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Entrepass likelihood

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
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ukdesigner
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entrepass

Postby ukdesigner » Fri, 23 Mar 2007 3:06 am

Hi Rudy,

that's brilliant news. Funnily enough I've now arranged for a virtual office which I can use for a business address.

I'm glad they replied as it certainly gives me hope.

Let us know how you get on.

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Postby need-entrepass » Fri, 23 Mar 2007 8:55 am

thanks. but we still need a secretary to fulfill the requirement right ? or no, i saw from some websites said so, and they offer a "virtual" secretary for you just a couple hundreds a month or year, i forgot.

thats a bit troubling. is this true?

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Postby sundaymorningstaple » Fri, 23 Mar 2007 1:19 pm

Yes, if you are a Pte Ltd Company you are required by law to "appoint" a Company Secretary. This can usually be provided by your auditors at a nominal charge annually. With the tax rates here, it shouldn't be troubling at all I would think. The costs are minimal.

sms

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Postby Strong Eagle » Fri, 23 Mar 2007 2:17 pm

need-entrepass wrote:thanks. but we still need a secretary to fulfill the requirement right ? or no, i saw from some websites said so, and they offer a "virtual" secretary for you just a couple hundreds a month or year, i forgot.

thats a bit troubling. is this true?


Your secretary will be a valuable asset and is needed by law. You will need to file director's resolutions for almost any decision of consequence to your company (opening a bank account, applying for credit cards, authorizing a director's bonus), to filing with IRAS and ACRA.

Don't know what a virtual secretary is... most firms have a person (I use my CPA) to handle the forms. She fixes them up, I sign them. She is good.

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virtual office

Postby ukdesigner » Sat, 24 Mar 2007 2:38 am

I'm just using a virtual office. It provides me with a corporate address in Singapore. I intend to be a sole trader initially until such point that the income generated would be advantageous for me to be limited, hence I don't need a secretary or anything like that. Also a virtual office gives me a local address for my visa application to be replied to in writing and faxing etc etc.

As I understand it (am this is only from what I've read on the websites) if you want to set-up a limited company you need to appoint a local manager / director initially to handle the initial formation of the company and a company secretary. After its been formed then you just swap the company director into your name.

Its done here in the UK but mainly for ready-made companies purely for speed.

I might be wrong but I would certainly check out the government websites as they give you all the info you require.

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Postby need-entrepass » Sat, 24 Mar 2007 11:23 pm

do we still need a local manager in addition to a secretary ? but we/ i am the manager and owner. is this sufficient ?

also say i get approved, what do i need to do to become a singapore PR ? entrepass only gives working permit for 1-2 years right ?

thanks

rudy

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Postby AdamC » Sun, 25 Mar 2007 1:03 am

Yes. to setup a business firm in Singapore, You require a Singaporean citizen as manager(at least).

If You would like to apply for PR :

http://app.ica.gov.sg/serv_pr/per_res/a ... #procedure

alternatively, You can check with them the requirement. They are the professionals in this. :D

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Postby need-entrepass » Sun, 25 Mar 2007 11:01 am

oh i thought i could be the manager as im holding working pass (entrepass) in this case. crap, i already submitted my biz plan as pte ltd, i should have applied for sole proprietor..

does anyone know where to hire local manager & secretary for cheap ? i saw . site but its still quite expensive.

thank you

rudy

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Postby need-entrepass » Sun, 25 Mar 2007 11:05 am

oh nvm, i can be the local director i think. from this page :

http://www.asiabizsetup.com/singapore-c ... ation.aspx

so i just need a "secretary". can anyone recommend a company ?

thank you very much for your help :)

rudy

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Postby sundaymorningstaple » Sun, 25 Mar 2007 11:27 am

need-entrepass,

even though it's a commercial site, it's a good one. Looks like recent changes will circumvent the local director rule as it allows you to put the cart before the horse (unlike the past). Go for it.

Also, I'll take the pleasure of adding that link to my own links page.

Thank & Good Luck,

sms

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Postby need-entrepass » Sun, 25 Mar 2007 4:40 pm

wow sms , your webpage is full of info. thank you :)

rudy

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Postby sundaymorningstaple » Sun, 25 Mar 2007 6:32 pm

Glad you find it usable. It's an ongoing work in progress. :cool:

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Postby Strong Eagle » Sun, 25 Mar 2007 9:58 pm

AdamC wrote:Yes. to setup a business firm in Singapore, You require a Singaporean citizen as manager(at least).

If You would like to apply for PR :

http://app.ica.gov.sg/serv_pr/per_res/a ... #procedure

alternatively, You can check with them the requirement. They are the professionals in this. :D


You do not need a 'Singapporean citizen' to set up a company. For a private limited, you need ONE director who is a citizen, a PR, or a holder of an EP.

For people setting up a new business there are two ways to go about it.

a) Obtain your Entrepass, then go set up your company.
b) Set up a company using a nominee director. Lots of firms can supply this person, including my accounting firm. Your nominee director signs a letter of resignation upon appointment so that you have control.

For a sole proprietorship you will need to have obtained your Entrepass. You then qualify to register your business.

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Postby AdamC » Mon, 26 Mar 2007 11:32 am

My apology in making that wrong statement :D


tt time when i apply for LLP, its stated inside the requirement, but how to go about it. i think ya know better

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Postby scottie-the-engineer » Thu, 05 Apr 2007 1:05 pm

Yet more variations on the theme...

My private limited company was set up with a Singaporean director, myself as a foreign director, sole shareholder and bank account signatory.

Asiabizsetup did all the necessary with no hassles, and my Entrepass application is in the great sausage machine waiting to be processed. Once that's done the local director can resign, but even with the local director I still have full control and can start trading.


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