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It's Entrepass Renewal Time... again!

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It's Entrepass Renewal Time... again!

Postby ukdesigner » Wed, 02 Jun 2010 12:30 am

So... here we go again. Just filled in the forms (will come back to that in a mo) and all posted out. Now it's the waiting game to see what happens this time around. If memory serves it was 7 days the 1st 2 times so lets see how long it takes this time.

Hopefully things will be as smooth as last time, but hopefully I don't get another bloody 12 months but the proper 24 months. Forms are a joke. As I'm lucky enough to be on the old system, and why on earth would you volunteer to go under the new rules is beyond me, the forms supplied relate to the new system. Surely the Gahmen would be clever enough to see how many people stayed under the old system and send them the old forms! Oh no. I got one of the new ones that I have to miss out the sections that say "compulsory fields" because none of those fields apply!

Now I'm in a lucky position where I've now employed someone, spent money on computers, software and the like and keeping fingers crossed will employ again at the end of the year. Only thing I've noticed is that the emphasis seems to be on this TBS (Total Business Spend) thing. In fact it seems to be an obsession of theirs right now.

Me not being stupid of course have sent a letter outlining why sections have been missed, P&L for 2009 and also for 2010 to date. I now also make CPF contributions for my staff and SDL and even the ethnic tax.

Will keep you posted on the outcome.

KSL, will keep you posted in case I need that reference. Hopefully not, but warn the missus just in case please :) If all goes well we'll go out for a beer or 12 :)
Don't p*ss me off! I am running out of places to hide the bodies.

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Postby David-asia » Wed, 23 Jun 2010 8:30 pm

Back in January I had my first renewal as well, and was sent the new forms, even though I was under the old system. Took a few calls to make sure I was under the old system, and exactly what info was required under that.

I didnt' hire any employees (outsourcing instead), but did show a profit.

Was renewed.

However, I have heard things are getting tougher- fingers crossed they get looser again when my next renewal comes up.

I thought 12 months was standard?

David

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Postby ukdesigner » Wed, 23 Jun 2010 8:45 pm

How long did it take? Been waiting over 3 weeks so far which is a 1st.

We should actually catch up. You do web stuff right?
Don't p*ss me off! I am running out of places to hide the bodies.

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Postby David-asia » Thu, 24 Jun 2010 3:14 pm

I think it took about 4 weeks. Then go to govt building in clark quay for fingerprinting, then come back 1 week later for new IC card. You can make appt online now for fingerprinting, timing was very good- efficient. Only wish the banks were that good.

We should actually catch up. You do web stuff right?

Sure! send me your email in a PM and we can get together for coffee etc. I teach people how to build subscription web sites, and build em for them when needed- don't do design work, refer them to others for this.

Can view my main site http://www.membershipacademy.com/access/

David

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Postby ukdesigner » Fri, 16 Jul 2010 7:26 pm

Still waiting for pass approval or not as the case may be!

7 weeks seems a very long this time! Have rung and was told they'll 'expedite' it but that doesn't seem to have done jack sh*t. Now wondering whether I should just pack up the business and tell them there's another SGer not working and they've missed out on me employing more.

Reckon they want me to spend more $$'s on contracts with penalties and stuff. Sod that. Am holding onto my cash just in case I need to bugger off back to Blighty or another country. I know things are being tightened up and stuff but I am employing and looking to employ more staff over the next 12 months.

They asked for references, invoices and even a client list. All done. I did speak to someone there who said it was just a formaility asking for these and that everything was OK. That was 2 weeks ago and yet still nothing. Very very odd.

I rang again last week and asked what was happening and was told they would 'expedite' my case as I am in limbo in signing an office contract. I told them I want to buy new software ($7k's worth) but am not in case I need to sell the business. Am not spending money on stationery that I need. Plus my employee is getting very very nervous now and I wouldn't blame her if she was looking for another job. So all this delay could completely screw up what I've spent 3 hard years building.

Anyone reckon it's worth a visit to find out what's happening? There's 6 weeks left on my current pass but even so it's keeping it pretty tight!
Don't p*ss me off! I am running out of places to hide the bodies.

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Postby ksl » Sat, 17 Jul 2010 12:12 pm

6 weeks on your passport is the problem i would think.
The bureaucracy is thinking you have plenty of time, no need to waste the stamp in your passport!

Like all the visa's there is some requirement about applying 4 weeks before the run out date, so i wouldn't worry so much about it just now, you still have 2 more weeks of suffering.

They probably send the forms out well in advance, to ensure to give time to collect the data, but it doesn't make much sense to the computer system to issue your pass before time, if you understand my point.

Don't forget Singapore is the easiest of Countries to do business! Chin up!

