You are welcome.Hello -
I just read your input on the Singapore expat forum on Entrepass and starting up a business in Singapore. Whilst the input is about 4 years old, I think most of the information is still rather valid. So, thank you.
The reason I am contacting you, which I hope is ok, is that I was wondering why there was no mention of the $50k paid-in capital? Is that a new criteria that was introduced way after 2007? How much would you say I would need all in all, ie $50k paid-in-capital, accountant fee + the Singapore firm that would produce a stand in director? I have limited funding and would like to know if this is a dream that I just have to put aside for now or if it's an amount that I can somehow scrape together in a few months' time.
There was no mention of $50K paid up capital because this rule came into effect in September 2009. At the same time, additional rules came into effect regarding your total turnover (sales), plus number of Singaporeans employed. The new rules seem focused on manufacturing, retailing, and such, where the expectation is you buy some capital equipment, hire some people to produce something, and then grow the business. I assume you have read them on the MOM website.
If you are talking about setting up a professional business such as a consultancy, forex trader, project manager or some such, then the Entrepass is not the way to go, because you won't have the need to hire Singaporeans, except for specific tasks. In this case, I know a number of people that have formed a company with a nominee director, then applied for an EP with that company. Those that have been granted an EP this way generally have sought after professional skills, a track record in what they are starting up, and possibly potential or real contracts that makes the business an instant business generator. For example, if you are wanting to move an existing business to Singapore, you may be looked upon favorably.
For an Entrepass you would not have a stand in (nominee) director as you can be the director when your Entrepass is approved. If you go the other route, expect to pay about $1500 per year for a nominee director. Once you receive your EP, you can be a director yourself, and eliminate the nominee director, so this is one year's cost.
It costs around $350 to set up a private limited with ACRA. Expect a CPA firm to charge around $1000 to $1500 to get everything set up... with ACRA, charter, incorporating documents, meeting minutes, etc.