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Entering Singarpore as a Dependent-Starting a Business

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
mfcarava
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Entering Singarpore as a Dependent-Starting a Business

Postby mfcarava » Sun, 17 Oct 2010 11:49 pm

I am a Chemical Engineer currently residing and working in Charlotte North Carolina (however I am a Canadian Citizen). My wife has accepted a position in Singapore starting in the next month and I will be joining her in the new year initially on a dependent visa.

I am looking to establish a consultancy business while in Singapore, I have reviewed information on Entrepass, but as I understand it, this may not be relevant to my situation. I would appreciate being directed to relevant information for those who have gone down this route. I have a number of opportunities that have arisen ahead of relocating and as such I would like to understand the timeline and whether I can have my wife initiate the process ahead of my arrival so that I am able to explore these opportunities upon arrival.

Thanks!

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carteki
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Postby carteki » Mon, 18 Oct 2010 9:00 am

Check out the incorporating a company on a dependant pass thread - lots of contradictory information out there at the moment - but the thread is a good resource.

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Mad Scientist
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Postby Mad Scientist » Mon, 18 Oct 2010 9:54 am

I would be incline to go with this route.

Set up the company as a private limited. YOu will need a local director plus you. A company secretary can be the local director for a fee. Then get the company to employ you. Have your DP change to EP and off you go.

go to www.acra.gov.sg for more info
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Strong Eagle
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Postby Strong Eagle » Mon, 18 Oct 2010 1:53 pm

Thanks for posting on the board where it is easier to point out related posts, and others can also respond.

To start off with, read this post about the Entrepass.

ftopic38927.html

Some things have changed. You really do need S$50,000, have at least a 30 percent ownership, and be willing to hire more people. Of course, once you put $50,000 in the bank for your shares, you can always use the money for your salary, etc.

However, you as a DP do not need to go this route. A year ago this route would have been easy. Now, it is more difficult but as you will see in the last post below, it can be done with perseverance.

ftopic67690.html

Now the last poster, lalancaster1 set up a sole proprietorship and got approved for a LOC for as a DP. If you read the whole thread, for others this has been a major hassle.

My view is that a private limited is the way to go... costs more to set up... and about an extra $600 per year for accounts and filings... and it just seems to work better.

You can also search for dependents pass, etc and get still more posts.

mfcarava
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Thanks for the Posts to Date

Postby mfcarava » Tue, 26 Oct 2010 9:46 pm

Not sure on forum protocols, but thanks for the posts to date, I will update this thread as I progress through this process.

The company I plan to set up is a Water Chemistry Consultancy Company focused on Power Plant applications (steam turbine corrosion, boiler corrosion, demineralized water production, etc.). Hopefully I can convince MOM that their is value in this enterprise.

Thanks!


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