Hi all,
I moved to Singapore from Europe 3 months ago on an employment pass. However, things at the company I am working at do not look so good so I have made the decision to start my own company with a Singaporean citizen (also in my field). From the research I have done there are two ways to go about it:
i) Register a company with my Singaporean partner and apply for an employment pass under that company as a Director. Paid up capital will be around 50,000 SGD. Company is in the financial services sector.
ii) Apply for an entrepeneur pass (submit business plan etc.)
I am young (under 30) and have good university degrees from foreign schools. Option i is preferable to me because it takes less time (only 3 days to register company and 2 weeks to get employment pass), however, will MOM allow a new company to issue an employment pass when it is so young? Is there some requirement that a company be at least 6 months old to issue an employment pass?
I have already checked I can register a company with my employment pass (source: Company that specializes in registering pte ltds)
Desperately need some advice guys. I don't want to ruin my chances, and am concerned that MOM will not look well upon my leaving my current EP after only 3 months.
What do you think?
Thanks in advance.
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Employment Pass Holder Starting Business - Advice sought!
Hi there,
The trouble is with an EP, is that it currently allows you to be a director in a company, but not work in the company you own. Being a director is fine - you apply to MOM under the company.
However, technically you are not suppose to be a shareholder in that company. People we know then make another company or friend / relative their shareholder.
EP will be easier to obtain than the entrepass. And easier to renew.
The trouble is with an EP, is that it currently allows you to be a director in a company, but not work in the company you own. Being a director is fine - you apply to MOM under the company.
However, technically you are not suppose to be a shareholder in that company. People we know then make another company or friend / relative their shareholder.
EP will be easier to obtain than the entrepass. And easier to renew.
Our answer to your question
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Last edited by Servolve on Thu, 08 Nov 2012 4:13 pm, edited 2 times in total.
- togeorgemathew
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Employment Pass for your new Singapore company
Jagbox,
Your switching from the EP after three months is not a negative. It is an eventuality that happens quite a bit.
New companies can apply for an Employment Pass - the two factors of sufficient paid up capital ($50,000) and university degree work in your favor.
With a good business plan written up, a rental contract (preferrable) and an appeal (most likely) you should have your pass.
The Entrepass framework places harder demands to reach the same outcome.
George
Your switching from the EP after three months is not a negative. It is an eventuality that happens quite a bit.
New companies can apply for an Employment Pass - the two factors of sufficient paid up capital ($50,000) and university degree work in your favor.
With a good business plan written up, a rental contract (preferrable) and an appeal (most likely) you should have your pass.
The Entrepass framework places harder demands to reach the same outcome.
George
[ www.servolve.com ]
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