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Starting a Business in Singapore and the Entrepass

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
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Postby Strong Eagle » Tue, 26 Feb 2013 11:55 pm

hello, i have prepared my business plan but im in the USA. i dont understand the MOM website asks the files to be submitted to ANY singpost.

does it mean i have to send it to a singpost office ? but which one is the best to submit my business plan ?

and the $40 fee, shall i put $30 USD in the mail ? but thats a bit crazy. i dont have SGD.

thank you very much for your help

rudy

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Postby Strong Eagle » Tue, 26 Feb 2013 11:56 pm

Strong Eagle,

As others have said before me, great post. I would like to request, from you, more information on the specific comapnies you used in getting your Entrepass. I have seen that there are many companies out there, but prefer to start with a team that has proven it can be successful.

I hope it is ok but, I have sent you an email with this request to the address above as I am a newbie here, thanks for your great post and any future advice you can supply.

Thanks

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Postby Strong Eagle » Tue, 26 Feb 2013 11:57 pm

I just got the reply : %26quot;Application NOT accepted%26quot;.
This is tough - I spent as long as possible waiting for supplier invoices
to prove I was an active wholesaler before I sent my application 4 weeks
ago - and now I am at square one again.
I wish they would say why they failed me - I thought I put through a good business plan this time,stressing my contacts and job experience.
I am going to do 80,000 sgd turnover for April and business is picking up fast - it takes time to build up suppliers and I need to be here to keep in touch.
Technically, I am not allowed to work here on a tourist visa plus all the hassle of leaving the country every 30 days....so now I have to try and get some other type of workpermit....fast !!
I am the owner of the company, but can my PR director sponsor me - there must be a way ?
How can they let you start up a company but not let you work here ?
I have heard of freelance photographers and divers getting a workpermit
goddammit
I will go to MOM tomorrow and ask them what I can do.... hopefully they will be helpful.

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Postby Strong Eagle » Tue, 26 Feb 2013 11:58 pm

Without knowing the contents of your business plan it is difficult to know exactly why you were rejected. You can appeal; however, you must have some idea of what you will change/emphasize when you appeal.

I doubt that MOM will give you much information as to why you were rejected. The person you talk to will not have been the one who made the decision, and in any event MOM does not give away its evaluation criteria, lest everyone starts writing plans to meet the criteria.

I'd say that you need someone to look at your plan and from that determine why it is unacceptable. Probably someone who has submitted a successful plan. It is a leap of trust to let someone look at your plan but it would be a good way to get it evaluated.
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Postby Strong Eagle » Tue, 26 Feb 2013 11:58 pm

Hi,
thanks for your valuable information,

i am in the process to submitting my application for an Entrepass.

I have 2 questions:

1/ what is the %26quot;Declaration by Local Sponsor%26quot; in the entrepass application Part VIII - B ?

2/ Can I name a possible third director (also foreigner) in the management description although I am not sure he/she will be part of the team?

thanks

regards,

S.

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Postby Strong Eagle » Tue, 26 Feb 2013 11:58 pm

A local sponsor is anyone who will guarantee the costs of your repatriation should you be a bad boy and the Sing govt decides you should be sent home.

It takes one of two forms: You can have an individual post a S$3,000 bond (that might have to be you) or you can have a private limited or limited company guarantee your repatriation costs.

If you form your private limited with a local director and secretary before you file for your EP, your can probably have the company guarantee the repatriation, especially if you have a bank account with more than enough funds to cover repatriation costs.

You could name a third director if you wish, but if you are not certain then don't do it. You can always add a director at a later date by filing a director's resolution adding a director.
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Postby Strong Eagle » Tue, 26 Feb 2013 11:59 pm

Thanks again for your answers!

my second question is actually more to know if I should name a potential arriving director in my Business Plan for the Entre Pass. this person could be a good asset for the company but should she not come, then I would have named her in my BP. And could the government keep the record of the BP and affect negatively further administrative requests as we didn t go exactly according to plan?

THanks

S.

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Postby Strong Eagle » Tue, 26 Feb 2013 11:59 pm

If the person would be an asset and you want to mention her in the business plan, then it would be a good thing to do.

The govt may keep a record of the BP but your renewal will have nothing to do with it. I have renewed my Entrepass... all that is asked is turnover, number of employees, etc... which may be compared to the original plan.

I wouldn't worry about her not coming on board. You can always use her in an advisory capacity if that were to occur, right? Problem solved.
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Postby Strong Eagle » Wed, 27 Feb 2013 12:00 am

Hi Strong Eagle,

Thank you for your highly informative and elaborate posting on entrepass.

