- Local knowledge,Singapore
Contents
Wat is EntrePass in Singapore?
EntrePass-icy
EntrePass applicants must also meet the following criteria:
Business plan and renewal criteria
EntrePass Renewal Criteria
moving privileges
Working method and planning
Documents required for the application
Collect your Singapore EntrePass card
Singapore entry visa
What happens if the EntrePass application is rejected?
Eligibility for Permanent Residence in Singapore
How Horizons can help
This article is for the Singapore Entrepreneur Pass (akaEntrePass) – a visa for both techno-entrepreneurs and companies that do intensive research and development. You will learn many elements of EntrePass, including eligibility requirements and approval criteria, application process, and timeline.
Wat is EntrePass in Singapore?
Only EntrePass for SingaporeVisaIt has been created for entrepreneurs who want to set up a limited liability company in Singapore. EntrePass is designed to address bothtechnoprzedsiębiorcyand R&D-intensive companies, including in the biotechnology and cleantech sectors. EntrePass' development goal is to foster innovation and vitality in Singapore's business landscape.
There are certain types of businesses that are more likely to get an EntrePass. These are mainly companies that develop or apply creative technologies, or that contribute to innovative creations.
EntrePass-icy
Before an EntrePass is granted, applications must be reviewed byMinistry of Human Resources(MOM), as well as government agencies affiliated or related to the government, such asInfocomm Media Development Agency(IMDA), elSingapore Standards, Productivity and Innovation Council,jSGI innovation.
All applicants must demonstrate at least one of the following:
Criteria | Description |
|---|---|
Be funded by a recognized business angel or outside venture capitalist | Tight cash financing of at least $100,000. |
Nationally Recognized, Patented, or Licensed Intellectual Property (IP) | Intellectual property provides a competitive advantage to a proposed company and cannot be easily duplicated. |
You have a research collaboration with a recognized research institution such as A*STAR or an institution for higher education. | Research collaboration must be related to the proposed activity. |
Be an incubator in a government-approved incubator or accelerator | Incubators of accelerators onder het SG Startup Accelerator SPRING Singapore-programma. |
Have significant business experience or network; and a promising entrepreneurial record | You must meet ONE of the following conditions: |
You have extensive technical or domain knowledge in the field of your proposal | You must meet ALL of the following conditions: |
Have a significant business investment track record; and a desire to develop new or existing businesses in Singapore | You must meet ALL of the following conditions: |
EntrePass applicants must also meet the following criteria:
- registerlimited company: The company must not have been registered for more than six months at the time of application. Applicants can register a company once their EntrePass application is approved.
- Have relevant experience and success in setting up and running a business.
- Submit a business plan (10 pages) outlining your business goals. To renew EntrePass, holders must meet the goals and objectives documented in the business plan.
Business plan and renewal criteria
The 10-page business plan is one of the most important elements of the EntrePass application. The business plan should highlight the applicant's business experience, the viability of their business idea and the detailed implementation framework.
Ministry of Manpower of Singapore(MSM) has a progressive renewal criterion. This ensures that EntrePass holders' contributions are consistent with their working time in Singapore. To renew EntrePass, holders must meet the goals and objectives outlined in their business plan. That is why it is important for incumbents to have an expertly written business plan.
When writing a business plan, applicants must provide mandatory information describing their profile, business idea and implementation plan.
Candidates must provide the following evidence for their profile:
- Professional experience, including work history, role in a growing company and history developing start-ups
- Awards or Recognition – These can be prestigious awards from a national body, recognized organization or credible media
- Specialized skills or resources: such as intellectual property, networking, finance, and technology.
- Academic qualifications
- Professional role in companies or organizations
When referring to their business idea, applicants must provide information describing:
- The product or service offered
- market analysis
- Supporting Documents - May include license agreements, approvals, and product certifications
Finally, for the implementation plan, applicants must submit the following documents:
- market plan
- operation plan
- Financial projections
- Profile of your management team
EntrePass Renewal Criteria
Number of years with EntrePass | Total operating costs** must be minimal | You must min |
|---|---|---|
1 | not applicable | not applicable |
2* | 100 000 $ | 3 EPC* of 1 PMO*** |
4 | 200 000 $ | 6 EPC* of 2 PME*** |
6 | 300 000 $ | 9 EPC* of 3 PME*** |
8 or more | 400 000 $ | 12 EPC lub 4 PME |
* – Own at least 30% of the shares of the company for 2 years
**Total Business Spend (TBS): Refers to the total spend of local businesses, excluding fees for EntrePass holders
***Full Time Employed (FTE) - Applies to Singaporeans and permanent residents earning $1,100 or more per month
****PME: refers to professionals, managers and executives who are citizens or permanent residents of Singapore; and earn a monthly salary of at least $3,600
Note: 1 local PMO = 3 FTE locations
moving privileges
EntrePass holders can request thisofficial passI thelong-term residence card(LTVP) for your loved ones. To do this, they must meet the following criteria:
Holders must have EntrePass for one year. When renewing an EntrePass, the holder's family must undergo a Dependent Pass or LTVP assessment before applying.
