How to Get an Entrepreneur Pass (EntrePass) In Singapore
If you’re an entrepreneur looking to establish a business in Singapore, our comprehensive guide to the EntrePass is a must-read! We’ll provide you with all the information you need to know about the eligibility requirements, including the different categories that EntrePass can apply for. Don’t let the application process hold you back – let us help you navigate the path to entrepreneurial success!
If you are an entrepreneur with experience or a promising idea or project, you can get a special long-term visa created especially for those planning to open and develop their own business in Singapore. This visa is called Entrepreneur Pass (EntrePass). Singapore positions itself as a regional center of business innovation, and therefore tries to attract entrepreneurs who can contribute to the economy and development of Singapore by bringing in their unique developments and promising business projects.
Who Can Qualify for EntrePass?
This type of visa is designed for new ventures. It can be a recently started business which is already registered as a company, or the one which is still in the planning stage.
Requirements
This type of visa is designed for new ventures. It can be a recently started business which is already registered as a company, or the one which is still in the planning stage.
Main criteria to be eligible for application:
- The applicant must be over 21 years old, he is expected to have appropriate qualifications and experience;
- The applicant must have a business idea or project that has a good degree of innovative element or economic perspective. The venture should be capable of creating new jobs in Singapore;
- The candidate intends to relocate and run the business from Singapore;
- Business must be registered in Singapore as a private limited company. If the company is not registered yet, this will be done after approval;
- Candidate must own at least 30% of shares in the new company;
The main advantage of EntrePass and its difference from the Employment Pass is that when you apply, you do not even have to register your company. This can save you a substantial amount of unnecessary spending at the early stage. Let’s be honest: the application might not be approved, so you don’t want to end up with a new company on hands that is no use to you. You will have to spend money to close it. Here, your company can be registered within 6 months after the day when EntrePass is approved. Alternatively, you can apply with the existing company, but it must be not older than 6 month.
You need to keep in mind that certain business sectors are outright excluded from eligibility for EntrePass. These include:
- Coffee shops, shopping centers, food courts
- Bars, nightclubs, karaoke rooms
- Foot reflexology and massage parlors
- Traditional Chinese Medicine, acupuncture and herbal shops
- Employment and Geomancy Agencies
Categories for Which EntrePass Can Qualify
EntrePass application framework is divided into three categories: Entrepreneur, Innovator and Investor. You can choose which category to apply under. It depends on which category is easiest for you to qualify for.
1. Entrepreneur
Your company receives at least US $ 100,000 in funding or investment from a government, or some third party venture capitalist (VC) or angel investor, accredited by a Singapore government agency. This includes incubators and accelerators established in Singapore to promote business innovation.
Besides the investment requirement, you should also demonstrate that you have a relevant entrepreneurial background. For example, you have raised capital in the past, or participated in other innovative businesses, or have extensive business connections that can contribute to your venture and Singapore economy.
2. Innovator
You own intellectual property (IP), which is registered with relevant government authorities in other countries. Your IP should be real and practically applicable; so it can create some technological advantage.
You have participated in some joint research with Singapore Universities or some other credible research institute. This research must be relevant to your intended business.
You have extensive experience, expertise of achievements in the area of business in which you specialize. These achievements can verified through available publications in the press or acknowledged by business community, for example. It can also be demonstrated by financial performance of your previous company.
3. Investor
You have a solid investment experience in the past. It can be tracked down by demonstrating any of the following achievements:
Solid influence in business growth through investment;
Documented plans of future investments in Singapore startups or existing innovative companies;
At least 8 years’ experience in top management position. It can be a large corporation or a growing and expanding business with innovation component. This may help successfully drive local startup to grow.
Duration and Renewal
If your EntrePass is approved, it will be first issued for one year. After the first year expiration, it can be renewed for two years. It can be renewed up to 10 times, but there will be an increasing criteria for the company performance. This includes business spending and local manpower numbers.
For example, after the first three years of operations you are expected to reach $ 100,000 in business spending and have at least one local worker with the salary $3,900 and above. After 5 years from the start of your business, spending must be $200,000 and number of staff at least two. Subsequently, the criteria increases with every additional 2 years.
Benefits of EntrePass
Similar to Employment Pass, this pass allows you to live and work in Singapore for the duration of the pass.
You can bring along your family members as well, but there are some requirements, which are tied up to the company scale.
For example, in order to obtain Dependant’s Pass for your spouse and children, your company must employ 3 local workers or 1 local executive and reach 100,000 in business spending. This may present some additional hurdles for some small start-ups.
How to Apply
The process is quite straight forward, once you determined under which category you will apply. The documents that need to be filled up and submitted include:
- Completed EntrePass Application Form
- Documentary evidence that you meet one of the 3 types of application criteria (see above);
- Detailed Business plan with financial projections;
- A passport-sized photograph taken within the last three months;
- A copy of the main page of your passport;
- Documentary proof of your previous employment;
- Copies of relevant certificates of education and any other documents confirming professional achievements;
- If your company was registered prior to the application, you will also need to provide the latest company Business Profile exctrated from ACRA.
In addition to the above, the following documents will be helpful to strengthen your EntrePass application:
- License agreements;
- Memorandums of Understanding with potential customers and / or suppliers;
- Relevant product certificates;
- Positive assessments of your performance by reputable external parties;
- A copy of the latest bank statement of your existing company;
All documents submitted to apply for EntrePass must be in English or translated into English by a certified translation agency.
What Happens After the Application Is Submitted
Your EntrePass application, along with supporting documents, must be submitted to the Singapore Ministry of Manpower (MOM) by mail or online.
EntrePass takes approximately 8 weeks to assess and approve. Applications are reviewed by MOM in conjunction with a number of Singapore government agencies such as the Enterprise Singapore, Standards, Productivity and Innovation Board (SPRING), Infocomm Media Development Authority (IMDA) and SGInnovate.
When your EntrePass application is approved, MOM will send an In-Priciple Approval (IPA) letter to the address on your application. This approval is valid for 6 months from the date of issue.
To receive your EntrePass, you need to arrive in Singapore and present a copy of the IPA letter, your passport and any other documents that may be required
