sundaymorningstaple wrote:Rob, you are exactly right. Once you reach 50 years of age, you are no longer required to have a employment sponsor to renew your re-entry permit. (it would seem also that you were also one of the last to slide in under the old 10 pass elgibility - it's now 5 years across the board, 10 years is no longer an option. They've even taken it off the Form 6 renewal form.
However, while existing PR's have this benefit, new PR's don't. I think they require a large injection of capital here if they want to take up PR as a new PR (as opposed to a renewal).
When somebody gets their PR here and then disappears for 4 years or so to another country and comes back long enough to try to slide under the wire to get their REP renewed so they can leave again and leave a bolthole open in Singapore I get a bit steamed. There are people here who want to settle down here for the long term. If the are only going after the job (global citizen? - economic migrant is the correct term) then they should stay here on an EP. If they left they should have given up their PR. I'm afraid we'll have to agree to disagree.
Is this the case with 50 years of age? By the time my REP is up, I'll be 50. I'm really looking to stay here long term and starting up my own business and it will be at least 1-2 years without income. I've got the finances to do it but would not be able to show income.
I'd be really happy if this is the case but is there somewhere I can get the official word?
I shouldn't worry about it, normally a business start up wouldn't be expected to make profit for the first 3 years anyway, so providing you have sufficient funds to live, it is all down to your business plan to show, that you are paying yourself an income that you can survive on, after all you do have to live, it doesn't mean that your business is making profit to get the entrepreneur pass.
So basically you you pay yourself the minimum income, to show that you are not screwing the system anywhere, it's not about tax, but about accountability.....how can you live without income? If employed by your own company, you have to have a place to reside, and you have to eat, this is all costs which come under income paid out.
So the costs have to be declared. You will of course have a significant amount of capital involved in the business, and your breakeven forecast maybe 2 or 3 years away, so it's those costs that keep you alive and sheltered that will be counted as income, if i am not mistaken.
I am not an accountant but I would expect the costs of living to be offset on the business under income, your business plan would probably fail, if you do not declare an income.