Hrrm. It's almost on par with the requirements for starting a company and getting a visa in Japan (where I currently live), which I always thought was a bit restrictive.Company must have at least S$50,000 paid-up-capital
Thanks for the reference. Entrepass rules have all of a sudden become much more draconian. I'm not sure that I could have qualified under the new rules since I hired mostly EP's and contracted out my accounting, legal, advertising, and administrative support (this has been a nightmare in Thailand where they want to see my office and the people in it).yongfook wrote:Looks like the rules are about to change...
http://www.mom.gov.sg/publish/momportal ... epass.html
Hrrm. It's almost on par with the requirements for starting a company and getting a visa in Japan (where I currently live), which I always thought was a bit restrictive.Company must have at least S$50,000 paid-up-capital
Pretty sure I understand.brittanny wrote: while such transaction is not illegal, n should u choose to use such solution, you also need to understand the basic criterias n obligations of owing a company (an exempt one if this company is owned by individual(s) only), such as updating and lodgement at ACRA and the filing of the annual AGM etc.. appointment of a company secretary is optional of course, n comes with a yearly fee.
please also do note the business activities this company is registered under ACRA, it is only prudent to ensure that the correct business activities is reflective n updated
I haven't asked them yet but on the face of it I would assume it cripples one of their service offerings. They can't be offering a $3000 Entrepass application package with a footnote saying "by the way to be approved you'll also need to put $50k into your new entity kthxbai". I'll reach out and ask them for comment...It creates as many new questions as it answers. Chief amongst those questions is that if it now takes $50,000 for a foreigner to start up a business, then how can the scheme proposed by Rivkin unless they are operating under the assumption that ACRA/MOM doesn't look at businesses if registered by a Singaporean.
At this point I would ask Rivkin how their process works in light of the new Entrepass rules.
Please post your findings here; they will most certainly be of benefit to many. I will also contact MOM... in the past, someone who had a going business (one man or otherwise) was a shoe in if he wanted to run the business here. Hard to believe they are making that go away.yongfook wrote:I haven't asked them yet but on the face of it I would assume it cripples one of their service offerings. They can't be offering a $3000 Entrepass application package with a footnote saying "by the way to be approved you'll also need to put $50k into your new entity kthxbai". I'll reach out and ask them for comment...
That's what I would have thought too. Will report back with what they say.Strong Eagle wrote:Please post your findings here; they will most certainly be of benefit to many. I will also contact MOM... in the past, someone who had a going business (one man or otherwise) was a shoe in if he wanted to run the business here. Hard to believe they are making that go away.yongfook wrote:I haven't asked them yet but on the face of it I would assume it cripples one of their service offerings. They can't be offering a $3000 Entrepass application package with a footnote saying "by the way to be approved you'll also need to put $50k into your new entity kthxbai". I'll reach out and ask them for comment...
The paid-up capital requirement makes a bit more sense and makes the whole process seem slightly more feasible. . doesn't really mention this on their website anywhere, though.If the new company is to apply for employment pass, we would normally suggest that the paid-up capital to be at least S$10,000/-. We have done
this for many client with newly set up company. Currently Entrepass
approval rate is quite low and if you are a degree holder and with relevant
work experience, it would be advisable to apply for Employment Pass rather
than EntrePass
which doesn't make much sense to me since company incorporation is part of the package they offer for the Entrepass.Our service offering will remain the same basically the changes in the
criteria for EntrePass are basically on the setting-up of Companies.
You can appeal failed applications if you have "new or additional information" to offer, and you can (AFAIK) place new applications as many times as you want.yongfook wrote:Unless of course I get rejected and you're not allowed to apply again? That would suck. What are the rules regarding re-application? Can't seem to find anything on MOM.
Basically you setting up a company through a third party, means you are nominating a local director a Singaporean Citizen, PR holder or EP holder which is required for registration, which maybe the company offering the service or not, the rules of 50k paid up capital still apply, which you must fulfill before your company is incorporated.Yongfook:which doesn't make much sense to me since company incorporation is part of the package they offer for the Entrepass.
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