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[Pte Ltd Company + EntrePass] vs [SP/LLP + Employment Pass]

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Buci
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[Pte Ltd Company + EntrePass] vs [SP/LLP + Employment Pass]

Postby Buci » Tue, 06 Oct 2009 5:17 pm

I've been reading here and there heaps of info on the entrepass and the latest changes on that visa is making the whole process less desirable.

So, here is my thought and situation.

I am a foreigner who plans to register a company in Singapore. I live in Malaysia and will operate the Singaporean business from there (until I decide to move / am granted the right to move to Singapore). To appoint a local manager is not an issue as I have relatives who are SG citizens.

I have understood that I can apply for the combo Private Limited Company+Entrepass scheme which really sucks since the law has changed / and I might not be able to gather the minimum 50K to start with. Therefore I am wondering if a Limited Liability Partnership+Employment Pass combo is possible and has anyone been through the process before?

Also, if no one knows- shall i ask MOM or ACRA to shed light on the matter?
thanks for your replies.
Last edited by Buci on Wed, 07 Oct 2009 10:07 pm, edited 1 time in total.

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sundaymorningstaple
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Postby sundaymorningstaple » Tue, 06 Oct 2009 5:54 pm

As you have probably noted in these threads, EP's and PR are starting to become a little more elusive to come by unless you are in the P1 EP bracket. The LLP-EP route is fine but currently the chances of successfully obtaining the EP as diminished somewhat. It's a gamble either way you go.

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Re: PCL + EntrePass vs LLP + Employment Pass

Postby enterp » Wed, 07 Oct 2009 2:33 am

Hi buci, what does PCL stands for?

For yr situation, if you are enquirying on the various passes, MOM should be the correct place for you to ask, ACRA only deals with company registration and related matters.

Either way, a entrepass or a LLP/EP, if you are going to put yr name in the company, you will need to submit a bix plan to MOM.


Buci wrote:I've been reading here and there heaps of info on the entrepass and the latest changes on that visa is making the whole process less desirable.

So, here is my thought and situation.

I am a foreigner who plans to register a company in Singapore. I live in Malaysia and will operate the Singaporean business from there (until I decide to move / am granted the right to move to Singapore). To appoint a local manager is not an issue as I have relatives who are SG citizens.

I have understood that I can apply for the combo PCL+Entrepass scheme which really sucks since the law has changed / and I might not be able to gather the minimum 50K to start with. Therefore I am wondering if a LLP+Employment Pass combo is possible and has anyone been through the process before?

Also, if no one knows- shall i ask MOM or ACRA to shed light on the matter?
thanks for your replies.

Buci
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Location: JB - SG
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Postby Buci » Wed, 07 Oct 2009 9:53 pm

Right, thanks for you replies.

I meant PLC for Private Limited Company.

So I went to ACRA and MOM today and they confirmed that both ways are possible:
Sole Proprietorship or Limited Liability Partnership > Employment Pass
or
Private Limited Company > EntrePass (before 6 months) or Employment Pass (after 6 months).

Business Plan is only if I apply for the EntrePass.
For the Employment Pass, the main criteria are: the salary I will give myself (ie > S$2.5K per month), number of years of experience and whether I'm a degree holder or not.

I am now wondering if, in case I decide to register a LLP, should I wait a couple of months before applying for the EP- with proof of sustainability of my business to support it (although 2 months is very cheap methink).

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Postby jpatokal » Thu, 08 Oct 2009 6:57 pm

Buci wrote:I am now wondering if, in case I decide to register a LLP, should I wait a couple of months before applying for the EP- with proof of sustainability of my business to support it (although 2 months is very cheap methink).

The (unofficial) rule of thumb is that newly created companies don't get EPs, since that's what the EntrePass is for. There are exceptions, but nobody really knows how they decide. There's also no official guidance on how long you're supposed to wait and not much hard data, but my wild guess is that you'd need to wait until the company files its first annual report (1 year plus), since they have no idea what, if anything, your company is doing before then.
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