Guide to Singapore Entrepreneur Pass (EntrePass)
In this tutorial, we will gain knowledge about the Singapore Entrepreneur Pass. This is also popularly known as EntrePass. This is a visa program which is intended principally for technopreneurs. and also for research and development intensive enterprises. In this document you will learn about the basic eligibility information and criteria which comes under the enhanced EntrePass network. and also the general practice and timeline for the application.
Singapore Entrepreneur Pass (ENTREPASS) Scheme
The Singapore Entrepreneur Pass (EntrePass) scheme was launched to pioneer entrepreneurship programs. Singapore is well accepted as a start-up business hub.The government of Singapore is enthusiastic to shore up innovative business programs and assist the commercialization of the business programs through numerous initiatives. In the month of September 2013 this year, the policy has been further polished to bring more entrepreneurs. The ultimate aim of the policy was to bring forward more Research & Development intensive ventures focused on the biotech segments so that they can add more value. The policy also injected vibrancy and innovation in Singapore. Those schemes or businesses which contribute to the growth or use of innovative technology, or add to the thriving of pioneering ideas, definitely stand a better chance of having their EntrePass application approved.
Entrepass Eligibility Requirements
The Entrepreneur Pass application gets a review from two government bodies. The two bodies are SPRING Singapore and the Ministry of Manpower (MOM). The criterion is listed below:
Applicants must demonstrate at least one of the following:
|Get funded by a recognized third-party enterprise entrepreneur or industry angel||
|If you wish to get a
|If you need the research partnership with renowned research and development institutions such as A*STAR or a confined tertiary organization||
|For incubatee at a incubator approved by the Government Receives support by a Singapore Government agency||
The Applicant should also accomplish the following:
- If you wish to register a Private Limited Company, it should not be registered for a time period exceeding 6 months when you apply for the Entrepass.
- You should own a minimum of 30% of shareholding in the business.
- You must have significant experience and a proven track record to start and manage a business productively.
- You must provide documentary proof to show that the new company has a paid-up capital of SGD50,000 or more. This can be in the form of a bank statement from the bank account of a Singapore-based company.
- You must submit a 10-page business plan which provides all the information about business ambitions and objectives. The renewal of EntrePass is dependent on the completion of goals and objectives, which were outlined in the business proposal.
After getting the approval, the Applicant must submit the subsequent relevant information within 6 months of receiving the EntrePass：
- You should provide any rental contract or employees’ CPF statements.
- You need to submit the latest ACRA business profile.
Entrepass Business Plan Requirements And Criteria For Renewal
One of the major requirements for the application of an EntrePass is the submission of a 10-page business plan.
The 10-page business plan is an essential aspect of the EntrePass application. This plan should elaborate how your enterprise is going to fulfill the staffing requirements of a minimum number of Singapore resident employees, and the Total Business Spending or TBS.
MOM lays down dynamic renewal conditions for ensuring that the achievements of the EntrePass holders correspond with the duration of their stay and functions in Singapore. Future renewal of the pass depends on fulfilling these requirements and achieving the goals mentioned in the business plan. Therefore, it is important to draw up an ideal business plan.
|No. of Years after Award of EntrePass||Creation of Local Jobs||Minimal TBS||Type of Employment Pass issued|
|5 or more||10||SGD 400,000||P1|
The staff should be full-time employees (PR or citizens) and hired under a service contract. They should be receiving a minimum monthly salary of SGD 1,000 on a specific date together with CPF contributions.
TBS = [Total Operating Expenses – (Royalties/Franchise Charges/Know How Charges to Overseas Enterprises + Projects Assigned to Overseas Enterprises + Payment made to Applicant and Family)]
P-level EntrePass holders can apply for Dependant Pass and/or Long-Term Visit Pass for their family members.
P Pass holders can submit an application for Dependant Pass for their:
- Unmarried children below the age of 21 years
If you have got an EntrePass as per your monthly salary, your spouse is entitled to work in Singapore. He/she can work as a Dependant Pass holder. Nevertheless, the potential employer should apply for a Letter of Consent (LOC). The LOC is granted directly from the Ministry of Manpower.
Long-Term Visit Pass
P Pass holders can also apply for a Long-Term Visit Pass for their:
- Common law spouse.
- Children of common law spouse.
- Unmarried daughters which are aged above 21 years.
- Handicapped children.
- Stepchildren are also considered.
Q Pass holders are not entitled to apply for a Long-Term Visit Pass for their family members.
Procedure And Timeline For Entrepass Application
Generally, it takes four to six weeks for MOM to process an application. This is because the conditions for an EntrePass application are more strict in comparison with that of an Employment Pass. If additional information is required by the MOM they may extend the approval period.
Documents Required For Entrepass Submission
The following documents are required for all EntrePass applications:
- Singapore EntrePass application Form 8.
- A copy of educational certificates.
- A passport-size photogragh which have been taken within the last three months.
- A copy of the passport personal details page.
- Any contracts with probable clients for the new business, if any.
- Brochures, press notifications, or any kind of business collaterals from preceding or existing business ventures.
- A well-documented, 10-page business plan providing details of the business goals and objectives . You can directly download Singapore EntrePass Business Plan form.
Collection Of Entrepass Upon Approval
Once your application is processed and approved, you will receive an Approval-In-Principle (AIP) letter from the MOM. After the reception of an AIP, you immediately need to record the company with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). All this process needs to be completed in the duration of 30 days. After you submit the application of the new business registration you need to submit the proof of paid-up capital. The amount should be minimum of S$50,000 which was funded into the new business. Afterwards, the Ministry of Manpower will promote and grant the final authorization letter. This is popularly known as In-Principle-Approval (IPA) letter . With the IPA, you have six months to reposition to Singapore and immediately start operating your new company.
To collect your Entrepass you will be required to produce
- A copy of the IPA letter.
- a recent Passport size photograph.
- Original passport with the disembarkation card.
- Medical examination report* (if required as stated in the In-Principle Approval letter).
- Any other documents that are requested for in the IPA.
You can do your medical examination your own country or in Singapore. Most clinics in Singapore can give the medical examination result in one day.
Entry Visa into Singapore
If you are an overseas resident, your IPA letter will contain a single journey entry visa. When you come to Singapore, Richmond will assist to arrange for an appointment with the MOM for finger printing. After completing this procedure, your pass will be ready in four working days. You can collect the pass yourself or authorize someone to collect it on your behalf.
Rejection Of Entrepass Application
If your Entre Pass application gets rejected by the MOM, you need to investigate why the application was not approved. Depending on the reasons given by MOM, you need to submit an appeal that will address the issues outlined by MOM and may include additional documents as requested by the authority. It will take about 3 weeks or more for MOM to review your appeal depending on the complexity of the case.
The eligibility necessities for the application of EntrePasses have become more demanding. Unless you have the necessary time and knowledge, it is recommended that you engage Richmond to help you with the application.
Permanent Residence Eligibility
EntrePass holders are qualified to submit an application for Permanent Residency. There is a stipulate waiting period of six months. as one of the requirement is to provide the pay slips of at least six months.