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One man company

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bigfilsing
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One man company

Postby bigfilsing » Wed, 02 Sep 2009 11:34 am

Hi
I'm thinking of setting up my own company to do consultancy work. Does anybody have any experience with this ?
I've heard there are companies that can take care of all the paper work on your behalf. Any ideas??

Cheers

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Strong Eagle
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Re: One man company

Postby Strong Eagle » Wed, 02 Sep 2009 11:48 am

bigfilsing wrote:Hi
I'm thinking of setting up my own company to do consultancy work. Does anybody have any experience with this ?
I've heard there are companies that can take care of all the paper work on your behalf. Any ideas??

Cheers


What is your current work permit or visa status (right to live in Singapore)?

bigfilsing
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Postby bigfilsing » Wed, 02 Sep 2009 6:15 pm

13 years EP but now PEP ( since Sept last year)

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Postby Strong Eagle » Wed, 02 Sep 2009 6:24 pm

bigfilsing wrote:13 years EP but now PEP ( since Sept last year)


Well, that makes for a very interesting situation. For almost all cases, an EP cannot register a business or a company unless they will not have an active role at all, in which case, if you did register a business, you would need to appoint a local manager. Clearly this is not what you have in mind.

Your first hurdle then, would be to get the ACRA to allow you to register a business (or company). This would be the prime hurdle since you intend to work the business yourself. I am sure you will generate lots of conversations with respect to the ability of a PEP to register a company... because...

Once it is registered, the company simply picks you up on your PEP, following the same rules as any other company. You have to meet the salary requirements, etc.

I really do hope you check out ACRA and get a response. My guess is the answer will be yes because if you fail to perform in your new company, they have a back door... your PEP will be revoked if you don't meet salary requirements.

Let us know what happens.

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sorry

Postby Allibert » Wed, 02 Sep 2009 9:31 pm

you are wrong. They can register a business. especially if this is a sole proprietorship. Many have done it, including me.

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Postby mrswkn » Fri, 11 Sep 2009 2:50 am

deleted.
Last edited by mrswkn on Wed, 17 Apr 2013 1:20 pm, edited 1 time in total.

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Re: sorry

Postby carteki » Fri, 11 Sep 2009 3:30 pm

Allibert wrote:you are wrong. They can register a business. especially if this is a sole proprietorship. Many have done it, including me.


Are you here on EP or PR?

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Re: sorry

Postby Strong Eagle » Fri, 11 Sep 2009 5:41 pm

Allibert wrote:you are wrong. They can register a business. especially if this is a sole proprietorship. Many have done it, including me.


So... you are telling me that while you held an EP issued to you by another company, you registered a business in Singapore at ACRA? Were you active or passive?

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Postby ukdesigner » Fri, 11 Sep 2009 8:11 pm

If my understanding is correct , and as SE stated, anyone can register a business, a pte ltd one that is, but not necessarily work for it.

So, for example, anyone can register and own a pte ltd company but would have to either get the company to apply for a pass for you, in which case you can work for the company or you can also NOT apply for a pass and still own the company but won't have an active day to day involvement in the company. That way you can still keep your PEP. I guess you could draw an annual dividend as a shareholder but not an actual salary. This would off course need to be declared on your tax form.

Running as a sole prop will require an entrepass if I'm not mistaken. I don't think, and this is just a guess going from my last understanding of the EP rules, that you can do it under a PEP but I might be mistaken. You need to check the MoM website for full verification as they make it quite simple to understand. Be good to hear what they say.

Allibert, are you employed by another company and are also running a sole prop business? I didn't think that was possible. I thought you could be on an EP and own (not work for) a pte ltd but not a sole prop. If you can, then that's new and quite interesting news.
Don't p*ss me off! I am running out of places to hide the bodies.

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Postby x9200 » Sat, 12 Sep 2009 3:12 pm

ukdesigner wrote:Running as a sole prop will require an entrepass if I'm not mistaken. I don't think, and this is just a guess going from my last understanding of the EP rules, that you can do it under a PEP but I might be mistaken. You need to check the MoM website for full verification as they make it quite simple to understand. Be good to hear what they say.


Is this something specific to PEP? My wife got entrepass few years back while being on EP. With PEP it should be actually easier as for EP the employer has to cancel the pass first and only after this the entrepass can be issued.

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well

Postby Allibert » Sat, 12 Sep 2009 4:01 pm

while I was working for my last employer I registered my own business. No problem.

Then, when I left my employer I applied for an employment pass for me to work in my own company as an employee. I had to submit a business plan, etc. but received an employment pass without any problems.

However, this was back in 2002 so there's always a possibility the situation has changed by now.

Since then I applied and received my PR.

Hope this helps.
Alan


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