It is not worth the money to use an agency. First of all, the most they will know about your business is what you tell them. They are stupid otherwise. The only thing you _might_ find an agency useful for is to create a professional finished product for submission. But, once done, they are going to put the application in the mail or drop it in the box by the front door of MOM. They do not have any special ability to push your application though MOM, and in fact, if MOM thinks you used an agency, they may well decide you are trying to pull one over on them.MarkizaPol wrote:I have read all official info about getting EP (forums, site of agencies and etc), especially the documents that require Mom site. But still i dont have clear picture how the process look like that is why my main question was is it worth to use agencies help or not. Because we have biz plan and all another support documects showing backgrounds and professionalism, having more then enough money for start up. And i just dont know how to use it the best way....
If there is someone who did get EP by themself, and ready to give this info for free ( couse agencies charge like 500$ per hour consultation) then it would be just great help. My case is not typical because i dont have High Education degree, thats why i want everything to be perfect to have higher chances for approve.
If you investigate the agencies, find out exactly what they are going to provide for the money they will charge. Ask to see copies of the documents they will prepare for submission.
For you to start up your own business, you will have to do the following:
a) Find a "normally resident" person in Singapore who has a Singpass and is willing to be your director.
b) This person forms a private limited at IRAS with her/him as a managing director and you as a shareholder ($2).
c) You prepare your application for EP that your director will submit to MOM. It is very important that you do not submit your EP application online as you will not have a chance to submit supporting documentation with it. Submit the EP application for you manually.
d) In addition to the EP application form, you will want to submit the following:
1) A business plan of not more than ten pages which:
- shows your marketing and sales plan
- shows where you are going to set up your business and why it is the right place.
- identifies your competition and how you will deal with it
- shows how you are qualified to successfully run this company
- provides 3 years of pro forma financial statements that shows how your company will start and grow to profitability
- provides a concise resume of your skills and background
- Provides evidence of money in the bank via statements or other documentation
All of this information, plus a cover letter is submitted by your director along with your EP application, manually. Be prepared to have additional questions asked, and if your EP is rejected, your director must be ready to appeal... for example, by changing projections, sales, marketing... something that makes your company and you more desirable.
I'll say it again... this entire exercise is to prove to MOM that you're not somebody trying to scam the system by getting an EP from a bogus business.
If you want to use an agency, ask they what they will want from you in order to submit your application. If they don't ask for all of the above and more, they are handing you a line of crap.