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Starting a second business off the same company ??

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vealshank
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Starting a second business off the same company ??

Postby vealshank » Tue, 12 Apr 2011 4:26 pm

Hi all,

We have an incorporated company here. My husband and I are both directors. He is holding an Entrepass and I am on a DP. (I am not actively involved in his business).

Now that he is trucking along nicely, the time has come for me to think about doing my own business.

So my question is - can I apply for an Entrepass with the same company?

Or do I need to start from scratch?

Otherwise, can our existing company go ahead and start trading in a different industry under my husband's existing Entrepass or is that just way too risky/illegal?

I have also heard people setting up as sole traders on a DP but this seems like a very grey area.

Appreciate your thoughts

Cheers

VC

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Strong Eagle
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Postby Strong Eagle » Tue, 12 Apr 2011 5:00 pm

You cannot do an Entrepass through an existing company.

You could work as a DP in the company by having the company apply for a letter of consent.

You could also have the company apply for an EP for you, although since you could do it on a DP I'm not sure what you'd gain.

Almost all companies are set up with a specialty category and the general category 'general trading'. This covers a lot of ground. You can apply online to change a company's principal activities (or add to it) so I see no problem in undertaking a separate line of business. There is nothing illegal about a successful company branching out into different areas.

vealshank
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Location: Dubai

Postby vealshank » Fri, 15 Apr 2011 3:51 pm

A belated thanks SE. I will start looking into it. As always your knowledge is invaluable.

Cheers

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aster
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Postby aster » Fri, 15 Apr 2011 8:08 pm

Maybe SE can correct me if I'm wrong, but from what I read a while back the letter of consent is just a formality.


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