Elly Mac wrote:Hi Strong Eagle
Thanks again for this info, much appreciated.
I'm actually a CPA myself so am pretty confident on the filing requirements etc. However one thing I've just realised is that this option wouldn't work as the company secretary needs to be present at the registered office address (which also needs to be open to the public for five hours a day) - so I think I will need to engage an external company secretary and register the business to their address. I think that's correct, right?
Not exactly. First, the requirement is to be open 3 hours per day. The registered address could be your house. The whole point of the law here is to ensure that a company can be served, so if you have an address and someone is there 3 hours a day, ie, it is open, you are in compliance.
And, it really can be a "someone". The companies act states:
"(3) The secretary or secretaries shall be appointed by the directors and at least one of those secretaries shall be present at the registered office of the company by himself or his agent or clerk on the days and at the hours during which the registered office is to be accessible to the public.". So, anyone at the registered address can act as the agent or clerk. I can assure you that many (and I suspect most) private limiteds have their business address as the registered address but have their CPA, who acts as secretary, at a wholly different location.
One option I'm actually now considering is incorporating the company, then trying to get an EP/LOC through . or similar, and if that fails then just keeping the company dormant and working as a SP until we get our PR approved. That's not breaking any rules is it?! Oh wait, although even dormant companies need to have at least one director, right?
I am not aware of any definition of a "dormant" company in Singapore. It is alive unless you wind it up. Therefore, you need to comply with all the requirements and reporting.
You could go the SP route and apply for a LOC... if you've read the threads you can see others have done just that.
Ok, time to speak to the pros now I think. Thanks so much for this advice, really appreciate it.
Haha and yes I have done my SWOT already, am trying to avoid the SWAG…
Calling them "pros" may be overstating the matter. But I would push on the companies that offer incorporation and an EP to give you a hard estimate of your chances of acceptance by the gahmen.
It's like this. If you've got a 15 year record as a successful management consultant running your own business, college educated from a reputable institution, you've got substantial cash reserves to run your business to profitability, and you have clients, contracts, or a plan to get them, you'll probably be able to get your EP regardless of whether you use the "pros" or file it yourself.
If, on the other hand, you are from the subcontinent, you have a degree in IT from a dodgy institution, you have 18 dollars and loose change in your pocket, you've never run a business but intend to start a mobile brain surgery practice, no one, not even the most polished of professional agencies is going to be able to get you that EP.
You need to decide where you fall between these two extremes, build your case, and roll the dice.
