Strong Eagle wrote:My sticky regarding the Entrepass seems to have disappeared. Therefore, I will offer you the following in regards to your plans.
a) The Singapore government as set S$50,000 as the minimum capital start up requirements. This won't guarantee that you get an Entrepass but it is a start.
b) You need a business plan that clearly demonstrates your understanding of the business, including the supply chains, retail environment, costs of rentals, etc. If you don't demonstrate understanding on how you make your business work, you will be rejected.
c) You need solid pro forma financial statements that show how your business will actually work in terms of cash flow and profitability. If you can't perform an analysis of the financial workings of your business you will be rejected.
d) You need a clear break even analysis, that is, when does your business turn profitable? And, before profitability, you need to be able to demonstrate that your paid up capital is sufficient to see you through to profitability, both for the capital needs of your company, like paying rent and salaries, as well as the ability to support yourself in Singapore. And really, if you are not realistic here, you are dooming yourself to failure at the start.
e) You need to realistically assess whether you can meet the employment and turnover requirements that have been imposed on the Entrepass. They are very stringent. What will you do if you do not meet the requirements in year 2 or 3?
Retail and money changing are all over the place in Singapore, and judging from the number of store closures, there are lots of failures as well. Rents are very high.
I judge that the purpose of the Entrepass rules is to discourage small businessmen such as yourself from even trying. And if you think about it, its not really unfair. In a city/state where so much of the population thinks that opening a new retail shop right next to an existing one is "entrepreneurship", why should foreigners be allowed to compete?
This is awesome information, thanks!
Like I said earlier I am going to give it my best shot, I am not in a hurry to move to Singapore I have set a 9 months plan for my self to get ready.
I have a detailed business plan that I was going to execute with a partner for the Ireland Entrepreneur program (before I changed my mind about Europe) Will brush that up and start from there.
My kind of business as you said is everywhere obviously. But innovation is the spice I plan to add to the mix. For fashion I plan run way quality items at walmart prices for a start.
I must really thank you all for the generous contributions, suggestions and all.
For People who have nothing better to post on here, they deserve to be ignore.
Lets all stay focus and more grease to all our hard working elbows!
FOREIGNER FROM ANOTHER TOWN.