Seeking advice to set up company with Employment Pass

Under existing EP, you can’t register your company as its violating your own declaration to the present employer.

Floating your capital of $100k and justify that your company is able to generate that much profit (not revenue) so that your company can distribute profit of $6k (must be fixed) to you and need to declare how much your other partner gets the distribution of the profit.

How are you going to show your paid up capital $200k? Avoid declaring any false statement to MoM, you will be in trouble. If pass rejected, it’s obvious that as a foreigner you cannot be a partner in a Singapore registration company.

Declaring $6k then injecting back with half will be termed as false declaration to gain EP status or eligible for DP applying.

I would suggest check with your councillor to advise you in correct way. Did you declare to your present employer that you are holding up a business at your home and registered under your name? Any false declaration will be deemed as violation of PDC to your  employer. Good luck

I understand from your post that you already started the business while still on EP.
Be VERY careful, because this is ILLEGAL! If found, you will lose your chance to have either job or business here.

Thank you for your reply.

I will not register the company under my name. My local partner will register a company and declare that I am a shareholder. He is also the director of the company. Once incorporated, he will apply Employment Pass for me and if MOM approves the EP, he will  resign and appoint me as a director. That is our plan.

If that is the case, we will declare the paid up capital with whatever we have on hand which is $130k. I hope that amount will be enough for MOM to justify my EP application.

If pass rejected, I am still be the shareholder of the company right? If the company is making profit, how could I take home that profit?

Let say if we want to inject more capital into the company for operation and market expansion, what is the best way?

At the moment, I did not declare my business to my employer as I dont see any such statements in the contract with the company.

Let say I use my money to buy stocks and these stocks returns profit, if I withdraw the money to my Singapore bank account, would that be considered is illegal too?

Being (passive) shareholder and earning profits is allowed while on EP (provided you tax those earnings properly). But you cannot in any way be actively involved in running the business or making decisions regarding it (other than normal voting rights by shareholders).