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Postby boost7 » Tue, 22 Mar 2011 2:57 am

Just got my Entre Pass 3rd renewal form, i didnt opt for the new criteria but the form has the list of all documents which are required for new criteria entre pass renewal??

A bit shaken up, is it happening with every one?

Audited accounts? given turn over less than 5 mil, i read some where that audit is not necessary, but on the form first requirement is latest audited accounts to be submitted.

I am lost :O

Any clue??

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Postby sundaymorningstaple » Tue, 22 Mar 2011 6:44 am

Every Pte Ltd Company "should" have their accounts audited annually, requirement or not. You have just found out only one of the reasons why. Same with applying for some loans/grants. You must have audited accounts to submit for investigation. Even if you should have somebody interested in making you an offer to buy out your company, it's not going to happen unless you can show the potential buyers, audited accounts.

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Postby Strong Eagle » Tue, 22 Mar 2011 7:08 am

I believe audited accounts have always been required for Entrepass. They were when I did my renewal in 2007.

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Postby ksl » Tue, 22 Mar 2011 11:45 am

boost7 wrote:Just got my Entre Pass 3rd renewal form, i didnt opt for the new criteria but the form has the list of all documents which are required for new criteria entre pass renewal??

A bit shaken up, is it happening with every one?

Audited accounts? given turn over less than 5 mil, i read some where that audit is not necessary, but on the form first requirement is latest audited accounts to be submitted.

I am lost :O

Any clue??


You should know if it's your 3rd renewal. Only sole proprietors don't have to supply audited accounts to the best of my knowledge, Ltd Companies do.

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Postby sundaymorningstaple » Tue, 22 Mar 2011 1:08 pm

ksl, I believe you have to submit audited reports in the case of entrepass company setups, but OP was correct in as much as normal Pte Ltd companies and the 5million threshhold. Below revenue of 5M it is not a requirement to file audited accounts but only a fool wouldn't do so anyway. If IRAS decided to audit, you would have a heck of a mess if a proper audit had not been done.

edited to add 'not'. brain going faster than the fingers.
Last edited by sundaymorningstaple on Fri, 25 Mar 2011 9:43 pm, edited 1 time in total.

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Postby ksl » Tue, 22 Mar 2011 8:16 pm

sundaymorningstaple wrote:ksl, I believe you have to submit audited reports in the case of entrepass company setups, but OP was correct in as much as normal Pte Ltd companies and the 5million threshhold. Below revenue of 5M it is not a requirement to file audited accounts but only a fool wouldn't do so anyway. If IRAS decided to audit, you would have a heck of a mess if a proper audit had not been done.
yes you are right looks like he's in for a surprise eventually. Spring are the ones looking at the accounts for MOM, they are doing the vetting on entrepass renewals, to evaluate their business in relation to the new rules laid out for Ltd Companies if i'm not wrong under the entrepass.

It would appear that people that never signed up for the new rules, still cannot avoid them totally, as Spring are looking for growth and investment to continue a renewal in most cases, or proof in a consultation role of PM

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Postby boost7 » Fri, 25 Mar 2011 9:18 pm

Well, if feel it is too late to get them done now, instructed my accountant to start with them incase i get asked during renewal process.

Strangest part is that on my last renewal, all they asked for was CPF statements and latest income tax filing statements or audited accounts.

I didnt opt for new criteria and was under impression same documents will be needed for renewal again.

It seems that, regardless of what criteria you are, they are still asking for documents which are required for new criteria.

Lucky i have enough locals with suitable qualifications, so far i have all the documents for new criteria apart from audited accounts, fingers crossed and see what comes up. Too much on stake lolz.

Any recommendations ? should i wait and get my audit done before submission or just go for it. Called up helpline but they said its written on website, i am clue less. :???:

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Postby ksl » Sat, 26 Mar 2011 3:24 am

You should have no worries providing you are sticking to your business plan. These documents are required for EntrePass renewal application for you before septermber 2009: Send what you have first and explain your accounts will be forwarded when your accountant has finished them. They will not issue the renwal until they are satisfied, though you are employing, so i doubt they will refuse you if you are sticking to the business plan.


A.First Renewal
•The business is in commercial operations and/or company has secured third party funding; and
•The business venture is conducting business based on the original business plan.

B.Subsequent Renewals
•Evidence of turnover/sales activities;
•Employment creation (above and beyond main applicant);
•Corporate taxes paid for at least one of the last three years; and
•The business venture is conducting business based on its original business plan.
All EntrePass holders are encouraged to renew their passes under the latest EntrePass renewal criteria in order to be assessed for upgrade to a higher pass e.g. from Q1 to P2 EntrePass. To apply, please complete the following form and mail it to the MOM Work Pass Division, Ministry of Manpower, 18 Havelock Road, Singapore 059764:


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