Overview: Singapore Entrepreneur Pass
Each year, Singapore attracts numerous foreign business owners and entrepreneurs seeking to establish their operations in the country. Singapore is widely regarded as the ideal location for incorporating a business due to its favorable bilateral treaties, streamlined registration process, and minimal annual compliance requirements.
For foreign entrepreneurs aiming to relocate and effectively start and manage their businesses in Singapore, the authorities offer a program known as EntrePass. Qualifying for an EntrePass is relatively easier compared to other options. If you are based in India and aspire to give your business an “international” status, the EntrePass could potentially be the solution you are looking for.
In this article, we will discover how you can become eligible, what documents you need, and how to apply for the Singapore EntrePass.
What is Singapore Entrepreneur Pass or Entrepass?
The EntrePass, also known as the Singapore Entrepreneur Pass, serves as a work visa specifically crafted to entice foreign entrepreneurs, investors, and business owners to establish and manage innovative and scalable enterprises in Singapore.
The EntrePass presents a significant chance for international entrepreneurs to establish and expand their businesses in Singapore.
An Entrepass can only be obtained by a business owner if this candidate has not registered a private limited company in Singapore yet, or if the already registered business is not more than 6 months old under documents.
Entrepass applicants can apply for a dependent pass or a long-term Pass to bring their close family members and dependents along but for 2 years at a time only. However this pass, called the Dependant Pass/ LTVP, is not available in year 1.
What is the Eligibility Criteria to acquire Singapore Entrepreneur Pass?
To be eligible for accquiring a Singapore EntrePass, you must fulfill the following eligibility requirements given below:
- You should be 21 years old and above with specific qualifications and relevant skills.
- You must be willing to register your business in Singapore on a private limited company license.
- Have created, or want to launch, a private limited business that is supported by venture capital or has cutting-edge technologies and is enrolled with ACRA.
- Have a business or corporation that is either not yet registered or if the firm is already registered, it must be under six months old at the time of application.
- You must be the owner of at least 30% of stocks in your proposed industry or business.
Eligibility requirements Of different categories for Singapore Entrepreneur Pass
Besides these main points, you also need to follow minimum criteria under one of the three categories which are mentioned below:
1. Companies
- Entrepass registered companies must accept a minimum amount of at least $100,000 in share allotment or investment through an enlisted third-party enterprise capitalist or Angel investor, by a Singapore government agency.
- Your company is incubated by an incubator or investor approved by the Singapore government agencies.
- You have conventional business contacts and entrepreneurial expertise in relevant industries.
2. Innovator
- You or the enrolled business are the owners of an intellectual property (IP) that has been authorized by a recognized national IP agency.
- You have research collaborations with a Singapore-based institute of higher learning or a reasonable research institute.
- You have a list of remarkable achievements by your company in your lead area(s) of creativity.
3. Investor
- You must have a superb past record of different investments.
Organizations ineligible for an Entrepass
Certain businesses in Singapore are not allowed to get an EntrePass as a matter of policy:
- Coffee stores, hawkers, and food outlets
- Bars, clubs, karaoke pubs
- Foot reflexology and massage parlors
- Conventional Chinese treatment, acupuncture, and herbal centers
- Job placement services and geomancy
What are the documents required to apply for Singapore Entrepreneur Pass?
The business candidates must submit these documents for their Singapore Entrepass application:
- Pages of your passport, clearly showing your particulars and data.
- Letters of recommendation or testimonials from previous employers or a verifiable resume that lists your business experience and achievements in the industry
- A business plan in English with no more than ten pages that includes information on the products and services delivered, trend analysis, the operational plan, and other topics.
- Must have copies of academic qualifications as per the relevant business area.
- The latest business profile of your company from Bizfile if the firm is already registered under the ACRA.
- Relevant documents asked by the Ministry of Manpower, MOM.
If you are an investor, businessman, or innovator, you might have to send additional documents based on your categories.
Where to Submit the application of EntrePass In Singapore?
You can easily file your Entrepass application with the Singapore Ministry of Manpower (MOM) via over-the-counter submission at any branch of SingPost (Singapore’s post office).
Your Entrepass application takes about eight weeks to process where it will be reviewed jointly by the MOM and government partner agencies, such as the Standard Productivity and Innovation Board of Singapore (SPRING), and SGInnovate. It could, in general, take 8 days to process your application by these authorities.
What is the application process for EntrePass in Singapore?
You can compile and collect all your necessary documents for the Entrespass application and submit it to the Ministry of Manpower(MOM) at any branch of SingPost or you can do it online.
You can apply for an Singapore Entrepass by following the steps given below:
- First, you have to go to the official website of MOM.
- The next step is to choose the “Work Passes” option from the home page.
- Choose the Entrepass option and then proceed to apply for a pass option.
- Then you can download the EntrePass application form from the page.
- Then you have to complete the application form online and generate a reference number.
- Then you can easily print out and sign the application form.
- You have to make a payment for each application using online banking methods.
- Then finally you submit your application online along with the supporting documentations via your Singpass.
How to Renew the Singapore Entrepreneur Pass?
If you currently have an Singapore Entrepreneur Pass, you can begin the application process to have it renewed three months before it is expired. A minimum of two months before the pass is expired, you must send the application form and any necessary accompanying paperwork.
You must fulfill the requirements for renewal, which are listed below:
- 30 percent or more of the firm’s shares are owned by you.
- You are able to show evidence of continued commercial activity.
- You have registered for a personal account and a business presence on Startup SG Network (SSN).
- You can offer evidence that the company is venture-backed or has inventive technology.
Renewal Criteria for Singapore EntrePass in Progressive Years
Conclusion
If you are an innovator, company owner, or investor who seeks to migrate or are intending to start your company in Singapore, you can consider applying for the Entrepass. Applying for the Entrepass does not involve meeting any minimum wage requirements.
EntrePass users may apply for permanent residency (PR), subject to Singaporean immigration officials’ permission. You must show that you are operating a successful and cutting-edge firm and that you won’t cause Singapore any financial hardship when you submit a PR application.
To avoid any errors while applying for an EntrePass visa in Singapore it is best to get assistance from a professional expert from OnDemand International. Our professionals will assist you in gathering the paperwork needed to apply for an Entrepass and in properly filling out the application so that your applications won’t be denied. They will also help you keep track of the progress of your application.
FAQ’s
It could take up to 8 weeks to process your application.
Yes. Once your application has been approved you will receive a letter that is essentially an In-Principle Approval letter (IPA letter) at your Singapore Company registered office. Have this letter routed to you and travel to Singapore. You will be issued a special Singapore Visa just to perform this act.
Show a recognized medical certificate for health purposes and the IPA letter to the authorities in Singapore at the MOM office and collect your EntrePass within 6 months from the date your receive the IPA.
If your application has been rejected by government Agencies, you can again file an appeal within 90 days of your rejection notice. Entrepass appeal applications are usually processed within 8 weeks of submission.
Entrepass application nominees or candidates are qualified for the Permanent Residence application in due course, which is managed by immigration authorities in Singapore.
When filing a Permanent Residence application, you should demonstrate that you are holding a viable business and that you will not become a monetary or financial burden on the Singapore government.
While the Employment Pass or EPass allows qualified personnel to serve as CEOs, managers, or experts in their fields, the EntrePass allows entrepreneurs of all hues to set up and run a business within Singapore. The latter category, if he/she is not eligible as an innovator or entrepreneur with a stellar history, just has to show that either he/she is backed by legitimate investors (previously registered companies/recognized incubators, accelerators, accredited mentors, etc. from Singapore. Academic qualifications are also more relaxed.
