Yes, the business plan is moving albeit slowly. Yesterday, we (my partner and I) went to the bank to create a bank account for the business. There were some problems though. We were not able to include both the partner and my name as the account holders. This is because he has yet to have a working permit and as such the bank would not be able to accept him as an account holder. After much discussion, he finally agreed to open the business bank account. This is indeed a great step of trust for him as he would not be able to have any legal control over the money in the account.
As for me, I am a bit reluctant with the situation as I would be responsible for the money (which is not my money). However, this gives me comfort that he (my partner) is really serious in doing the bakery business and not trying to cheat me. He would be bringing in more money from overseas for the business.
Now, the biggest hurdle is to get his working visa.