PEP Dilemma

[kman]

OK,

I've been on a PEP in Singapore for a year and a half now. I quit my job 4 months ago (so effectively I have 2 months left until my 6 month unemployment period is used up).

Along with several partners, I am planning to start my own LLP. However, on the MOM website under PEP it clearly states:
Note: The PEP holder is not allowed to start his/her own business or engage in any entrepreneurial activities. The holder must apply for an EntrePass if he/she intends to do so.

In order to get an EntrePass, the business must have a paid up capital of atleast S$ 50,000 (which will be difficult for us to show initially).

So, my question is basically, what are my options now ? I can show employment with a friends company and keep my PEP valid, but then I am not legally allowed to be part of the LLP, correct ?

Can I not show employment with the LLP itself (as not a partner but an employee) ?

Will appreciate your replies (especially SMS). Cheers !

[carteki]

In general you are allowed to be employed by the LLP (although SMS and others will be able to comment on the specific's here) under your PEP assuming that you still meet the wage criteria (I think you have to earn 7k a month for it to be valid).

[singtech]

Hi,

the annual salary while on PEP is 30,000 Sing dollars per year and not 7000 sing dollars per month .

[sundaymorningstaple]

You are both right.

You need a salary of 7K/mo initially if you are not in Singapore and never have been (P2 visa holders are different). However, once you have it, you need an income of 30K/pa to keep it.