PEP holder, PR applicant and aspiring Entrepreneur.
Posted: 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?
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?