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incorporating next month, how to get income before EP

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ericsha
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incorporating next month, how to get income before EP

Postby ericsha » Sun, 25 Dec 2011 6:56 pm

I'm posting here first time.

I'm planning to incorporate to singapore next month.
I signed a contract with a company in Europe to represent them all over Asia.

I read a lot about incorporation in this topic, but i'm still missing some keys.

As i have a contract , i will be the only one employee, and the income will start by january the company will immediatly run profit.

However what's happen if i don't get my EP or if it take months ?
Is there a way for this just incorporated company to pay me before the EP?

If i never get the EP, will I have to wait until the next year to get my dividend ?

That's my biggest matter, because I don't want to risk the european company paying the monthly invoice to my company, without
being sure that I can get a salary by february at least.

Next matter is that i will enter to singapore in January (visit visa) to create the company, visit the bank and stay in asia for business.
I might have to frequently in/out to visit customers in other asian country and reenter on a visit visa until i get EP. Is is ok ?

I've stay almost on year in Singapore a few years ago, still have some contact there, so i'm well aware of the living cost and tax.
I'm going to relocate as I'm pretty sure that my project will enough profit to reside.

Eric.

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Strong Eagle
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Postby Strong Eagle » Thu, 29 Dec 2011 1:46 am

Here are a few things to consider.

a) If you are resident in Singapore and working without a proper employment pass, you are working illegally and will be deported if found out. Therefore, until you do get an EP, you cannot work, and can only live in Singapore for a limited time on a social visit pass.

b) While you can be a director as a foreigner, a Singapore registered company must also have one locally resident director. You can usually find a nominee director through an accounting service.

c) You may be able to get an EP by forming a company then applying for an EP, but this is by no means guaranteed. It will really depend upon the type of contract you have, the nature of the work, and your experience in doing that type of work.

Seasoul
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Postby Seasoul » Fri, 06 Jan 2012 3:58 pm

edited: sorry, didn't mean to mislead in any way, was just sharing personal experience. Apologies..
Last edited by Seasoul on Sat, 07 Jan 2012 5:44 pm, edited 2 times in total.

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sundaymorningstaple
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Postby sundaymorningstaple » Fri, 06 Jan 2012 8:45 pm

Seasoul, there is no leniency and what you are suggesting is illegal as hell and we do not dispense illegal information on this site. Please edit your post or I will be forced to delete it. Sorry. But we cannot be suggesting or condoning the dispensing of this kind of information on this site.

Sorry. moderator


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