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setting up a business at home to be able to work abroad

  • 05-09-2013 7:19am
    #1
    AngMo
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hi,

    Very recently my better half was offered an incredible promotion which came with a move to Singapore. It meant packing up and moving within a couple of months. I had been working as a software engineer for a consulting firm back home before the move. It was my hope then that when we got here I could setup as a contractor and start looking for work. It was my intention to try to split my time up between short / medium term contracts and developing my own software in between contracts to sell.

    However I've found out from a Govt dept that it's not possible for me to setup as a sole trader or LLC in Singapore as I'm a foreigner. There's an option of an "entrepreneurial pass" but it's aimed at SMEs (min 50k in the company account, shares, proof of benefit to the local economy etc) and is total overkill for a one man show like myself.

    So I'm thinking of setting up an LLC at home with a relation (my brother probably) as a co-director and hopefully using the company as a way to contract etc here.I don't have a lot of business knowledge. I've been reading up on everything I can find from the citizens info, the CRO etc about the requirements. I understand it means paying Irish corp. tax, having an accountant, submitting annual reports to the CRO etc as that is where the company would be residing.

    Does this sound like a stupid idea? Are there any glaring warning signs I should look out for?

    Any advice would be greatly appreciated :)


Comments

  • #2
    rovoagho
    Banned (with Prison Access) Posts: 1,151 ✭✭✭rovoagho


    It doesn't sound like a stupid idea once you can afford the costs of setting up and running the company, and there aren't any rules over there about dealing with foreign companies; which could quite well be the case given the rule you've already discovered.

    I presume you have a reason for actually needing a company? Some of the companies you want to work with require it? In general, I advise people to hold of on setting up as a company until it's really needed.


  • #3
    AngMo
    Registered Users, Registered Users 2 Posts: 4 ✭AngMo


    rovoagho wrote: »
    It doesn't sound like a stupid idea once you can afford the costs of setting up and running the company, and there aren't any rules over there about dealing with foreign companies; which could quite well be the case given the rule you've already discovered.

    Thanks for the reply :)

    I'm waiting on a response for the same Govt department to see if I can do business with local companies (i.e. take on contract work) or if I took on some remote development work before proceeding any further. Taxes here can depend on if you've done business with local companies or not.
    I presume you have a reason for actually needing a company? Some of the companies you want to work with require it? In general, I advise people to hold of on setting up as a company until it's really needed.

    The reason for setting up the company is mainly that having worked in software consulting (as a permanent employee) for a while now I've seen the greater flexibility contractors have over their careers - not only in the projects they work on but the sort of training they can do too - which really appeals to me.


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