Singapore Expats Forum

Confused about Singapore immigration & business startup rule

Moving to Singapore? Ask our regular expats in Singapore questions on relocation and their experience here. Ask about banking, employment pass, insurance, visa, work permit, citizenship or immigration issues.

Sponsored by:
Image
The Club Residences

Lord Mo
Newbie
Newbie
Posts: 9
Joined: Sun, 24 Feb 2013

Postby Lord Mo » Mon, 25 Feb 2013 3:48 pm

sundaymorningstaple wrote:http://www.tnp.sg/content/kiwi-boss-clarke-quay-restaurant-fined-working-here-illegally

Always do your homework. There are no shortcuts.


Actually coming on this forum was a part of doing my home work. I wasn't in anyway looking for shortcuts, rather I was looking for people to share opinions, give advise and criticize my planned moves. And I am happy with the result I got from everyone.

Thanks all the same, good to know about Fern & Kiwi.
FOREIGNER FROM ANOTHER TOWN.

urbanjungle101
Newbie
Newbie
Posts: 15
Joined: Thu, 13 Sep 2012

Re: Confused about Singapore immigration & business star

Postby urbanjungle101 » Mon, 25 Feb 2013 7:12 pm

Lord Mo wrote:Hi everyone,

I am a 33 year old Ghanaian currently living in UAE. I am looking at moving to Singapore to start my own business. (clothing and fashion accessories retail, money remittance and outsourcing business)

I plan to employ Singaporeans / PR's on a commission basis ( I have a good payment structure)

I also plan to get citizenship in the nearest future and to bring over my mother and child.

Here are my problems. I am confused about what route to follow in relocating, I have seen so many agents promising to help for huge fees (is there a more affordable approach and is this recommended?)

I would appreciate any help, suggestions and information.

Thanks


Nigerian scam. Fcuk off.

User avatar
x9200
Moderator
Moderator
Posts: 9318
Joined: Mon, 07 Sep 2009
Location: Singapore

Re: Confused about Singapore immigration & business star

Postby x9200 » Mon, 25 Feb 2013 7:57 pm

urbanjungle101 wrote:Nigerian scam. Fcuk off.

I reckon more than half of your posts are aiming at insulting somebody. There were some individuals before with less impressive ratio that managed to get their accounts locked. You are well on your way to achieve it.

Moderator

User avatar
Strong Eagle
Moderator
Moderator
Posts: 11109
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Postby Strong Eagle » Tue, 26 Feb 2013 1:35 am

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?

Lord Mo
Newbie
Newbie
Posts: 9
Joined: Sun, 24 Feb 2013

Postby Lord Mo » Wed, 27 Feb 2013 2:07 am

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.

User avatar
Strong Eagle
Moderator
Moderator
Posts: 11109
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot
Contact:

Postby Strong Eagle » Wed, 27 Feb 2013 3:02 am

I was able to reconstruct the original Entrepass thread. Check it out here.

ftopic93619.html

Also contains the link to Entrepass updates.


  • Similar Topics
    Replies
    Views
    Last post

Return to “Relocating, Moving to Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests