fx8fx wrote:Thank you SE.
My business is successful.
But the question is === what i want to set up is just a supporting center only , it's not a profit center.
So there is no decent paid up capital (No requirement for a Limited Liablilty Partner or a branch company ) except monthly fee for rent , staffs salary.
I think having staff on your payroll would just about guarantee a successful EP application and subsequent renewal. Getting an Entrepass seems quite easy if you have a good biz plan, a good idea, and it includes technology or hiring people. For first time renewals, MOM says this:
Business is in commercial operations1 and / or company has secured third party funding;
Business venture conducting business based on original business plan2; and
Applicant must submit the following documents:
Company registration information from the Accounting and Corporate Regulatory Authority (ACRA);
Latest financial statements declared to the Inland Revenue Authority of Singapore (IRAS); and
Documented information on the number of employees from the Central Provident Fund Board (CPFB).
For subsequent renewals, MOM says this:
Evidence of turnover / sales activities;
Employment creation (above and beyond main applicant);
Corporate taxes paid for at least one out of the last three years;
Business venture conducting business based on original business plan; and
Applicant must submit the following documents:
Company registration information from the Accounting and Corporate Regulatory Authority (ACRA);
Latest financial statements declared to the Inland Revenue Authority of Singapore (IRAS); and
Documented information on the number of employees from the Central Provident Fund Board (CPFB).
My guess is this. If you come in on an EP and make $2,500 per month for the next bunch of years, you will never be offered EP. If you make $20,000 per month, I'd bet money you'll be invited to become a PR... you are good for the economy.
If you have even one or two people hired in your business, you are creating value, and I'd bet you'll be offered EP. I'll know soon enough. I've completed one successful, have one more to go for Entrepass renewal. But I think that once I file my income tax and corporate financials, the invitation could come this year.
there is real invitation letter sent to someone ???