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IDEAS

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

Postby ghdtreb » Thu, 14 May 2009 12:45 pm

Hello, i have about $ 10'000 (US) and wish to come to Singapore. Is this amount enough to start some small business? I'ma brit living in jakarta.
Not fussy what type of business, completely open to ideas.
Thanks!

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 14 May 2009 1:00 pm

Duly chastised! I should know better than trying to read without my glasses on (farsighted so have a problem with the date on my watch!). id/in oops!

:oops!: :shit:
Last edited by sundaymorningstaple on Thu, 14 May 2009 9:40 pm, edited 2 times in total.

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Strong Eagle
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Postby Strong Eagle » Thu, 14 May 2009 8:19 pm

sundaymorningstaple wrote:Is that why you are posting from an Indian Spammers IP address? Fool.

:devil:


SMS - where did you check that IP? Confirms as Jakarta for me.

Geo-Location Information

Country: Indonesia
State/Region: 04
City: Jakarta
Latitude: -6.1744
Longitude: 106.8294
Area Code:

http://whatismyipaddress.com/

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 14 May 2009 9:40 pm

I just used the board's locator but without my glasses on - see above. :oops:

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 14 May 2009 9:45 pm

My original post before I went off the rails was:

You have just about enough for the deposit for accomodation, utilities & Internet/telecoms deposits. What are you going to use to start the business with?

Then I got to thinking..... They're British? And think they can come to Singapore and start a business all with 15K? Cannot lah. So that's when I did a quick check and blew it! :(

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Strong Eagle
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Re: IDEAS

Postby Strong Eagle » Thu, 14 May 2009 10:33 pm

ghdtreb wrote:Hello, i have about $ 10'000 (US) and wish to come to Singapore. Is this amount enough to start some small business? I'ma brit living in jakarta.
Not fussy what type of business, completely open to ideas.
Thanks!


There are certain businesses you cannot start and there are other businesses for which you will not get approval because you are talking such a small amount of money.

If you have not, you should read this post first.

http://www.singaporeexpats.com/forum/ftopic38927.html

Here is the reality... assume for a moment that you will start a business that has a very low capital requirement, and assume for the moment that MOM approves your Entrepass. Your US$ 10,000 is about S$ 16,000.

You will have start up expenses that will come in between S$ 3,000 and S$ 5,000... just a guess... but you need to pay fees, open a bank account, set up a website... it will go pretty fast. But let's say you are frugal and spend S$ 4,000... leaving you with S$ 12,000.

But... oops... you also need a bankers guarantee, so put S3,000 of that in the bank so that MOM knows they can throw you out of the country all expenses paid... you are down to S$9,000

You've got to live... realistically, you will need at least S$ 3,000 per month, and that is living very cheap. So, you've got exactly three months before you are dead ass broke. Will your business by running by then? Have you run any kind of a projection?

I can guarantee that if you cannot put a business plan together with decent pro forma financials which show your breakeven point, you won't get approved.

And... think about it... are you really wanting to set yourself up for failure? You need to develop a business plan with realistic assumptions and realistic finances... then take the risk... otherwise, you are throwing money down the drain.

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ukdesigner
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Postby ukdesigner » Fri, 15 May 2009 1:15 am

Here is the reality... assume for a moment that you will start a business that has a very low capital requirement, and assume for the moment that MOM approves your Entrepass. Your US$ 10,000 is about S$ 16,000.

You will have start up expenses that will come in between S$ 3,000 and S$ 5,000... just a guess... but you need to pay fees, open a bank account, set up a website... it will go pretty fast. But let's say you are frugal and spend S$ 4,000... leaving you with S$ 12,000.

But... oops... you also need a bankers guarantee, so put S3,000 of that in the bank so that MOM knows they can throw you out of the country all expenses paid... you are down to S$9,000

You've got to live... realistically, you will need at least S$ 3,000 per month, and that is living very cheap. So, you've got exactly three months before you are dead ass broke. Will your business by running by then? Have you run any kind of a projection?

I can guarantee that if you cannot put a business plan together with decent pro forma financials which show your breakeven point, you won't get approved.

And... think about it... are you really wanting to set yourself up for failure? You need to develop a business plan with realistic assumptions and realistic finances... then take the risk... otherwise, you are throwing money down the drain.


as usual spot on.

Some businesses require little capital and others need shed loads.

People always look at the rosey side of running their own business. I can take days off whenever I want, the money will just pour in. I can take holidays whenever I like and long weekends.

They forget that if it's just them then who's earning the money whilst they're away. who's taking calls or replying to emails?

I always say to friends who say just take a week off "I don't work for a company. When I'm away I don't earn."
It's always easy when someone else is paying your wages. No stress that you're gonna be paid whereas when you work for yourself if you don't earn the money you don't eat! It's that simple.
Don't p*ss me off! I am running out of places to hide the bodies.

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ksl
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Re: IDEAS

Postby ksl » Fri, 15 May 2009 1:52 am

ghdtreb wrote:Hello, i have about $ 10'000 (US) and wish to come to Singapore. Is this amount enough to start some small business? I'ma brit living in jakarta.
Not fussy what type of business, completely open to ideas.
Thanks!


You need 5 posts to send PM, so what's your background and experience?

You can actually start something with just a computer and a little knowledge, although it will not get you a free entry to Singapore, until you build something up. Depends on your background really, what you have to offer in yourself Rome wasn't built in a day, and only fully committed workaholics appear to make the grade


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