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Entrepass Renewal

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StamfordBridge
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Entrepass Renewal

Postby StamfordBridge » Fri, 10 Oct 2008 8:06 pm

Hi,

I would appreciate an opinion.

I am currently in the first year of running a company here in Singapore under the Entrepass scheme.

My company is a trading business (import/export and online retail), and sales are mainly targeted towards Europe and the USA.

In my business plan to the MOM, I projected a turnover of $820,000 in the first year.

Business went well in the first few months, but lately it started getting badly affected by the global financial crisis, and sales have dropped considerably.

Due to this, my business may not be able to achieve the projected turnover after all. Right now, I expect sales by the end of the first year to reach $650,000 to $700,000, so about 25% less than what I had projected to the MOM.

When it is time for renewal, I wonder if the MOM will pay any consideration to the global circumstances which affected businesses like mine, or will they just refuse to renew my Entrepass simply because I fell short of the figures I quoted them ?

Everything else in my business is going according to plan. I am running an office in the city, employing 2 full time local staff and have started new initiatives to push the business forward, and I genuinely expect a bright future.

It will just be a big shame if I have to pack all of this and head home simply because the figures may be slightly short of expectations.

Any opinion on this will be much appreciated.

Thanks.

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Strong Eagle
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Postby Strong Eagle » Fri, 10 Oct 2008 10:48 pm

I've no connections whatsoever with MOM and I think you will get renewed without issue. Not making your projected turnover is not an issue. Running a viable business is the issue and you have done that.

The fact that you employee people is an asset. I would not worry... and I could be wrong... but I'd bet money you'll be back here in a few weeks noting that you got your pass renewed.

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StamfordBridge
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Location: Singapore

Postby StamfordBridge » Sun, 12 Oct 2008 12:15 pm

Thank you Strong Eagle.

Although nothing is guaranteed, your experience makes your opnion highly credible and encouraging.

Thanks again.


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