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Entrepreneur Pass (EntrePass)

Entrepreneur-Pass

The Singapore Entrepreneur Pass or EntrePass is specifically designed to allow foreign entrepreneurs who are willing to relocate to the country for business setup purposes. Moreover, the fact that such work visa does not need exceptional educational qualifications on the part of the applicant makes it quite popular among the entrepreneurs with proven track record.

The Entrepreneur Pass or EntrePass of Singapore was launched in 2004 in order to attract the foreign entrepreneurs to come and set up their business operations in Singapore. One can apply for an EntrePass even before the incorporation of the company. The key criterion for the eligibility for Entrepreneur Pass is that the applicant must have atleast 30% of the company’s shares. This particular pass is popular among foreign entrepreneurs, as it does not necessarily require educational qualifications or certificates as long as you have a proven successful business track record. The validity period of the newly issued Entrepreneur Pass Singapore is upto 1 year.

Eligibility Criteria for EntrePass Application

  • The applicant must possess atleast 30% of the company shares.
  • The incorporated company or the company yet to be formed must be private limited company registered with ACRA (Accounting and Corporate Regulatory Authority), the governing body that looks into Singapore company incorporation.
  • The company must have a minimum of S$50,000 paid-up capital.
  • Entrepreneur Pass application form 8
  • Past employment testimonials of the applicant.
  • A maximum of 10 page business plan
  • Business profile of the company and a bank statement of S$50,000 from a Singapore based bank account, if the company is already registered with ACRA.
  • Latest passport-size photograph of the applicant not more than 3 months old.
  • Details of the applicant’s passport.

Documents Required for the Application of EntrePass

Requisite Business Plan to Apply for EntrePass

In order to get the application of EntrePass approved, the applicant must furnish a business plan that is not more than 10 pages. The format necessary for the business plan is as follows:

  1. Business Idea: A short and precise proposed business concept.
  2. Product or Services at offering: List of products/services offered to the customers.
  3. Market Analysis: Thorough analysis of your relevant market, the targeted customers, existing competitors and growth potential of the market.
  4. Plan for Marketing: The manner in which the service/product will be delivered or marketed.
  5. Operations Plan: Necessary resources for the business operations.
  6. Financial Forecasts: The forecast of sales and net profit before tax for the next 3 years and the projected breakeven point.
  7. Management Team: The key individuals to manage the business.
  8. Other Endorsing documents: Like product certifications, license agreements etc.

Procedure and Timeline for EntrePass Application

The processing of the Entrepreneur Pass application is done by two governing bodies – MOM (Ministry of Manpower) and Spring Singapore. The process of application is given below:

  1. Submission of the application to MOM
  2. The processing time takes about 6-8 weeks on an average.
  3. Once the application is approved, the MOM will issue an Approval-In-Principle (AIP) letter.
  4. After that the applicant needs to register the Singapore Company and open a bank account within 30 days (if the company is not already registered).
  5. You have to furnish a medical report with the tests mentioned in the AIP letter.
  6. After the final approval, the applicant must relocate to Singapore within 6 months of the date of the approval.

Renewal Process of Entrepreneur Pass

The renewal form is sent to the employer 3 months prior to the expiry of the pass and you must fill the form and submit it 2 months before the expiry to MOM. The following documents are required at the time of renewal of EntrePass application:

  • Latest audited accounts;
  • CPF (Central Provident Fund) of the employees;
  • Highest education certificates of local employees;
  • Office rent agreement.

The following table will illustrate the renewal of the 3 types of EntrPasses – P1, P2 and Q1.

Type of EntrePass Minimum Total Business Spending Number of Local Jobs Created Granted Renewal Years
P1
  • For  S$400,000
  • For S$300,000
  • 10
  • 8
  • 5 or more
  • 4
P2
  • For S$200,000
  • For S$150,000
  • 6
  • 4
  • 3
  • 2
Q1                For S$100,000                2                1

We at Singaporeccounts.com provide services like guiding and assisting you in the process of EntrePass application formalities including the incorporation of Singapore Company and also assist you in the renewal process, so that your experience is hassle-free.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@accountingservice.com.sg

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