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Apply For EP As Director or Employee?

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joey123
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Apply For EP As Director or Employee?

Postby joey123 » Mon, 27 Jun 2011 9:44 pm

I am from India and have set up a private limited company with a local director who holds a PR. The paid up capital of the company is $1. My EP has got rejected recently and here is the information:

1. Company information was not posted in terms of turnover etc. as it's a startup company.
2. The EP was applied for me as the CEO of the company with salary of SGD 4000.
3. As of now I am not the Director of the company on papers.
4. I am a shareholder with $1 shares in my name.

Reasons why I am assuming the EP might have got rejected:

1. Start up company with no solid background.
2. I was working full time for 3 years before completing my graduation and have included that while submitting the application. My total experience including this was shown as 11 years 5 months.
3. The application was submitted for me as CEO and not Director.

What are my options now? Should I appeal or submit a new application. I am thinking of increasing the paid up capital and then applying. Should I apply as a Director or CEO again? Any help will be appreciated.

Thanx

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Postby sundaymorningstaple » Mon, 27 Jun 2011 11:05 pm

Unless the company has paid up capital of at least 50K you can probably forget it. Your best bet? Go home. They don't need any more scammers here.

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Postby joey123 » Mon, 27 Jun 2011 11:12 pm

sundaymorningstaple wrote:Unless the company has paid up capital of at least 50K you can probably forget it. Your best bet? Go home. They don't need any more scammers here.


Scammer? Not sure what makes you say that. There are people who have got their EPs using the same process.... couple of them have shared their experiences here - ftopic69937.html

With regards to capital of 50K.. are you asking me to go the entrepass way? Yes, that seems like a more genuine way for business owners to get an EP but there is NOTHING ILLEGAL in getting EP by setting up your own business with a local Director.

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Postby Strong Eagle » Mon, 27 Jun 2011 11:35 pm

They rejected you because you have a BS company.

$1 of paid up capital? Proof that you have no intent to create a permanent company, just create an entity to help you avoid Entrepass requirements.

$4,000 for a CEO? More BS. This is a crap salary for a leader of the company... and besides, it should have been managing director.

You got rejected because you have a crap company. You are creating this company to get yourself to Singapore through the back door.

If you want to go this route, you'll already have a viable business that you want to transfer to Singapore. Or, you'll demonstrate a professional capacity, like financial investing, project management, or other, that would permit MOM to let you in outside Entrepass rules.

Otherwise, SMS is correct... scam city.

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Postby joey123 » Mon, 27 Jun 2011 11:45 pm

Thanx for your reply Strong Eagle. Whatever you said was exactly what I told the person who was guiding me through this but he seemed to have different ideas. I am talking about the salary and paid up capital here.

Secondly, it's not a crap company. The company is in to trading and is genuine. Please let me know if I have any options apart from the entrepass option. I am not trying for a back door really. I am not considering the entrepass option as of now because it takes more time and work. Looking for a better and easier option.

So, should I reapply as an MD with high salary?

Someone has also suggested me to show my investments in the company. Will that help? If yes, does that amount really matters?

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Postby Strong Eagle » Mon, 27 Jun 2011 11:57 pm

joey123 wrote:Thanx for your reply Strong Eagle. Whatever you said was exactly what I told the person who was guiding me through this but he seemed to have different ideas. I am talking about the salary and paid up capital here.

Secondly, it's not a crap company. The company is in to trading and is genuine. Please let me know if I have any options apart from the entrepass option. I am not trying for a back door really. I am not considering the entrepass option as of now because it takes more time and work. Looking for a better and easier option.

So, should I reapply as an MD with high salary?

Someone has also suggested me to show my investments in the company. Will that help? If yes, does that amount really matters?


What does your company do? How long have you been doing it? what is your proposition to bring a successful company to Singapore? If you are trading, how long have you been trading and what is your track record?

If you are thinking of trying a 'trading' startup, with no Entrepass, and no experience or demonstrable past success, I'd say you are wasting your time... big time.

And you tell me something by your reply: "not considering the entrepass option as of now because it takes more time and work." Lazy boy, are you? These are the rules of Singapore.

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Postby joey123 » Tue, 28 Jun 2011 12:10 am

Basically, we are in to 2 different business. One business includes web development, social media marketing and Internet marketing. This is business is running quiet successfully in India since 2 years.

The trading business is relatively new (around 6 months old) and we have clients in Europe, Australia, Singapore & India. We need to spread this business and will have to hire a few Singapore locals for this.

The idea is to run both business from Singapore for which I have to be there.

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Postby Mad Scientist » Tue, 28 Jun 2011 1:50 am

Methinks you started of with MOM on the wrong foot. I rarely heard one would get EP through this excellent plan of yours. In fact never. It is downhill spiral now and you will land on your bum if GOD forbids
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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Postby joey123 » Tue, 28 Jun 2011 2:28 am

Mad Scientist wrote:Methinks you started of with MOM on the wrong foot. I rarely heard one would get EP through this excellent plan of yours. In fact never. It is downhill spiral now and you will land on your bum if GOD forbids


Wrong foot? Plan? I am planning to shift my business to Singapore and for that I have created a pvt. ltd. company with a local Director. What's wrong in it? Maybe I should have shown more capital but apart from that I think whatever I did was fine.

I would appreciate if someone helps me and shows me the right direction rather than just saying that I have done a mistake.

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Postby Mad Scientist » Tue, 28 Jun 2011 4:54 am

joey123 wrote:
Mad Scientist wrote:Methinks you started of with MOM on the wrong foot. I rarely heard one would get EP through this excellent plan of yours. In fact never. It is downhill spiral now and you will land on your bum if GOD forbids


Wrong foot? Plan? I am planning to shift my business to Singapore and for that I have created a pvt. ltd. company with a local Director. What's wrong in it? Maybe I should have shown more capital but apart from that I think whatever I did was fine.

I would appreciate if someone helps me and shows me the right direction rather than just saying that I have done a mistake.


Let me explain. Entrepass is the best way for your kind of business but you need to put serious juice into it like $50 K and top of that you need to show that you have serious knowledge on your business
To do joint venture with local director , you need a little bit more investment in your paid capital more like $100K. go to www.acra.gov.sg
Although you can set up with $1 dollar as paid up capital and start of your business with an Autthorised Capital of $100K but that is where it stops. Chances are, your local director knows nuts about your business.
YOu need to get EP approval thru MOM in order for you to run your business as a joint venture. Therefore you need to show them that you are injecting serious money into SG economy apart from having projected sales, turnover, previous turnover and NTA. Whether you want put your role as CEO, Director . Managing Director or even DAMAGING DIRECTOR it does not matter as your shareholder MOU and company incorporation only states ONE DOLLAR paid up capital i.e एक डॉलर, ஒரு டாலர்.
Don't cha think MOM is that stupid and can see what you are doing is just a ruse to get EP?.
How can you increase your salary to say $9K if your paid up is only $1 ? Hmm ?? Don't you think this is very dodgy ? Where will you get the juice to pay yourself a higher salary when your paid up is only $1 ?
I am showing you the mistake and from there you can take countermeasures or else you will be knocking on the same brick wall till God knows when?
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!


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