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thunderstruck
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PEP holder, PR applicant and aspiring Entrepreneur.

Postby thunderstruck » Mon, 09 Sep 2013 4:04 pm

Hello all,

I am an Indian national and have been in Singapore since 2007 and had been in decently paying job in a big multinational bank (13K+pm) until 2011 end.

Beginning of 2012, I started working in a startup with lower pay (still around 7K+pm). In midst of career shift from big corporate to startup, I applied for PR in Sept 2012 which is still pending.

Now I have enough financial stability and little bit of push factor to move out of my current startup job, and start my own business, but I am in a dilemma. As I understand, PEP holders are not allowed to start a company on their own.

My dilemma is as follows :
1) I want to start my own company (and potentially employ few Singaporeans as well) but I cannot do that as PEP holder
2) I can renounce PEP and then start company but afraid that it might jeopardize my PR application
3) I really need to move out of current job (as people who know how startups work, it's really difficult to keep working if things won't work out)


Is there any leeway in the rule that PEP holder can't start a company? If not, does changing a job affect PR application? If I move into other job now, will it jeopardize my PR application? Can I contact ICA and let them know of my desire to start business in Singapore without jeopardizing my application?

For additional info, my wife (also Indian national) of 3+ years is also on PEP earning about 8K+pm in a finance startup and has also applied for PR separately in Sep 2012. She also was working big multinational bank and got bit by entrepreneurial bug and left her banking job to work in startup corporate finance advisory boutique firm.

I am a B.Tech from reputable engineering college in India (IIT) and so is my wife. Additionally, she's has MBA as well.

Both of us are committed to Singapore (infact we got married here). We both have entrepreneurial dreams and would love to grow our first business in Singapore. But pending PR application for past 1 year, inability to pursue our startup dream due to PEP restriction, nervousness that PR may still get rejected after waiting for 1 year is making us bit jittery.

Any advise on what should/can I do?

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Wd40
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Postby Wd40 » Mon, 09 Sep 2013 4:41 pm

If you contact ICA telling them that you want to start a company, then the PR application will look like an "abuse" and pretty sure your PR application will be rejected.

Since, its already almost a year since you applied for your PR, I would just wait for couple of more months for the PR result, before you decide anything.

thunderstruck
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Postby thunderstruck » Mon, 09 Sep 2013 5:11 pm

Wd40 wrote:If you contact ICA telling them that you want to start a company, then the PR application will look like an "abuse" and pretty sure your PR application will be rejected.


Thanks Wd40..

If you don't mind me asking, can you explain how does wanting to start company (and potentially generate employement in Singapore) be an abuse of PR application?
For additional info, I intend to start a company in analytics field (and intend hire SMU, NTU, NUS graduates).

Wd40 wrote:Since, its already almost a year since you applied for your PR, I would just wait for couple of more months for the PR result, before you decide anything.


This is my gut feel as well. It's just that some startup ideas are quite time sensitive (in terms of competition etc)...

Sigh.. I guess I will have to suck it up and keep my head down until PR comes.. Singapore is great place for first time entrepreneurs.. but some of the policies / regulations around them are really confusing / discouraging.

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Wd40
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Postby Wd40 » Mon, 09 Sep 2013 5:38 pm

thunderstruck wrote:
Thanks Wd40..

If you don't mind me asking, can you explain how does wanting to start company (and potentially generate employement in Singapore) be an abuse of PR application?
For additional info, I intend to start a company in analytics field (and intend hire SMU, NTU, NUS graduates).

The thing is your PR application was on the basis of your employment and they are evaluating you for your contribution to your employer and if you are going to tell them that the moment you are going to get your PR, you will ditch your employer and start your own company, then the basis of your PR itself is false. It appears to the ICA that you are taking the PR for the sake of convenience to start your company. ICA will tell you in a very nice and politely worded letter(if you are lucky, that is) to apply for the Entrepass instead.


This is my gut feel as well. It's just that some startup ideas are quite time sensitive (in terms of competition etc)...

Sigh.. I guess I will have to suck it up and keep my head down until PR comes.. Singapore is great place for first time entrepreneurs.. but some of the policies / regulations around them are really confusing / discouraging.

My advice is dont be so optimistic, it can be a hit or a miss and chances are equal, if not more towards a miss.



BoroBoy
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Postby BoroBoy » Mon, 09 Sep 2013 6:42 pm

A PEP holder can open a business he just cant work for it. So if you want to open a business and hire a local to do some work before you get your PR you can do that I think.

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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 09 Sep 2013 9:16 pm

That's asking to get stuck between a rock and a hard place if the PR is denied, which is always likely in the current political climate.

thunderstruck
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Postby thunderstruck » Tue, 10 Sep 2013 10:38 am

I know this won't help my anxiety.... but what's the maximum waiting period after application that you guys have heard after which PR was denied?

WD40 - Thanks.. It'll be just so da*n harsh to get PR rejected after 1 year wait. :(

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Wd40
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Postby Wd40 » Tue, 10 Sep 2013 10:41 am

Mine was rejected after 11 months, but I had applied in Jun 2012. You applied another 3 months later, so the backlog would have increased even more.

thunderstruck
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Postby thunderstruck » Tue, 10 Sep 2013 11:39 am

Wd40 wrote:Mine was rejected after 11 months, but I had applied in Jun 2012. You applied another 3 months later, so the backlog would have increased even more.


Aw man.. sorry to hear that.

thunderstruck
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Postby thunderstruck » Tue, 10 Sep 2013 11:46 am

BoroBoy wrote:A PEP holder can open a business he just cant work for it. So if you want to open a business and hire a local to do some work before you get your PR you can do that I think.


That's not what I am looking for though, unfortunately.

Thanks for info though.


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