The Singapore Entrepreneur pass (aka EntrePass) is a business type of visa designed for foreign businessmen who would like to set up a new company in the country (or relocate the existing one). Singapore entrepreneur visa should be processed before incorporating a firm. Until you know the result of your application, you aren’t charged with any incorporation expenses. Once you get your entrepreneur visa Singapore approved, you will have 30 days for incorporation.
High-end infrastructure, low taxes, efficient IP protection, and streamlined incorporation procedure (takes a single day), Singapore has deserved a reputation of a perfect place for starting a business. Smooth and advantageous relocations on EntrePass is another weighty argument that attracted a bunch of entrepreneurial minds to Singapore.
Benefits and Features of Entrepreneur Pass
Your Entrepreneur Pass application must be sponsored for 3,000 SGD by a Singapore-based company (this amount of money is a security bond the Ministry of Manpower requires; it is refunded when the Singapore entrepreneur visa ends).
EntrePass can be processed only before incorporation or 6 months after it. If the firm was incorporated more than 6 months ago, and the offshore director wants to relocate to SG to place himself at the head of his firm, applying for the Employment Pass will be the only available option.
Educational requirement is less significant for the EntrePass application; personal entrepreneurial background and innovative business plan weigh much more.
Company must be incorporated in no longer than 30 days after the visa’s approval and issuance.
Entrepreneur can bring a spouse and children to Singapore after applying for their Dependant’s Passes.
Entrepreneur can apply for a permanent residence in Singapore (usually in 2 years).
Singapore keeps its individual income tax unprecedentedly low for its work visa holders (0% – 20%). The corporate tax is also one of the lowest on planet – 17%. To ensure you can take an advantage from this friendly tax policy, please contact our tax accountant for an assessment of your eligibility right away.
Disadvantages of EntrePass
Entrepreneurs can apply for the Dependant’s Pass for family members only after the first visa renewal and meeting certain criteria (spending at least 150,000 SGD by his/her business and creating at least 4 local job positions).
Not all businesses qualify for Singapore EntrePass (for example, travel or staffing agencies don’t).
Company’s director cannot arrive in Singapore on EntrePass if his/her Singaporean company was incorporated more than 6 months ago.
Eligibility Criteria and Requirements for EntrePass in Singapore
Of course, to make Singaporean government welcome your business and get your entrepreneur visa approved, you must meet these EntrePass requirements:
You must have a prominent entrepreneurial background.
You aim at registering your new firm as a private limited company, not as a partnership or a sole proprietorship.
Your company isn’t incorporated yet or less than 6 months passed after the incorporation.
You plan to have a paid-up capital of no less than 50,000 SGD.
As a founder, you will hold at least 30% of your new company’s shares.
The EntrePass applicant must provide a 10-page business plan. The business idea you bring forward must be beneficial for Singapore economy, innovative, and show great promise for growth and boosting employment of local professionals.
A new firm must fulfil at least one of these innovative requirements:
You involve 3rd party Venture Capitalist or an accredited angel investor who are ready to invest at least 100,000 SGD in your new company.
Your Intellectual Property (IP) must be registered by a reputable Singaporean IP institution.
Your startup participates in the governmental incubator program.
Your company is going to participate in the joint research with either a university or A*STAR.
An application lodged without a well-considered preparation often results in getting the Entrepreneur Pass rejected. The reason may hide in failing to submit the impressive business plan, unfitness of the chosen business sector for EntrePass or gaps in the entrepreneurial background. If found on the level of assessment, such insecurities can be fixed by visa professionals by substantiating and documenting your business achievements. Early assessment is a keystone of well-considered preparation
If the failure still happens, you can appeal rejected Entrepreneur Pass. The entrepreneur must use this chance in 90 days. The procedure of reviewing of the Entrepreneur Pass appeal will take up to 6 weeks.
The appeal must contain facts your application lacked (in MOM’s opinion). The business plan must be reconsidered and strengthened. Sometimes the appealer is required to provide financial statements, contracts, certificates or testimonials he missed to attach to the application. Please don’t hesitate to bring your situation to us in case of rejection. At One Visa, you will get a free assessment and guidance for the successful appeal.
