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Setting up day trading business to obtain EP?

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traderwu
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Setting up day trading business to obtain EP?

Postby traderwu » Wed, 10 Aug 2011 8:42 pm

Is it possible to set up a day trading business for the purpose of obtain EP?

The firm will consist of 2 employees, my wife and I. Will be trading from a home office. I trade futures energy market.

For capital requirement. What is consider adequate? 100k, 250k, 500k, 1 million, 2 millions? We will be trading our own funds.

Salary will be paid + a performance bonus.

If EP is not possible with a day trading firm. Is GIP a possibility?

Thanks.

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Strong Eagle
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Postby Strong Eagle » Thu, 11 Aug 2011 9:56 pm

If you have a proven track record in day trading, are generating sufficient profits to support yourselves, you can probably use a nominee director to form a private limited, then apply for EP for both of you.

The more money you put into the business as paid up capital, the more sincere and capable/qualified you will look. I don't know what YOUR funds trading requirements might be, and if you were to put in a million, I think you would catch serious positive attention.

I have no idea what a GIP is.

traderwu
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Postby traderwu » Sun, 14 Aug 2011 6:14 pm

Thanks Strong Eagle.

Got a question:

What exactly is the nominee director? What exactly does he/she do?

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Postby Strong Eagle » Sun, 14 Aug 2011 6:43 pm

A nominee director is a person who agrees to be the director of your company for a fee. They have all the rights and responsibilities of any director under Singapore law, including being taken to court for failure to perform their duties.

You usually have your nominee director sign a resignation letter in advance so that if there is anything you don't like, their resignation takes effect immediately.

Figure around S$1500 and up for this service, usually available through accounting firms (like the one I use).

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Postby luxiana » Mon, 15 Aug 2011 12:26 am

Hi tradewu,

I may be able to help. I've got a couple of friends who started their trading business in the past year and I can put you in touch with the company they use.

PM me if you're keen.


Ps: I started my company in Singapore with the help of a PR friend and it was difficult for me to get the EP. StrongEagle is right: the more capital you put the better, mine was a bit on the low end for the authorities. they finally gave me an EP but it took a bit of time...

Good luck!
my website: free online game

traderwu
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Postby traderwu » Tue, 16 Aug 2011 1:02 am

Luxiana: PM Sent

Strong Eagle:

Is the fee annually or monthly? What kind of duty do they perform or have?

Do you have any reference to read about this?

Thanks all.

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Postby Strong Eagle » Tue, 16 Aug 2011 6:49 am

The price quoted is a yearly fee. You'd only need one until you got your own EP and could serve as director.

They are in every way a director of a pte ltd. They have all fiduciary rights and responsibilities. In some ways, people who take on this role are stupid as they would be liable for any criminal acts you commit in the company.

Not aware of publications... try google.


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