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Singapore Entrepreneur Pass (Entrepass) Guide
The Entrepreneur Pass, (or EntrePass), is a type of work visa in Singapore that allows foreign entrepreneur with the related experience to run their business in Singapore. You will also be required to set up a company at a later stage when the visa is approved.
As one of the most competitive economy of the world, Singapore has built its reputation as a hub for foreign entrepreneurs to explore and setup that technology start up in Singapore. The recent policy change in the entrepass in August 2017 has made the requirements less stingent, opening up many opportunities for any foreigners who would like to bring their startup business to Singapore. Read further to learn more about this type of visa scheme.
- Types of Businesses: Not all businesses nature are eligible to apply for entrepass. Your business needs to be technology orientated;
- Paid-Up Capital: There is no longer a need to show 50,000 SGD as paid-up;
- Monthly Salary:
– There is no need for you to pay yourself a salary under this visa scheme; - Meet one of the following requirements:
- The registered company raised funding of at least $100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognised by a Singapore Government agency.
- Has the proven business network or entrepreneurial experience;
- Holds an intellectual property;
- Has research partnership or collaboration with Universities or research institute in Singapore;
- Possess exceptional achievements in the key area of expertise
- Investor Track Record: you have a good track record of investing in businesses and want to grow new or existing businesses in Singapore by starting an investment-related company.
- Flexibility in renewal requirement: For the first year, you can easily meet the renewal criteria without having to meet certain business milestones;
- No quota: This means that you do not need to have certain number of local employees to be eligible for Employment Pass;
- Possibility to bring your direct family member to Singapore: If you are eligible to bring your family members under this scheme;
- Multiple Journey Visa: The Entrepass allows you to travel in and out of Singapore freely as long as your Employment Pass is still valid.
For the application of EntrePass, you have to prepare standard documents for submission. However, there are times that you are required to provide further documentation to the MOM. See below for a list of standard documents for submission:
- Personal particulars page of applicant’s passport.
- Applicant’s highest educational qualification, e.g. degree certificate;
- Testimonials as proof of business track records;
- 10-page concise business plan;
- Completed MOM entrepass form
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:
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.
EntrePass holders must meet the requirements for minimum business spending and local jobs created before they can get certain family members to join them in Singapore.
See below for the business milestones to meet:
1. Spouse and children:
- Total annual business spending to meet: 100,000 SGD;
- Local employment: Hire at least 1 local PME (professional, manager or executive) or 3 full time workers;
2. Parents:
- Total annual business spending to meet: 200,000 SGD;
- Local employment: Hire at least 2 local PME (professional, manager or executive) or 4 full time workers;