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Mad Scientist
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Postby Mad Scientist » Tue, 05 Apr 2011 5:27 am

Have you gone to acra website

www.acra.gov.sg

I do not recall there are stipulated time frame per se, maybe I am wrong here
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savestheday
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Postby savestheday » Tue, 05 Apr 2011 5:31 am

I have but I think its a MOM stipulated time frame (entrepass). as Ukdesigner posted earlier in this thread and some incorporation companies mention on their sites.

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Postby Strong Eagle » Tue, 05 Apr 2011 8:11 am

savestheday wrote:Do you just have to register the company with ACRA in the 30 day time frame or do you have to open the bank account, submit funds and fax all documents back too within the 30 days?


Where did you get this 30 day time frame? There is no 30 day stipulation. But, I would waste no time once you get the Approval In-Principle letter because you have lots to do. When you do, you must:

a) Use the letter to start up your private limited at ACRA (no sole proprietorship), unless you have started a pte ltd in another way that is less than 6 months old.

b) Prepare directors resolutions for the issuance of stock at some value. For example, if you set a par value of $1 you will need to issue 50,000 shares of stock. You, as the applicant must hold 30 percent or more of those shares or 15,000 shares.

c) Collect $50,000 in paid up capital from the shareholders for their shares. You would need to put up at least $15,000, one or more other shareholders would put up the other $35,000.

d) Using incorporation documents and directors resolutions, open a bank account at a Singapore bank. Deposit the money for the shares into the bank.

e) Request a bank statement so that you can file with MOM.

f) Go online to update your Bizfile records to reflect shareholders and paid up capital amounts.

Submit updated Bizfile records, bank statements and AIP to MOM so that final processing can occur.

Two points to bear in mind: The $50,000 must be paid up capital, gained through the issuance of shares. It cannot be in the form of a loan by someone that can be easily drawn back out. Second, you must have the money in place, the bank account set up, and the shareholders recorded before MOM starts the Assessment and Approval process.

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Postby ukdesigner » Tue, 05 Apr 2011 12:23 pm

There used to be a 30 day time limit on registering the company a few years ago I think. Am not sure if that still applies but when I got my entrepass I had to register my company name within 30 days and have to be here within 6 months. It was something like that I believe.

Like I said am not sure if that still applies. However I started as a sole prop so that might be different in terms of business registration etc etc compared to a Pte Ltd or LLP. The rules have changed quite drastically since I got here especially with that stupid 50k start-up fee, minimum TBS (total business spend) and minimum employment rules. Madness if you ask me!

Always best if unsure to read ACRA / Bizfile / MOM websites as they are the most up-to-date and if it's in black & white there it'll be correct.
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Postby ukdesigner » Tue, 05 Apr 2011 12:31 pm

Just read this on the ACRA site which might be worth adding to the Entrepass sticky..

MOM will not issue an EntrePass to a foreigner who wishes to register and run a sole-proprietorship or partnership.

This is a new one on me. Looks like they are only accepting Entrepass on Pte Ltd registrations.
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Postby Strong Eagle » Tue, 05 Apr 2011 12:56 pm

ukdesigner wrote:MOM will not issue an EntrePass to a foreigner who wishes to register and run a sole-proprietorship or partnership.

This is a new one on me. Looks like they are only accepting Entrepass on Pte Ltd registrations.


Correct... hence my a) comments, above.

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Postby ukdesigner » Tue, 05 Apr 2011 1:00 pm

A didn't read all that! Oops! #-o
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Postby savestheday » Tue, 05 Apr 2011 7:00 pm

Stressed and annoyed....

Spoke with MOM this morning as have finally received my and my business partners AIPs by fax (requested because I had not received the letters in the post). They were actually sent out individually on 3/3 and 14/3. Yet never received because MOM had inputted the address incorrectly. They never called or emailed either of us to inform us they had sent out our AIP letters. I called several times in March and was informed the status of our application was still pending, when in fact they had been approved - apparently their system doesn't correspond with that of the officer that sends out the AIPs and therefore just showed up as pending. ARGH.

