Hi:
I'm self employed, basically running an IT business out of the home. I'm in Singapore as my spouse works for the foreign service of a western country.
For tax purposes, I wish to set myself up as a limited company in Singapore. I understand I have to apply with MOM for an ExtrePass and then I can apply with ACRA to register the company. As a foreigner it seems I have to go this way as I cannot setup a sole proprietorship.
Although I am self employed I basically subcontract from one company based in my home country who gets all the work for me. In a decent year I make six figures in Singapore $ but just barely. My clients are generally in Western countries, I do the work online, I invoice the aforementioned company once monthly.
After getting my business approved I want to apply as a Singapore permanent resident, and then when I leave the country setup a virtual office address to keep the business in Singapore and pay taxes in Singapore. I understand I would have to return to the country every (I heard) 5 years to maintain my PR status. When I am living in my home country (which is about 20% of the time I will have to pay taxes there.
My questions:
1. Any flaws in that plan?
2. Anything I should pay attention to that maybe I'm not thinking about? (especially from someone who has done this before)
2. The EntrePass application requires a fair bit of supporting documentation:
http://www.mom.gov.sg/foreign-manpower/ ... uired.aspx
Are MOM sticklers for this stuff? I don't have much--I am just one person doing IT work at home.
Thanks!