Perhap you would like to also advise the type of business that are likely to attract better responses from our governments as we have business contacts in China who have shown interest to set up business and migrate to Singapore.
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Postby Strong Eagle » Wed, 27 Feb 2013 12:00 am

If you have money why not invest in your own country? Why Singapore? I (anyone) can enjoy more freedom and success in his/her own country than other foreign land with lots of protection and citizen favoring rules.

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Postby Strong Eagle » Wed, 27 Feb 2013 12:01 am

Yet another whinge.....................................

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Postby Strong Eagle » Wed, 27 Feb 2013 12:02 am

Strong Eagle - first off, you're the man! Excellant thread; very informative. I'm sure i speak for all when i say thank you.
I posted a thread into the discussions forum yesterday and SMS kindly responded with your thread on Entrepass advice.
I work as a freelance IT Consultant here in London, England. Freelance meaning on a contract basis - I prefer this style of working as the contracts are usually project based, short-ish and pay extremely well in comparison to the full time packages. To maximize my income I run everything though my own company; this allows me to set my own salary, make claims on travel, fuel and daily subsistence as well as pay myself in dividends. In short its a great situation to be in personally.

I have recently been offered a position in Singapore with a large European bank requiring consultancy. Its a 10 month contract initially and starting soon-ish. I got head hunted from an agency directly in Singapore which I still find strange as I never applied????

Anyway having read your thread i understand fully what is need in order to get a private company formed. I have a couple of questions however:
How much tax could i trim and save if i form my own company?
If i dont start my own firm how much am i at a disadvantage? Would the local agent tax me before paying me? As i have no idea at the moment (shes a bit crap at replying to me) what should i look to dodge?
What are contractors out there doing? Are there any easier local schemes? to maximize incomes? Im just thinking if this is going to take months on end perhaps there might be an easier way? For example, would it be worth me being joining someone elses company as a director to bypass this (a bit optimistic im sure).
Also, recruitment officers here in the UK are a bit like lawyers blood sucking monsters!! Can I trust the local recruitment officers or is that just a stupid question?? SMS advised to be cautious what do you think?
Also could i bother you for the details regarding the accountancy firm you used please? Would rather have it noted now than bother you again in future

Thank for the tips/tricks and all the good reading i have found on this forum!

Anwar

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Postby Strong Eagle » Wed, 27 Feb 2013 12:02 am

Cooper,

A short stint here only 10months or so would perhaps not be worth the hassle/challenge of forming your own pte ltd %26amp; going the Entrepass way unless perhaps your rate is very very high!

In any case assuming your net take home is around the 75-80% mark in UK you'd still get more here without any legwork whatsoever given the max tax rate is a mere 20% %26amp; you could use a cheapish umbrella setup.

Cheers!
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Postby Strong Eagle » Wed, 27 Feb 2013 12:03 am

Wow! What a hard job to open a business here... Well... I would do the same: ask peolpe to demonstrate if they are serious or not about what they want.
Thank for all this information.

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Postby Strong Eagle » Wed, 27 Feb 2013 12:03 am

I believe the formality for doing business over 183 days in Singapore, is to register the Company with Acra, to benefit from the taxation laws.IRS..although your contract maybe only 10 months...you can decide, if you wish to make a business plan, to submit for application for entrepass, only you can decide, how your business will be progressing, application for entrepass can be delayed until the business is established in a way that it meets the criteria for the said entrepass, however I think there is a timelimit, not sure....

The governments failure, not to approve entrepas status, doesn't stop you from doing business, with Singapore, or paying taxes to Singapore, it just makes it very inconvenient...Like SE explained the business plan is the answer to everyones, worries! What is one contributing to Singapore....It doesn't help a damn, that you are creaming high profits, but it could help, if the profits, are being used in a constructive building or business expansion plan, that will encourage the employment of Singaporeans.

So a realistic projection of the business venture is required, with positive contributions for expansion and employment of locals..is probably what they are looking for...and not so much high revenues and profits, its how one is disposing of the profits and assets, that they are concerned with, which is quite logical...for any government recruiting talent and the future of Singapore! So a realistic approach will be positive, unrealistic approach, will indicate your a dreamer, without a clue of business and monitoring controls, being a very good salesman or wheeler %26amp; dealer, doesn't make the grade!

Even freelance work would be evaluated to contributions to Singapore...like disc jockey, photographer, writer, IT consultation, in fact anything freelance could be useful, if the profits are seen to be invested in Singapore rather than taken out, business references from well established clients may help....one should always appeal, to show that you are determined, to satisfy their criteria, even though you do not know it! Until they enforce, their NO NO.....

Just think how much PR is worth in this Country to the wealthy...I think its around 5 million$ with half invested in property, to purchase PR..that's quite a figure, which means Singapore is a serious player of wealth creation projects, businesses need to be seen, projecting not only wealth creation, but development on the same level of thought, for Singapore! and not yourself!
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