To top it all, I then stated we would of course need a 1 month extension having just received the AIPs and was told this cannot be done over the phone but requested only in writing - post/email/fax. I have emailed them our request and a local company has been trying to fax them too but cannot get through.

Thanks for the steps Strong Eagle - That's all no problem and going to instruct an incorp company to assist with that. A reccomendation from you in fact.

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Postby savestheday » Fri, 15 Apr 2011 3:43 am

Finally sorted it all out and got 1 month extensions on our AIPs. This 1 month rule is a joke if you are based outside of SG.

Does anyone know if it's possible to enter SG on a one-way flight with the AIP letter or is it best to book a refundable outward/return flight?

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Postby ukdesigner » Fri, 15 Apr 2011 12:18 pm

I flew in on a one-way ticket. Have your AIP letter in your passport when you hand it over though. Just easier all round I reckon.

Immigration is pretty OK. As long as everything is in order I doubt you'll get any hassle.
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Postby savestheday » Fri, 15 Apr 2011 5:58 pm

Thanks mate, you've been a fantastic help throughout the whole process.

Did you set up your business bank account before or after you arrived in SG?

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Postby ukdesigner » Fri, 15 Apr 2011 6:12 pm

I did it after I arrived. Again easier as you have the documents. I went with Citibank. I would however NOT recommend them. CRAP in so many ways.

I eventually settled with OCBC. Efficient, helpful and low charges. I got a temp chequebook in 2 days and a proper one in just over a week. PLUS.... they also do a business debit card which is a major requirement in my eyes. None of the other banks do that.
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savestheday
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Postby savestheday » Fri, 15 Apr 2011 6:14 pm

ukdesigner wrote:I did it after I arrived. Again easier as you have the documents. I went with Citibank. I would however NOT recommend them. CRAP in so many ways.

I eventually settled with OCBC. Efficient, helpful and low charges. I got a temp chequebook in 2 days and a proper one in just over a week. PLUS.... they also do a business debit card which is a major requirement in my eyes. None of the other banks do that.


That's out plan to fly there and do it. Also going with OCBC and good to hear that was very fast to get the account open.

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Postby generalsu » Tue, 11 Oct 2011 10:18 am

savestheday wrote:Stressed and annoyed....

Spoke with MOM this morning as have finally received my and my business partners AIPs by fax (requested because I had not received the letters in the post). They were actually sent out individually on 3/3 and 14/3. Yet never received because MOM had inputted the address incorrectly. They never called or emailed either of us to inform us they had sent out our AIP letters. I called several times in March and was informed the status of our application was still pending, when in fact they had been approved - apparently their system doesn't correspond with that of the officer that sends out the AIPs and therefore just showed up as pending. ARGH.

To top it all, I then stated we would of course need a 1 month extension having just received the AIPs and was told this cannot be done over the phone but requested only in writing - post/email/fax. I have emailed them our request and a local company has been trying to fax them too but cannot get through.

Thanks for the steps Strong Eagle - That's all no problem and going to instruct an incorp company to assist with that. A reccomendation from you in fact.


Right now, I am in the same situation as you. I just got my AIP letter only after travelling to the MOM building personally to collect it. The AIP letter was dated August 23, 2011, so you can see that I will need another fresh month extension to process the Entrepass application. One of the MOM assistants told me I could ask for the AIP 1 month extension via email at mom_wpd@mom.gov.sg. Is this true? I had sent this email last Friday and still haven't received any sort of response. Is this normal or am I gonna have to make another trip to the MOM building?

Any help is appreciated. Thank you.

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Postby ukdesigner » Tue, 11 Oct 2011 10:35 am

If I'm not mistaken your AIP is for a period of 6 months, they normally are anyway. Read the letter. There's no need to get an extension as I don't believe you get an extension, you have to apply again if you can't set up your business within that 6 month period. A business can be incorporated in a day.

The only thing you might need to increase the length of is you visitors pass if that is close to expiring. You can do that online but if you're refused then a trip down to ICA would be in order. Take your AIP with you and then you should be fine.

I have found MOM to be exceedingly efficient both in responses to emails (within 3 days) and phone calls back.
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