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Setting up sole-proprietorship

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jena
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Setting up sole-proprietorship

Postby jena » Tue, 13 Dec 2005 3:13 am

Does anyone have any experience with or advice on setting up a new consultancy business as a sole propritor? Thinking this may be a way to be able to work in Singapore as a freelancer and not have to wait for an EP through another company/full time job.

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Strong Eagle
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Postby Strong Eagle » Tue, 13 Dec 2005 10:05 am

If you are a foreigner, you will still need a work permit to run your own company, only it is called an Entrepass... ie, you cannot just start a business without permission to stay and work in Singapore.

The starting place is to apply for your Entrepass at MoM (http://www.mom.gov.sg/ProceduresAndGuid ... urs%29.htm).

You will need a business plan not to exceed 10 pages and while you may be able to do it as a sole proprietorship, I personally believe you will have a greater chance of success with a private limited firm. Besides, a ptd ltd offers you significant legal protection... all your personal assets are at risk in the case of a lawsuit or other problems in a sole proprietorship.

Once you have gotten your Entrepass, the next step is to form your company at http://www.acra.gov.sg.

jena
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Postby jena » Wed, 14 Dec 2005 12:26 am

Thank you for the information. I am a foreigner and I am not currentLy in Singapore. I have been doing research on those two sites and just wondering if setting up my own consultancy will be as easy as it seems or am I missing something (not to mention the monumental task of building up a client base in a foreign country)? Why do you think I would have a greater chance of success with a private limited firm, aside from the legal protection? Seems like if I start a ptd ltd I will need another person to go into business with me to fill associated director and secretary requirements. As a sole-proprietor I plan on working on-site requiring little to no overhead. Nor do I plan on hiring employees.

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Postby Strong Eagle » Wed, 14 Dec 2005 10:33 am

Your ability to get an Entrepass is dependent upon how the authorities at MoM view the chances of your success. It's just my view that you are taken more seriously if you form a legal entity. You can get a local nominee director and secretary for very reasonable fees, and this insures that you make all appropriate filings. Now, I'm not saying that you cannot get an Entrepass as a sole proprietor... I really think it will come down to your business plan and your own experience.

As for breaking into consulting... what kind of consulting? This is a small, well networked place and it can be difficult to break in... once in though, recommendations can make life a lot easier.

Email or PM me and I will put you in contact with someone who can explain the pros and cons of private limited versus sole proprietorship.

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Postby dot dot dot » Wed, 14 Dec 2005 10:34 am

chicken egg story, but if you hold a PR here, it is all a matter of a 10 minute online registration at the acra site given by Strong Eagle.

I know you don't hold the PR, but you may consider applying for it with the sole proprietorship as motivation for your PR application.

Eric


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