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Should I apply for Entrepass before reaching SG?

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MacD
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Should I apply for Entrepass before reaching SG?

Postby MacD » Mon, 30 Jul 2007 5:52 am

Hello,

Just a quick question would it be advisable to apply for Entrepass before coming to Sg so we could just start our business once we touch down?

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Strong Eagle
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Postby Strong Eagle » Mon, 30 Jul 2007 7:07 am

Yes. Just make sure you have a local address available.

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Postby MacD » Mon, 30 Jul 2007 7:10 am

Excellent.. Thanks for the heads Up!

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Postby Miragee » Mon, 30 Jul 2007 11:57 am

You will be given 30 days pass at arrival, but its not the best ground if you are starting a business.

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Postby MacD » Mon, 30 Jul 2007 9:31 pm

30 days pass is good enough for me. Thanks Mirage for alerting me!

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Postby Strong Eagle » Mon, 30 Jul 2007 10:23 pm

MacD wrote:30 days pass is good enough for me. Thanks Mirage for alerting me!


Catch is that you will not know if your Entrepass will be approved in 30 days, whether they will require additional docs, etc.

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Postby MacD » Mon, 30 Jul 2007 10:33 pm

That's what they kept telling me, there's no guarantee. So do you suggest I be in Sg and then apply for the Entrepass? :???:

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Postby ukdesigner » Tue, 31 Jul 2007 12:46 am

May I throw something else into the equation that I have found....

I applied for my entrepass and got it. I registered the business using a local company.... again no problem.

Now I've been here 3 weeks and to be honest the banks are shocking!! It took them 2 weeks to open up an account (I did nag them every other day as I was told 2 days to open - oh I forgot they had a training day on friday :? )and they want 2 weeks to write a guarantee that I have supplied them with from MOM, and they wanna charge for this service!! When I opened up the account I explained what I needed from them and they didn't even know what I was talking about - and this was a supposed 'executive business manager'.

I would suggest that you choose your bank very carefully. I won't say who I chose but its safe to say that they are global!!

I now have to either get an extension on my svp from immigration or exit and re-enter again whilst the banks and their lawyers re-write what i've given them.

So in answer to your question.. you'd think that 30 days would be enough but it's not always the case!!

I hope I haven't put a dampner on things but you do need to be prepared for this. I spent 6 months planning my move here and it's gone a little pear shaped so far!!

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Postby MacD » Tue, 31 Jul 2007 1:50 am

UKdesigner,

Thanks for the information it is priceless... I am currently in limbo on whether to apply from Canada and wait for a response or to be there in person. I would like to talk to you in private more about the challenges encountered and perhaps we could do business together.

I look forward to your reply.

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Postby Strong Eagle » Tue, 31 Jul 2007 8:46 am

Again, I think you should apply early. You will need a local address for communications with MOM. They will forward application status to you.

UKDesigner, as I recall, you decided to go with a sole proprietorship, correct? This is why you have such a hassle opening bank accounts. If you form up as a private limited, you need only to walk into the bank with a copy of your articles of incorporation, your bizfile (ACRA) registration, and a directors resolution authorizing a bank account and signatories... got mine account open in just a couple of hours.

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Thanks for the information

Postby MacD » Tue, 31 Jul 2007 9:17 am

Eagle, thanks for the explanation... how long did your application take to process and if I may ask what industry are you in ?

Thanks again for your time.

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Postby ukdesigner » Tue, 31 Jul 2007 10:16 am

Yes Strong Eagle you are correct. I did go as a sole proprietor but even then it shouldn't be such a hassle to open an account or even get a guarantee letter. Surely as a bank they must guarantee funds all the time, and as a sole prop I am fully responsible for any monies in and out of the account whereas as a limited company you have limited liability and therefore surely you're more of a risk.

To be honest I do think this has been the incompetence of the bank myself. I gave them all the information, signed all the documents on the spot and was told 2 days. How does 2 days progress to 2 weeks!!!

So my advice MacD is just be prepared. I wasn't prepared for these eventualities so I would air on the side of caution. I hope you have a better ride than I do and hopefully it will all go smoothly. I'm not trying to scare you but just warn you that sometimes things don't go as smoothly in the real-world as they do in our heads!!

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Re: Thanks for the information

Postby Strong Eagle » Tue, 31 Jul 2007 7:07 pm

MacD wrote:Eagle, thanks for the explanation... how long did your application take to process and if I may ask what industry are you in ?

Thanks again for your time.


At the end of one month I had heard nothing from them. Nor at the end of two months. So, I flew over and visited them. Turns out they had keyed the wrong address into their system and no mail was ever received.

When I arrived they told me they need additional documentation before they could approve. I prepared and went back. They already had my approval in principle letter ready... never even looked at my additional documentation.

As for the business, check out http://www.catalystprojectsolutions.com. I made a fairly significant investment, had a good set of pro forma financials that covered not only start up costs but showed that I could support myself to profitability. I think this is a key criterion... that you can survive until you are making money.

UKDesigner, I agree that a sole proprietorship should be easier to deal with but my experience shows the opposite. For example, my company, with an original Singaporean director, was able to guarantee the repatriation (no bond necessary) even though no one ever asked to see a bank balance. I still think a private limited or limited liability partnership implies more girth in the minds of banks and government agencies.

As for the bank, I used UOB. They are all a pain in the butt. However, UOB only required a directors resolution making their application form a part of the resolution. With that, employment passes, and passports, it was easy to set up an account.

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Postby ukdesigner » Tue, 31 Jul 2007 7:15 pm

I agree with you Strong Eagle with regards the banks.

Luckily today I have spoken to mine and nagged them to death so I wont have any more problems. I chose citibank due to their location also in the UK and with the current stringent UK money laundering laws thought it would be easier to move any money earned there - and no I'm not laundering money... :)

I read the post on this site about the entrepass and found it very very useful. All the information was there that was needed and I don't think I would've left the Uk for here if it wasn't for that post so I say thank you for that.

MacD, good luck with your application and remember that people here are always willing to help, myself included so if you want any advice then feel free to PM me.

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Postby Strong Eagle » Tue, 31 Jul 2007 9:02 pm

UKDesigner,

I hope you do continue to post because you went about things a different way and still succeeded... adding to the common body of knowledge. I know you must have met certain criteria to get approved because I know of others who failed to get approved because they didn't do what needed to be done. I know one fellow from Myanmar who successfully started a seafood import business... perhaps not the most professional of business plans, but communicated his knowledge and experience to make his business a reality.


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