To get qualified for your entrepreneur pass in Singapore, you must submit competent documents in impeccable English that provide comprehensive information about you and your business. Unlike Employment Pass applicants, entrepreneurs and business owners don’t have proper qualification for gaining entrance to Singapore. It means that this paper qualification has to be built “from scratch”. Our experts know all specifications and can guide you in collecting the right set of documents in order to build up your compelling profile. Contact us to get your documents done!
Not sure how to apply for the EntrePass in Singapore? Entrust your case to our hands, and we guarantee the approval of your entrepreneur visa after our meticulous polish. Once you provide us with information about your qualifications and investment budget, we will be able to make a substantial assessment, tweak your entrepreneur profile and assist you in the applying for your entrepreneur visa. You don’t have to bother yourself with paperwork and application, as we will represent your case from the first assessment till your visa’s approval.
The approximate time of your visa processing is 4-6 weeks. The velocity of consideration will greatly depend on how persuasive your profile is. Our task is to shorten this time as much as possible. Our unique visa guarantee covers your risks so in the unlikely case when you still get rejected, we give you a partial refund of our fee. So you win in any case.
Entrepreneur Pass Renewal Process
Entrepreneur Pass renewal procedure can be begun 3 months before the pass expires (but no later than 2 months before the expiration date). To get a visa extension for 1 year in Singapore, an entrepreneur must meet the following Entrepreneur Pass renewal criteria:
Hiring local individuals. The minimum number of locals the entrepreneur’s firm must hire during the first year of his EntrePass is 2. Every next year of his EntrePass renewal duration, 2 hires must add. You can learn the terms of these hires from our visa consultants.
Minimum business spending for the first year is $100,000, and this sum will increase with every year’s renewal of Entrepreneur Pass. Our visa experts will provide insight into this requisite spending.
Please take into account that to take a family along to Singapore, a foreign entrepreneur has to create 4 local jobs and spend at least 150,000 SGD during the first term of EntrePass.
As mentioned before, the visa can be extended for 1 single year. The renewal process takes up to 6 weeks. You don’t have to worry about how to renew Entrepreneur Pass if you entrust your visa case to our hands. We will start preparing your profile for the EntrePass renewal process right after your visa’s approval. The documentation of hires and spending must be compiled professionally. Involving a competent visa team is a guarantee of meeting renewal deadlines and requirements.
Why Apply for EntrePass with Help of Professional Agents/Consultants?
“Innovative” requirements trapped a lot of owners of conventional businesses with big money. Applying for the entrepreneur visa became harder due to a more complicated procedure; now it requires a more elaborate approach. At One Visa, we know how reluctantly Singaporean government approves visas for foreign entrepreneurs these days, and we also know how demanding their specialists are to the quality of submitted documents. To prove your highest qualification, you must have a faultless entrepreneurial profile!
If you have doubts that you would meet the government’s strict requirements, feel free to contact our visa team for a consultation. We will assess your entrepreneurial potential according to the MOM demands and suggest a winning solution: for some cases we can offer alternative visa options that help you hit your business target with fewer efforts.
Get FREE Employment Pass Eligibility Assessment Today!
How to get Singapore EntrePass with fewer headaches and a higher chance? Ensure your entrepreneur profile is tweaked professionally and satisfies government’s tricky demands.
With years of devoted visa service behind our backs and solid expertise in incorporation itself, we are able to find a solution in how to get EntrePass in Singapore for any kind of business situation. Contact One Visa experts today to get a free assessment of you chance and find out what you need to improve in your profile. We always have other options for every kind of situation.
Our Clients about Us:
Harry Goldman (United Kingdom)
Let me take this opportunity to thank Visa Express. With their guidance, I managed to get 3 awesome years of employment freedom in Singapore with my Personal Employment Pass. I have found their service professional & exceptionally good. They truly know the approach to the MOM.
Angie Webb, IT Company (Singapore)
Thank you for your assistance in processing the Employment Passes for us.
Moira Bell, Shipping Company (Singapore)
Your services have been excellent and I would like to take this opportunity of thanking you for all your support and co-operation in obtaining the passes, without which I would have struggled to get the passes myself.