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Setting up a company. Need help

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nectarin
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Setting up a company. Need help

Postby nectarin » Mon, 17 Aug 2009 7:33 pm

Hello friends,

First, sorry If I write broken English. Day by day I try to improve my English. Well, I write this email because I have some questions about set up a company.

Me and my friend (foreigners, with Q1 pass both and also both working in different embassies) we want to set up a company. Thanks to our jobs, we know important people and we know how is the market (for example im working as a commercial analyst for ASEAN countries) and is amazing because between Singapore and so many countries exist BIG possibilities to do very good business. My questions are:

1.- are compatible our Q1 pass If I set up a company? i mean for the government...

2.- Its possible to start a Entrepeneurship? (we dont have any PR and singaporean with us :( ) I check SPRING website but I am not sure If is only for singaporeans or PR's

3.- We need a capital? how much? 3000 SGD or depend of what type of company we set up?

4.- important question--> Any problem If the company dont make money during the first 2 or 3 months? It is compulsory receive any salary for us?

I received and offer of one company in Singapore to join and share 'knowledge'. This company have a lot of experience in import-export and logistic services but I am not sure...any advice?

P.S: we dont have time to apply for PR. Other people ('friends') become aware of this business and we have to run to set up first the company! hehe

Thank you very much. Advices are welcome

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Strong Eagle
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Postby Strong Eagle » Mon, 17 Aug 2009 8:54 pm

Start here, then get back to us if you still have questions.

ftopic38927.html

nectarin
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Postby nectarin » Mon, 17 Aug 2009 10:24 pm

Hi Strong Eagle! amazing thread! thanks! well, now i have more questions:

- the Entrepass is compatible with Q1 pass?

- If im not wrong, the 'capital' is 3000 sgd (Declaration by Local Sponsor) + the fees to set up a company. This 3000 sgd is for person? only in private limited companies or all different types?

well, the number 4 i think is NO but some people told me that I need to receive a salary every month... :?

thanks!!

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Postby susanjain » Tue, 18 Aug 2009 3:36 pm

The Employment Pass is meant for company owners and professional staff with a good educational and professional background. Depending upon your salary, education, and experience, you will be issued one of the following three types of Employment Passes:
P1 Pass: typically for foreigners with a base salary of above S$7,000 a month.
P2 Pass: typically for foreigners with a base salary between S$3,500 and S$7,000 a month.
Q1 Pass: typically for foreigners with a base salary between S$2,500 and S$3,500 a month.

If you do not qualify for the EP you can apply for the Entre Pass meant for individuals with good entrepreneurial background but who lack good education and are unable to qualify under Employment Pass category. Note: Only company owners are eligible for Entrepreneur Pass.

There is no specific minimum investment amount mandated by authorities when applying for Entrepreneur Pass. However when reviewing your application, authorities will look at your business plan and judge whether your proposed investment amount is adequate for the type of business you are setting up. As a general rule of thumb, you need to commit sufficient capital to ensure your business can support startup and operational expenses for the initial 3-6 month period.

If you are opening a private limited company a minimum of one resident director (a Singapore Citizen, a Singaporean Permanent Resident, a person who has been issued an Entrepass, Employment Pass, or Dependent Pass) is mandatory. You will also need a shareholder and a local resident company secretary.

nectarin
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Postby nectarin » Tue, 18 Aug 2009 4:24 pm

thanks susanjain, i will keep in tocuh with you. I saw ur website (interesting..), let me know with my friend.

Thanks

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Re: Setting up a company. Need help

Postby Strong Eagle » Tue, 18 Aug 2009 5:22 pm

nectarin wrote:Hello friends,

First, sorry If I write broken English. Day by day I try to improve my English. Well, I write this email because I have some questions about set up a company.

Me and my friend (foreigners, with Q1 pass both and also both working in different embassies) we want to set up a company. Thanks to our jobs, we know important people and we know how is the market (for example im working as a commercial analyst for ASEAN countries) and is amazing because between Singapore and so many countries exist BIG possibilities to do very good business. My questions are:

1.- are compatible our Q1 pass If I set up a company? i mean for the government...


I don't know what you mean by compatible but if you get an Entrepass (which is just a special EP employment pass) you will have to give up your current Q1 employment pass which means that you will not be able to continue to work in the embassy. Singapore allows EP holders to only work for one company.

2.- Its possible to start a Entrepeneurship? (we dont have any PR and singaporean with us :( ) I check SPRING website but I am not sure If is only for singaporeans or PR's


You can set it up as I answered in another post

3.- We need a capital? how much? 3000 SGD or depend of what type of company we set up?

4.- important question--> Any problem If the company dont make money during the first 2 or 3 months? It is compulsory receive any salary for us?


How much capital? How much do you need to start your business? How much do you need to live on until the business is profitable? Your company does not have to make money but you do need to show how you are going to make the business work.

Again, if you get an Entrepass, you will have to give up your current Q1. You will need to put $3000 into a bank in order to get a letter of guarantee which is required by the gahmen.

