Hi guys,
I and my wife are working at the MNCs under S-Passes. A year ago, I set up my own company in the home country. As the business taking off, I partner with a Singaporean to offer the service here in Singapore under his own LLC company. Now revenues in both countries increase over the months, I am thinking of quitting my current company to set up a Pte Ltd to start the business in Singapore. I and my Singaporean partner will be the 2 shareholders. At the moment, I will commit $100k SGD and my partner will commit $30k SGD as paid up capital. He will put in another $70k by July next year. Understand that setting up a company with Entre Pass is impossible since the government requirements are quite strict, I will go with the Employment Pass route. I have a few questions, hope you guys can enlighten me.
1. With $130k SGD as paid up capital, what is the chance of getting Employment Pass approved given that I will pay myself $6k/month (just in case I can sponsor dependent pass for my wife if she get retrenched). Our monthly revenue is $15k and profit around $4k. If I can work full time, I believe I can double down the revenue. My partner will not draw any salary until our profit can cover both of us working full time. And we do have plan to expand our business to other countries in the region.
2. Is it possible to declare paid up capital as $200k to increase the chance of getting EP approved?
3. If the company is incorporated and worst case my EP rejected, what should I do? Dissolve the company and take back the capital?
4. If the company is incorporated, my EP approved, I am drawing $6k salary, and I put half of my salary into savings. Is it possible to inject my savings as capital to the company?
Thank you guys.