Moving to Singapore - self employed

[JJBreeze]

Hello everyone,

I live in the Uk and I am a self-employed forex trader. If you are unfamiliar with what this means it means I trade different currencies online for profit. I earn a very comfortable living doing this and I have recently started to consider living abroad, as all I need to do my job is a computer and a internet connection. I spent some time in Singapore a couple of years ago and loved it so I thought I would look into moving to Singapore permanently.

Is it possible to legally live in Singapore as a self-employed person in this sense? I would not be selling a product, employing anyone or living off the state in any way.

I'd be very interested to hear your opinions.

Thanks.

[jpatokal]

http://www.singaporeexpats.com/forum/forum22.html

[Strong Eagle]

If you are bascially not doing any form of work except trading, I think the only legal way for you to remain in singapore is to be a PR.

Wrong. He can file for an Entrepass which would be easier than trying to get PR. With a decent track record, he is almost guaranteed to be approved as the gahmen wants both financial expertise and ang mo who can help restore the economy.

[prana]

I am Singaporean but I believe you can register a company (as a non citizen) and get the necessary visa under the umbrella of your business. Google ACRA or Bizfile.

It is easy to register a sole proprietorship (I did) Then as long as you file taxes etc you can work from home. I use my home as the official work address. My work takes me all over the world so I don't really "work" in Singapore.

Of course there are certain conditions e.g. they might need to see some proof of assets. Otherwise everyone wishing to come live in Singapore can just cough up a few quid, register a business and voila.

[Strong Eagle]

I am Singaporean but I believe you can register a company (as a non citizen) and get the necessary visa under the umbrella of your business. Google ACRA or Bizfile.

It is easy to register a sole proprietorship (I did) Then as long as you file taxes etc you can work from home. I use my home as the official work address. My work takes me all over the world so I don't really "work" in Singapore.

Of course there are certain conditions e.g. they might need to see some proof of assets. Otherwise everyone wishing to come live in Singapore can just cough up a few quid, register a business and voila.

Wrong. Only a citizen, PR, or DP can register a business or company.

[Allibert]

I certainly wasn't any of those when I registered my business, although I was an EP holder at the time

[tayen]

..it's gonna be very tiring!









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[Strong Eagle]

..it's gonna be very tiring!

What's going to be very tiring?

[1149]

I am Singaporean but I believe you can register a company (as a non citizen) and get the necessary visa under the umbrella of your business. Google ACRA or Bizfile.

It is easy to register a sole proprietorship (I did) Then as long as you file taxes etc you can work from home. I use my home as the official work address. My work takes me all over the world so I don't really "work" in Singapore.

Of course there are certain conditions e.g. they might need to see some proof of assets. Otherwise everyone wishing to come live in Singapore can just cough up a few quid, register a business and voila.

What happens if the proposed activity is non-taxable? Can I still register a sole proprietorship and get PR under that? I am in a slightly different position from the OP in that I am already a Singapore PR but currently living away although intending fully to return well before my PR expires. I also do a form of trading in the UK but pay no taxes as the amount I earn is classed as winnings. I make more money doing this than if I worked for someone else so obviously would want to carry on doing this in Singapore. What would be the best way I can go about trying to get my PR renewed? I don't mind paying CPF and taxes too if it would "make things look legit" but it seems a fallacy to be doing this when the activity is not classed taxable in the first place.

[Strong Eagle]

I certainly wasn't any of those when I registered my business, although I was an EP holder at the time

Then you slipped in under the radar. EP holders are not allowed to register a business operating under the assumption that you already have full time employment.

[Strong Eagle]

I am Singaporean but I believe you can register a company (as a non citizen) and get the necessary visa under the umbrella of your business. Google ACRA or Bizfile.

It is easy to register a sole proprietorship (I did) Then as long as you file taxes etc you can work from home. I use my home as the official work address. My work takes me all over the world so I don't really "work" in Singapore.

Of course there are certain conditions e.g. they might need to see some proof of assets. Otherwise everyone wishing to come live in Singapore can just cough up a few quid, register a business and voila.

