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Buying a business - eligible for entrepass?

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jake.b
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Buying a business - eligible for entrepass?

Postby jake.b » Mon, 19 Sep 2011 3:07 pm

Howdy,

I've been working in Singapore for the past 2 years working as an engineer for a large oil company. I would like to have my own business and I am determining whether to start a company from grass-roots or to purchase an established business here on the island. In regards to entrepass issuance, is it possible to get an entrepass through purchasing an established company? I am looking at getting into the aircon services industry and have a history of running a profitable air conditioning business back home in the US/Texas. Thanks for help.

- Jake

maxidog
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Postby maxidog » Tue, 20 Sep 2011 10:31 am

No, since the company in the Entrepass application has to be less than six months old. Though the new company could buy the existing company as soon as you have the Entrepass IPA letter.

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ksl
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Postby ksl » Tue, 20 Sep 2011 12:52 pm

Entrepass is for start ups!

maxidog
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Postby maxidog » Tue, 20 Sep 2011 2:24 pm

Some startups begin by buying another company and taking it in a new direction. It doesn't make them any less of a startup.

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sundaymorningstaple
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Postby sundaymorningstaple » Tue, 20 Sep 2011 3:45 pm

That's usually called a takeover. Go for it. The worst they can do is say no.

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ksl
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Postby ksl » Tue, 20 Sep 2011 4:33 pm

maxidog wrote:Some startups begin by buying another company and taking it in a new direction. It doesn't make them any less of a startup.
Like SMS says go for it and you will soon find out! You could actually implement it in your start up business plan, the idea of entrepass is that you will be vetted and monitored to suit their eligibility rules, you will have to satisfy their laid down criteria.

Providing your business plan is convincing and credible, I don't see why not if it brings employment and meets the strict criteria.

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Strong Eagle
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Postby Strong Eagle » Wed, 21 Sep 2011 7:22 am

If you have the resources to buy an existing business, the first option would be to buy and become managing director, then apply for an EP from the company... obviously clearing this approach before making the purchase.

ausinsg
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Postby ausinsg » Sun, 02 Oct 2011 4:18 pm

Just remember to write your business plan from a Singapore perspective.

As well as the usual financials be sure to mention the opportunity you see. How you can use X to improve the technology, process or the service offered by the industry here, how this allows you to train locals and improve the skills of the local workforce and how you expect this will allow you to employ Y Singaporeans over Z time.

- Lifting standards so Singapore meets or exceeds best practice. (If even possible).
- Up-skilling of locals, more employment for locals. Maybe even identify an under-utilised segment of the workforce you can employ. The elderly, ex-convicts, poorly educated.
- Increasing competition.

Then show you can make a nice profit whilst doing all of this.

A good mate just lost his entrepass as he had not met the new requirements for renewal. He told me that when he went to submit his documents at MOM, he passed them across the counter, they asked where his CPF statement of monies paid to locals employed was? He said he did not have one. They passed his renewal application back to him on the spot and did not even bother processing it! :)

fxman
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Postby fxman » Mon, 03 Oct 2011 1:19 pm

so jake ,after so much advice here, have you started on it?


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