EntrePass Guide: Unlock Your Entrepreneurial Journey in Singapore
Overview
Singapore, renowned for its dynamic economy and status as a global business hub, presents a unique opportunity for foreign entrepreneurs eager to explore and establish their ventures. The Entrepreneur Pass, commonly known as EntrePass, is a gateway for seasoned entrepreneurs to bring their innovative ideas to life in this competitive landscape. With policy enhancements in August 2017, Singapore has further streamlined the EntrePass scheme, making it more accessible for global business minds. This guide delves into the eligibility criteria, application process, and frequently asked questions about EntrePass, providing a comprehensive overview for aspiring business owners.
What is entrepreneur pass in Singapore?
An EntrePass, or Entrepreneur Pass, is a specialized work visa scheme offered by Singapore to entice foreign entrepreneurs keen on establishing and running a startup in the nation’s dynamic and competitive business environment. Specifically designed for innovators with a focus on technology-oriented businesses, the EntrePass facilitates these entrepreneurs to launch and scale their ventures without the need for a prior minimum capital investment.
Eligibility Requirements for Entrepass
- Types of Businesses: EntrePass is tailored for businesses with a technological orientation, reflecting Singapore's emphasis on innovation and tech-driven enterprises. You are required to Register a Singapore company upon approval.
- Salary Requirements: EntrePass holders are exempt from drawing a salary, allowing entrepreneurs to reinvest in their business growth.
Applicants must meet at least one of the following conditions:
- Secured a minimum of S$100,000 in funding from recognized sources such as government investment vehicles, VCs, or business angels.
- Possess a strong business network and entrepreneurial track record.
- Hold intellectual property.
- Engage in research collaboration with Singapore-based universities or research institutes.
- Demonstrate exceptional achievements in their expertise area.
- Have a successful investor track record with plans to grow businesses in Singapore.
EntrePass holders must meet specific business spending and local employment milestones to sponsor family members for long term visa.
Spouse and Children:
- Annual Business Spending: S$100,000
- Local Employment: At least 1 local PME or 3 full-time workers
Parents:
- Annual Business Spending: S$200,000
- Local Employment: At least 2 local PMEs or 4 full-time workers
Document Requirements for EntrePass Application
- Applying for the EntrePass involves a meticulous documentation process to ensure that prospective entrepreneurs meet the eligibility criteria set forth by Singapore's Ministry of Manpower (MOM). Below is a comprehensive list of documents required for the EntrePass application, designed to assess both the viability of the proposed business and the credentials of the applicant.
- Passport: copy of the personal particulars page of the applicant’s passport, which must be valid for at least six months at the time of application.
- Educational Qualifications: Proof of the applicant's highest educational qualifications, such as a degree certificate. This helps to establish the applicant’s academic background in relation to their business venture.
- Testimonials or Recommendations: Documents showcasing the applicant's business track record, entrepreneurial experience, or expertise in their field. This could include awards, previous successful ventures, or letters of recommendation from industry professionals.
- Business Plan: A critical component of the application, the business plan must be concise, no longer than 10 pages, and include key information about the business idea, market analysis, product or service offering, business model, operational strategy, financial projections, and team composition. The business plan should also detail how the business aligns with Singapore's entrepreneurial landscape and innovation goals.
Advantages of EntrePass
- Flexibility in Renewal:: EntrePass offers lenient renewal criteria for the first year without stringent business milestone requirements.
- Salary Requirements: EntrePass holders are exempt from drawing a salary, allowing entrepreneurs to reinvest in their business growth.
- Family Relocation Benefits: Eligibility to bring direct family members to Singapore enhances the appeal of EntrePass.
Application Process of EntrePass
- Prepare Required Documents: Gather standard documents, including the personal particulars page of your passport, highest educational qualification, business track records, a concise 10-page business plan, and the completed MOM EntrePass form.
- Submission: Submit the application with all required documents to the Ministry of Manpower (MOM) for review.
You will be notified of the outcome of your Entrepass application via email.
If your application is successful, you will be issued an in-principle approval letter.
This letter is valid for 6 months and allows you to start work in Singapore immediately.
Your employer will then need to submit a formal application for your Entrepass, along with the required documents and fees.
Once the formal application has been approved, you will be issued an entrepass which is valid for up to 2 years.
You can collect your EntrePass Approval from the issuing authority, typically within 5 working days from the date of approval.
Renewal Criteria of Entrepass
Business Spending: Demonstrating that the business has met or exceeded the minimum business spending required.
Local Employment: Fulfilling the requirement for hiring local professionals, managers, executives (PMEs), or full-time employees (FTEs), based on the milestones outlined during the initial application.
Business Performance: Reviewing the business’s performance against the business plan submitted with the initial EntrePass application. This includes assessing revenue growth, business expansion, and any other indicators of success.
How do I renew my EntrePass?
Submit the Renewal Application: The renewal application should be submitted at least two months before the current EntrePass expires. This timeframe allows the MOM to review the application thoroughly without disrupting the business operations due to visa expiry.
Evaluation by MOM: The MOM evaluates the renewal application based on the business’s performance, its contribution to the Singapore economy, and the fulfillment of the renewal criteria.
Notification of Outcome: EntrePass holders will be notified of the renewal outcome. If successful, the EntrePass will be renewed for either one or two years, depending on the business’s performance and contribution to Singapore’s economy.
Table of Contents
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An EntrePass is a work pass for foreign entrepreneurs looking to start and operate a business in Singapore that is either venture-backed or based on innovative technologies.
Eligibility for an EntrePass requires you to either have started or plan to start a private limited company in Singapore that is registered with ACRA. The business should be venture-backed or own innovative technologies, and if already registered, it must be less than 6 months old at the time of application.
Yes, you can apply for an EntrePass before registering your company. If your application is successful, you can then proceed with the company registration.
On normal circumstances, 8 weeks upon submission. Additional 3 – 6 weeks for rejected and additional documents request case
No minimum salary as long as you meet the innovative criterion of the Entrepass.