EntrePass Guide: Unlock Your Entrepreneurial Journey in Singapore
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
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.
Spouse and Children:
- Annual Business Spending: S$100,000
- Local Employment: At least 1 local PME or 3 full-time workers
- Annual Business Spending: S$200,000
- Local Employment: At least 2 local PMEs or 4 full-time workers
Document Requirements for EntrePass Application
Advantages of EntrePass
Application Process of EntrePass
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 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.