I received and offer of one company in Singapore to join and share 'knowledge'. This company have a lot of experience in import-export and logistic services but I am not sure...any advice?

P.S: we dont have time to apply for PR. Other people ('friends') become aware of this business and we have to run to set up first the company! hehe

Thank you very much. Advices are welcome


If you don't have time to apply for PR then you certainly won't have time to run a business. But, you don't need a PR and you probably wouldn't get it right now anyway.

VinDiesel Alhamid
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Opening a Import Export Company

Postby VinDiesel Alhamid » Mon, 22 Feb 2010 8:12 pm

Hi my name is Helmi i want to know how much do i need to invest in opening my own Import/Export company and becoming a Millionaire but I'm 31 years old Singapore who can't effort to open toys store or anything like that i would to open one as soon as possible before i reach 40 I'm a singaporean Arab Man need advice the thing is i want to start small import/export until such time my busniness blossoms then maybe a bigger company i been all sites and they say i need 300-2000 income i don't even have income being unemployed for sooo long some other sites say you need more etc....I'm Desperate...

From Helmi

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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 22 Feb 2010 9:00 pm

If I were you I would concentrate on just finding a job first if you are unemployed. Then maybe you can look to starting a business part time until you learn the ropes. An education might be a good place to start.

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shalamazoo
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license

Postby shalamazoo » Mon, 01 Mar 2010 9:40 pm

can anyone advice me where can i find info regarding getting liquor, cigar or live band licenses in SG??

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Postby shalamazoo » Wed, 03 Mar 2010 7:18 pm

update on my search.

www.spf.gov.sg for liquor lic

www.nea.gov.sg for food lic.

www.hsa.gov.sg for selling cig & cigar lic.

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Re: Opening a Import Export Company

Postby jerm » Thu, 18 Mar 2010 1:50 pm

VinDiesel Alhamid wrote:Hi my name is Helmi i want to know how much do i need to invest in opening my own Import/Export company and becoming a Millionaire but I'm 31 years old Singapore who can't effort to open toys store or anything like that i would to open one as soon as possible before i reach 40 I'm a singaporean Arab Man need advice the thing is i want to start small import/export until such time my busniness blossoms then maybe a bigger company i been all sites and they say i need 300-2000 income i don't even have income being unemployed for sooo long some other sites say you need more etc....I'm Desperate...

From Helmi


Hi Helmi, it sounds like you have the contacts to importing toys but don't have the means of setting up your own company.

What you could do is to talk to network and talk to people to see if anyone would like to go into a partnership with you. If your plan is good, something may work out.

Or you could try to be a supplier of toys to the existing toy shop retailers here.

You could explore getting exclusive distributorship for Singapore if it's a unique brand of toys that you're bringing in.

You could try negotiating with your contact for a consignment of goods to be distrubuted. That minimises your captial cost but of course provided your contact trusts you & is willing.

Cheers.

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Postby inmotion » Thu, 18 Mar 2010 3:43 pm

please share the answer in this forum, if you get to know how to become a Millionaire! :roll:

Honestly, there can be a wide range in terms of investment, and I don't mean the amount needed to incorporate a company (which is minimal)...

Do you have existing business partners/ Trading Partners? If not, immense costs can be involved to get them. From/ To where you want Import/Export? There is a difference between Malaysia and Iceland. Regulations/ Licencies, Taxes, Transportation...you name it.

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Re: Setting up a company. Need help

Postby jayhaide » Thu, 08 Apr 2010 10:47 pm

reply to qn 4: nope, don't think so

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sundaymorningstaple
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Re: Setting up a company. Need help

Postby sundaymorningstaple » Thu, 08 Apr 2010 11:29 pm

4.- important question--> Any problem If the company dont make money during the first 2 or 3 months? It is compulsory receive any salary for us?


jayhaide wrote:reply to qn 4: nope, don't think so


And by what brilliant stroke of genius did you come up with that answer? They are going to be on an employment pass. Therefore, they will HAVE to draw a salary of at least the minimum required for the EP that they received.

Seriously, if you don't have a clue, sometimes it's better to keep quiet rather than letting the whole world know it. :-|

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Re: Setting up a company. Need help

Postby boluptuous » Mon, 19 Apr 2010 9:42 pm

sundaymorningstaple wrote:
4.- important question--> Any problem If the company dont make money during the first 2 or 3 months? It is compulsory receive any salary for us?


jayhaide wrote:reply to qn 4: nope, don't think so


And by what brilliant stroke of genius did you come up with that answer? They are going to be on an employment pass. Therefore, they will HAVE to draw a salary of at least the minimum required for the EP that they received.

Seriously, if you don't have a clue, sometimes it's better to keep quiet rather than letting the whole world know it. :-|


Haha, sundaymorningstaple, i believe the focus of the question was on the company's profitability, and whether an unprofitable company still needs to pay out a salary, to which the answer is no. Of course whether or not one's salary meets one's EP requirement is an issue, but it is not what the thread starter is asking.

You should talk, eh?


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