Singapore Entrepass Essential For Entrepreneurs
November 19, 2014
Posted by admin
on November 19, 2014 / Posted in Business/Entrepreneurs
Singapore has one of the most attractive business communities in the world and entrepreneurs in a variety of sectors are always looking for an opportunity to break into the business scene. With this in mind, the Ministry of Manpower (MOM) has designed the Entrepass which allows entrepreneurs and business investors to live and stay in Singapore while developing their business.
Over the last year, MOM and the Singaporean Government have taken steps to implement new criteria to enhance the overall quality of their international workforce. This has had an effect on the way that Entrepass applicants are being assessed for approval with an emphasis being put on new business models that will “inject innovation and vibrancy” into the business environment as well as local job creation.
- All applicants must be ready to launch and operate a Private Limited Company in Singapore.
- The company must be registered before application for an Entrepass can be made. The application should be made no more than six months after registration has been successful.
- The business bank statements must reflect at least $50 000 of paid-up capital.
- The Singapore Entrepass applicant must hold at least 30% of the shares in the company.
There are additional requirements that must be met by the business entity for Entrepass application to be considered:
- Forms part of a supported Government incubation scheme or programme.
- Collaborates with a recognised research and development institution on an ongoing basis.
- Hold registered intellectual property.
- Has received funding from an accredited Singapore business angel or a third party Venture Capitalist.
Only one of the above listed requirements need to be fulfilled by the company. However, the more of the requirements that are met, the more likely MOM will be to grant an Entrepass.
Entrepass Application Submission
Once the above criteria and requirements have been met, there are just a few more items that One Visa will require before submitting your Entrepass Criteria Application. The most important of these is a business plan that should have been created for the registration of the business. Should the company not have a business plan or need to update their business plan to meet with the Entrepass requirements, One Visa will be happy to provide the best advice and assistance.
The company will need to submit a tenancy agreement as proof of address in Singapore. Over and above this, any CPF (Central Provident Fund) documentation should be included in the application to show an effort to continue to employ local employees.
You should receive confirmation of your Singapore Entrepass approval within 4-6 weeks of submission. The Entrepass expires one year after the approval date and will need to be renewed. Should the application be unsuccessful, One Visa will review the reason given by MOM for the rejection and appeal the application on your behalf. Both the renewal and appeals process is largely dependant upon providing proof of ongoing business activity.