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You’re a part of a prosperous business family, you’ve already launched and managed successful ventures, and now you’re taking your career to Singapore? This article will walk you through the steps of submitting an application for a Singapore Entrepreneur Pass (EntrePass) so that you may establish a company there.
Getting an entrepreneur pass in Singapore is not as easy as getting an Employment Pass. Your application won’t be approved unless you can prove that you satisfy certain requirements, and then you’ll need to renew your pass every year.
When is the ideal time to apply for an EntrePass?
The EntréPass was designed to facilitate the leadership of a high-tech or VC-backed business by individuals who are not U.S. citizens.
The EntrePass is unique among the numerous Passes in Singapore in that there is no minimum salary requirement. Furthermore, applications may be filed directly by applicants without the need for a corporate sponsor.
An application may be made at any time before to or within six months following a company’s formation. An EntrePass may be used for a year and can be renewed under specific circumstances.
Which requirements are most critical to fulfil to get an Entrepreneur Pass?
Anyone who is not a Singaporean citizen or permanent resident and who has or will create a private limited business in Singapore is welcome to apply for an EntrePass. The applicant may own as much as 100% of the firm, but the application must be submitted no later than six months from the date the company was formed. The Letter of Consent Application in Singapore is important there.
Investors, innovators, and entrepreneurs are the three primary target groups for the Entrepreneur Pass. To qualify for the pass, an applicant need only meet the standards of one of these groups.
Is it necessary to have a business plan to apply for the EntrePassprogram?
A business plan of no more than 10 pages in length that meets the aforementioned criteria is required to apply for the Entrepreneur Pass. The product or service to be offered, as well as a market analysis, an operational strategy, and management team biographies, should all be included in the business plan.
As long as it contributes to the company plan, new documents and details may be introduced. Licenses, product approvals, and similar documents might be included. Due to its importance as the application’s cornerstone component, the business plan must be convincing.
The validity of the Entrepreneur Pass, including its regular renewal
The EntrePass’s validity term begins on the day it is issued and ends 12 months afterwards. In the last two to three months before its expiration, you may choose to renew it for another two years (for 1 year only for the first renewal). The renewal application will also be assessed based on certain criteria.
The following conditions must be completed to be considered for a renewal:
- The candidate must hold at least 30% of the company.
- Please give documentation to show that commerce is still taking place.
- The MoM’s standards may be met by demonstrating that the firm has access to venture financing or has developed proprietary technologies.
Registering a profile with the Startup SG Network (SSN)
All budgeted expenses were paid for, and quotas for hiring Singaporeans and permanent residents were satisfied.
Singapore’s Ministry of Manpower has greatly simplified the Employment Pass application process (MoM). Simplified application, renewal, and entry of dependents under the Dependant pass category. Although the Employment Pass does offer certain advantages, the minimum salary requirement of SGD 4,500 (which rises rapidly with experience) is a severe downside for many applicants.
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