The real question is "why would you want to put yourself through all the pain and anguish of trying to meet Entrepass requirements that can't possibly be met in your type of business?"FFF1234 wrote:Hi , I have been through almost most of the related topics on the subject of company formation but I am still a bit confused for my specific case. I am currently on PEP here but intend to quit my job and start my own Financial Futures trading outfit. Now reading through all about Entre Pass I am still unclear whether something like a financial trading firm will get approved in the Entre Pass regime. I recently met some of the Corporate Services firms and they all seem unanimous in stating that Entre Pass for something like a Futures trading firm will not be approved. They recommend opening a company with nominee director and then apply for EP ( in my case I am PEP but the doubt is whether MOM will be comfortable to let me work on PEP in a newly setup freshly minted company). The other thing which I am sort of unable to understand is how the capitalization of the company will work. I as an EP sponsored by that company will be allowed to hold shares in that company to capitalize it? In this case if that is not possible how would i pump the capital needed for the business? Any thoughts on this would be much appreciated.
Your consultant is absolutely correct. You will never get an Entrepass to open a dance studio. The facts are:MarkizaPol wrote:Hi All,
My question is about how to get Entrepass since new changes in conditions.These ones:
1. Receives funding or investment from a recognised third-party Venture Capitalist (VC) or business angel who is accredited by a Singapore Government agency.
2. Holds an Intellectual property (IP) that is registered with an approved national IP institution.
3. Has ongoing research collaboration with a research institution recognised by Agency for Science, Technology and Research (A*STAR) or Institutes of Higher Learning in Singapore.
4. Is an incubatee at a Singapore Government supported incubator.
Is there anybody who gone through these rules?
We are going to open dancing studio and has everything to prepare, biz plan and pain up capital, but angency's consultant said that coz of these new rules Entrepass became almost impossible to get.For me it seems worth to try term 1. Is there any possibilities to push in through business angel who is accredited by a Singapore Government agency? Because IP is too long to get and the last two ones even scaries me just to read))
And EP also doesnt work for me, because i dont have High Education degree for my work field.
Thank you a lot for any advice and suggestions.
Do you have any experience in developing a business plan? A good business plan would be a key element in convincing the government that you know what you are doing.MarkizaPol wrote:Hello again))
Yes, after all researchings, it became clear that with dance studio EP is the only option.Now i'm preparing documents and my main question is how much agencies help with that questions?They charge is really expencive, may be somebody can recommend is it worth it or not?
Thank you for any advice,
Polina
You obviously haven't been reading the various threads about getting an EP this way.MarkizaPol wrote:Yes, we have ready business plan. But biz-plan is not among documents that require for EP, i'm not sure how much it will help.
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