EntrePass holders are only allowed to bring their family if they cover all business expenses and meet local employment conditions.
To bring your family, here are the requirements for total business expenses and local employment:
To take | Total annual operating expenses must be minimal | You must min |
|---|---|---|
Spouse: unmarried or legally married. | 100 000 $ | 3 FTE locations or 1 local PME |
Parents | 200 000 $ | 6 FTE locations or 2 PME locations |
To bring family, applicants must apply for the following types of passes:
Relative | Type no |
|---|---|
Husband - legally married. | official pass |
domestic couple. | long-term residence card |
Working method and planning
Singapore MOM usually takes about eight weeks to process an EntrePass application. This is because the requirements for EntrePass are quite strict as compared toGoing to work. This period may be extended if MOM requests additional clarification.
Documents required for the application
All EntrePass applicants must provide the following documents:
- Singapore EntrePass 8 Application Form
- Copies of education certificates.
- A passport photo not older than three months
- Agreements or agreements with potential customers of the new company, if any
- Press releases, brochures, or other separate business warranties related to any existing or prior business venture
- An expertly written 10-page business plan outlining your business goals
Collect your Singapore EntrePass card
Once the EntrePass application is approved, MOM issues the documentApproval letter actually(also called IPA). After you receive your IPA, you have six months to move to Singapore and collect your EntrePass. Natural persons must also register their business activity inSingapore Corporate Accounting and Regulation Authority(known as ACRA) - issued by the IPA in certain time frames.
When collecting an EntrePass, all persons must show:
- Copy list IPA
- Passport size
- Your original passport with landing card.
- If stated generally in the letter of approval, a certificate of medical examination may also be required
- Any additional documents required by the IPA
Applicants who are required to submit a medical examination report can do so in their home country or in Singapore. The advantage of this in Singapore is that most clinics provide examinations and medical reports within one day.
Singapore entry visa
For anyone abroad who needs a Singapore entry visa, your IPA letter will include a one-way entry visa.
Upon arrival in Singapore, Horizons can arrange an appointment with Singapore MOM on your behalf. This is usually required for fingerprint printing. Once these formalities have been completed, your EntrePass will be available within four working days.
Passes can be picked up in person at MOM. You can also authorize a member of the Horizons team to collect the pass on your behalf.
What happens if the EntrePass application is rejected?
If your EntrePass application is rejected, Horizons may conduct further investigation on your behalf. Based on the reasons provided by MOM Singapore, we may object. This includes the issues described and individual documents that may be required.
MOM needs at least three weeks to process objections.
Eligibility for Permanent Residence in Singapore
EntrePass holders are eligible to apply for permanent residency. It should be noted that there is a designated waiting period of six months. One of the assessment criteria is the value of six months' pay slips. Ideally, you also make an IRA assessment.
How Horizons can help
As a leader in employment solutions in Singapore and in more than 150 countries around the world,horizonsprovides services to accelerate the EntrePass application. Our attorneys work closely with government departments to ensure that your business plan and EntrePass application meet necessary guidelines from the Human Resources Department. We provide expert advice at every stage of the application process, including writing a business plan and the renewal process.
In addition to this service, ourGlobal PEOenables you to quickly and legally launch your business in Singapore, without the burden of setting up expensive entities or foreign subsidiaries. Through our global PEO, we oversee your company's recruiting, onboarding, global payroll, and legal and tax compliance.
Would you like to know more about our work solutions,please contact a member of our teamHallo.
Hire and pay talent
with the horizons
more than 180 countries
To start
in this guide hide
Wat is EntrePass in Singapore?
EntrePass-icy
Working method and planning
How Horizons can help
Relatedpublications
6 minutes
The complete guide to hiring independent contractors in Germany
for human resources Germany
5 minutes
An employer's guide to employee benefits in Vietnam
for human resources Local knowledge
16 minutes
Hiring Expats in China: A Guide to Hiring Foreign Workers
Porcelain for human resources
12 minutes
Ecommerce in China: Selling Online + Legal Requirements
Porcelain Local knowledge
Talk to an expert.
Get a free consultation and live platform demo with our local HR expert.
G2
4.8 stars
FAQs
What are the benefits of Entre Pass in Singapore? ›
The EntrePass allows you to bring your family (spouse and unmarried children under 21) to Singapore by applying for their Dependant's Passes. Dependant's Passes issued to family members of EntrePass holders are valid throughout the validity period of the EntrePass and can be renewed along with the EntrePass.
How to be an entrepreneur in Singapore? ›- Identify Your Business and Niche. From the onset, you need to identify the products and services that you need to offer. ...
- Scope the Competition. ...
- Find The Right Talent. ...
- Attract Funding. ...
- Set A Start Date.
The EntrePass is a work visa for foreign entrepreneurs who want to start a business in Singapore. It is valid for 1 year, with renewals allowing the holder to stay for 2 years.
What is Singapore entry pass? ›A Singapore entry visa is not an immigration pass. It is a pre-entry permission for the holder of a valid visa to travel to, and seek entry, into Singapore. The grant of an immigration pass will be determined by the ICA officers at the point of entry. The period of stay granted is not tied to the validity of your visa.