jpatokal wrote:ukdesigner wrote:To me that doesn't make Singapore one of the easiest places to do business but that's just my tuppence worth. What do you long-termers think?
I think it's foolish and short-sighted, although also quite typical of Singapore's myopic view of what encouraging investment means. There's a billion incentive programs out there for established foreign companies that want to set up a factory in Singapore and hire dozens of low-skilled local workers, but there's virtually nothing for the sole entrepreneur who wants to set up a high-tech company and start off by hiring a few highly skilled locals. (Off the bat, can't really think of anything except the 3 years of 0% corporate tax startup scheme.)
I came to Singapore as one of the first employees of a small company's new Asia operations, which was flush with VC cash at the time and profitable within a few years, and
they would have had some trouble squeezing through these new rules. In particular, under the new rules, can somebody with an EntrePass even hire a second expat guy to work for him? Would be pretty bizarre if the company has a P1 expat working for it but the entrepreneur himself is stuck on a Q1...
Though this is MOM rule and not ACRA rule, it still makes it possible to register a Company, though to employ foreign labour is controlled. The reason is a great deal of abusers have been caught out! Mostly agencies dealing in foreign labour that have been abusing the system.....If you look around all the hawker centres you will only see foreign workers employed not Singaporeans, because Singaporeans don't clean tables or wash up, we are talking many a thousand of workers, that have come in under illegal rules. These companies had phantom Singaporeans employed, so they could bring in foreigners.
I checked with ACRA today, the 50,000$ Capital to setup a Ltd Company. from the 28th September Is a MOM rule not ACRA rule
JP:In particular, under the new rules, can somebody with an EntrePass even hire a second expat guy to work for him?
It would appear so, becuase an expat on EP doesn't affect the foreign workers quota in anyway does it, so you do not need to employ Singaporean first, though on entrepass you are being monitored for contribution to Singapore, so even without employees you are keeping others in work by outsourcing. I would expect though that after 3 years as a Company, that the theme would be on expanding by employing.
The new rules I guess are a guideline only, and are easy to attain, if you are an entrepreneur, otherwise you are just another run of the mill self employed, making a living, and not in the same class, that is required for growth of Singapores.
Guidelines are useful just like forecasting, doesn't mean that you will always reach the target, especially when business is so diversified
