. Is it possible if I submit a new one?

I need to apply the social visit pass for entreprenuers. I had a bit problem with my visa right now. I was on student pass for 5 months until july, then stay for another month here under the social visit visa, then i went back to my country, when i came back here again after 3 weeks they only give me 2 weeks time here, and that is not enough,and i'm afraid that i wont be able to extend it. can you give me suggestion?

Can you please tell me what are the things that I should write in my Brief business outline ( development plans, business exploration activities, and timeline) , I'm a bit confuse with that. and for the market target, should i really specify what kind of company that will do the business with me?

thank you.

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Postby Strong Eagle » Mon, 15 Aug 2005 11:05 pm

If you plan to start up a company, you should already have a business plan.

What are your startup costs?
Who are you primary competitors?
What are alternative products?

Who is/are the management that will guide the company.
What is your marketing strategy and who are your customers?
How will you find new customers?
How will you get repeat/expanded business out of existing customers.
What is your geographic coverage?

What are your estimated revenues for the next three years?
What are your estimated expenses for the next three years?
How will you raise the capital you need?
What is your breakeven point to profitability?
How will you support yoursekf until you are profitable?

What is your employee compensation plan?
What is your employee recruitment plan?
What is your employee training plan?

How will you handle the back office functions of accounting, legal, and HR?

When you can answer all these questions you'll have a business plan, and MOM will probably give you an Entrepass.

start up

Postby start up » Tue, 16 Aug 2005 10:53 am

Thank you so much for your info , StrongEagle. I actually applied for a social visit visa for entrepreneuers first, because I want to make it more confirmed. But they rejected it, can I re-apply again? or should I just register the company?

to tell you the truth, this will be a brand new company, an export import of chemical products. But i really have no experience in such things, only my partner which will be my local sponsor have, do you think this would be an obstacle for me?

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Postby 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.

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Postby Oriental » Fri, 19 Aug 2005 2:53 am

Strong Eagle wrote:First of all, there is no such thing as a social visit pass for entrepreneurs.......

But there is! Check out this link http://www.sedb.com/edbcorp/sg/en_uk/in ... _pass.html.

I think this scheme is intended for individuals native to countries where a pre issued visa is required to enter Singapore.

If one can obtain a 30 day tourist visa on arrival one can just extend ones stay in Singapore by making a quick trip to Johor which in practise makes the above mentioned scheme quite obsolete.

“Start Up”
Impossible is nothing!

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Postby Strong Eagle » Fri, 19 Aug 2005 10:25 am

Thanks, Oriental... learn something new everyday.


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