What happens if the proposed activity is non-taxable? Can I still register a sole proprietorship and get PR under that? I am in a slightly different position from the OP in that I am already a Singapore PR but currently living away although intending fully to return well before my PR expires. I also do a form of trading in the UK but pay no taxes as the amount I earn is classed as winnings. I make more money doing this than if I worked for someone else so obviously would want to carry on doing this in Singapore. What would be the best way I can go about trying to get my PR renewed? I don't mind paying CPF and taxes too if it would "make things look legit" but it seems a fallacy to be doing this when the activity is not classed taxable in the first place.

Virtually all forms of income are taxable in Singapore, including winnings.

http://www.iras.gov.sg/irasHome/page.aspx?id=108

You don't 'get' PR for registering a company. Two totally different processes.

You must be a citizen, PR, or DP to register a business or a company. If you are none of the above, then you must apply for an Entrepass.

Your PR never expires. Your re-entry permit expires. If you come back to Singapore and never leave again, you don't have to renew anything. If you want to renew your re-entry permit you will need to show signs of income and self support.

[1149]

Virtually all forms of income are taxable in Singapore, including winnings.

http://www.iras.gov.sg/irasHome/page.aspx?id=108

You don't 'get' PR for registering a company. Two totally different processes.

You must be a citizen, PR, or DP to register a business or a company. If you are none of the above, then you must apply for an Entrepass.

Your PR never expires. Your re-entry permit expires. If you come back to Singapore and never leave again, you don't have to renew anything. If you want to renew your re-entry permit you will need to show signs of income and self support.

Ok, I understand that. What I want to know is what "structure" is best to set it up. I need to be "employed by" something if I want to renew my REP. So say I register a business/incorporate a company, pay myself a salary, would this work? What I want is to work from home for myself. What I need to figure out is the way to go about it. It would seem the immigration authorities are cognisant of the modern age-type worker who wants to do his own thing given they introduced the new Entrepass permit. What I need to find out is how best to set myself up in a way they would be happy to renew my REP.

[ksl]

I certainly wasn't any of those when I registered my business, although I was an EP holder at the time

Then you slipped in under the radar. EP holders are not allowed to register a business operating under the assumption that you already have full time employment.

SE I think you will find you are wrong! It as nothing to do with MOM Until that person the EP holder applies to work for his own Company. Then MOM will approve or disapprove on a case by case evaluation. Once your business can financially support you, you can apply to transfer.

EP holders can register business, providing they get a local to manage the business and they are not actively involved in the business.....and why not, any foreigner living outside of Singapore can do the same. The rule is that the EP holder must not be actively involved in that business at the time of registration, becasuse he/she is employed already. But their is nothing to stop and EP holder from setting up a business.

This is from Acra March 2009, I was sure EP could register before, but couldn't find the link, that stated EPH cannot actively be involved in the business, while on EP, but they can apply to be employed by the new Company on EP with their new started business.

http://www.acra.gov.sg/NR/rdonlyres/10C ... gapore.pdf

Age
18 years old and above (with effect from 1 March 2009)
Nationality
Singaporean / PR / EP Holder / DP Holder
Foreigner residing overseas
oCan partner with locally resident person or
oAppoint local manager

[ksl]

SE:You don't 'get' PR for registering a company. Two totally different processes.

You must be a citizen, PR, or DP to register a business or a company. If you are none of the above, then you must apply for an Entrepass.

Wrong! Include EP holders!

[ksl]

Virtually all forms of income are taxable in Singapore, including winnings.

http://www.iras.gov.sg/irasHome/page.aspx?id=108

You don't 'get' PR for registering a company. Two totally different processes.

You must be a citizen, PR, or DP to register a business or a company. If you are none of the above, then you must apply for an Entrepass.

Your PR never expires. Your re-entry permit expires. If you come back to Singapore and never leave again, you don't have to renew anything. If you want to renew your re-entry permit you will need to show signs of income and self support.

Ok, I understand that. What I want to know is what "structure" is best to set it up. I need to be "employed by" something if I want to renew my REP. So say I register a business/incorporate a company, pay myself a salary, would this work? What I want is to work from home for myself. What I need to figure out is the way to go about it. It would seem the immigration authorities are cognisant of the modern age-type worker who wants to do his own thing given they introduced the new Entrepass permit. What I need to find out is how best to set myself up in a way they would be happy to renew my REP.

That all depends if MOM approve your EP to work for the Company you set up! You are not guaranteed.