EntrePass Guide: Unlock Your Entrepreneurial Journey in Singapore
Overview
It is said that Singapore has one of the fastest growing economies in the world and is a leading global business centre. Such reputation attracts many foreign entrepreneurs to venture and explore in this country. Therefore, the Entrepreneur Pass or more commonly known as EntrePass is issued to qualified and experienced entrepreneurs to continue spreading their creative ideas in this competitive economy. Enhanced in August 2017, Singapore government has implemented policies to streamline the EntrePass scheme for it to be easily accessible to many business entrepreneurs around the globe. In this guide, we will cover the eligibility criteria, how to apply, and some of the most frequently asked questions related to the EntrePass.
What is entrepreneur pass in Singapore?
EntrePass or Entrepreneur Pass is one of the work visa schemes in Singapore that target foreign entrepreneurs who are interested in starting and managing a startup in Singapore’s fast-paced and competitive economy. Geared towards innovators, the EntrePass scheme allows these entrepreneurs to start and expand their business without having to invest any minimum capital.
Who can qualify for the Entrepass?
- Business Type: The EntrePass is applicable for technology-oriented business as Singapore puts more focus on innovators and technology-based enterprises. Upon approval, you need to Register a Singapore company .
- Salary: There is no need to pay yourself any salary when you hold the EntrePass. This allows entrepreneurs to channel their income into expanding their businesses.
You must fulfill at least one of the following conditions:
You have obtained funding of at least S$100,000 from any of the following sources: Government investment entities; VCs or business angels.
You have a good business network and entrepreneurial history.
You have intellectual property.
You collaborate in research with a university or research institute in Singapore.
You have achieved outstanding accomplishments in the field of expertise.
You have a successful investor profile and will undertake expansion of businesses in Singapore.
You have obtained funding of at least S$100,000 from any of the following sources: Government investment entities; VCs or business angels.
You have a good business network and entrepreneurial history.
You have intellectual property.
You collaborate in research with a university or research institute in Singapore.
You have achieved outstanding accomplishments in the field of expertise.
You have a successful investor profile and will undertake expansion of businesses in Singapore.
EntrePass holders must meet specific business spending and local employment milestones to sponsor family members for long term visa.
Spouse and Children:
- Annual Business Spending: S$100,000
- Local Employment: At least 1 local PME or 3 full-time workers
Parents:
- Annual Business Spending: S$200,000
- Local Employment: At least 2 local PMEs or 4 full-time workers
EntrePass Application Document List
- There is a detailed document preparation process when you apply for the EntrePass. It ensures that willing entrepreneurs should meet the eligibility criteria laid down by the Ministry of Manpower (MOM), Singapore. The document list shown below is required for EntrePass application which evaluates the proposed business feasibility and the applicant’s credential.
- Passport: Copy of the personal particulars page of applicant’s passport which should be valid for at least six months from the date of application.
- Highest Educational Qualifications: A proof that should applicant have any, this is to certify the highest educational qualification such as degree certificate. etc. In relation to the proposed business venture.
- Testimonials: Documents which demonstrate the business track record, entrepreneurial experience or expertise in the related field of the applicant. This may include any awards or previous successful business Track record or letter of recommendations from the industry professionals. etc.
- Business Plan: The business plan which is an essential part of the application should not exceed 10 pages from the beginning to the end. The business plan must include information such as business idea, market analysis, product or service, business model, operation strategy, financial projection and the team composition. Also, you should explain how your business fits into Singapore’s entrepreneurial landscape and innovation objectives.etc.
EntrePass Benefits
- Renewal Flexibility:: EntrePasEntrePass has a flexible first-year renewal criteria without having strict business milestone requirements.
- Salary Condition: The EntrePass holder is not required to draw any salary, which allows the entrepreneur to channel profit to business growth.
- Relocation Benefits: Family members may be brought directly to Singapore, which makes EntrePass more attractive.
EntrePass Application Process
- Prepare Required Documents: You need to prepare standard documents such as personal particulars page of passport, highest educational qualification, business track records, 10-page business plan in short and filled MOM EntrePass form.
- Submission: You can submit your application to Ministry of Manpower (MOM) for consideration with required documents.
The result of your Entrepass application will inform through email.
If you are successfully passed the application, an in-principle approval letter will be issued.
The letter is with 6 months’ validity and you can immediately start work in Singapore.
Your employer has to make a formal application to the issuing authority for your Entrepass together with required documents and fees.
After the completion of the formal application, an entrepass will be issued to you upon approval which is valid for up to 2 years.
You can collect the EntrePass Approval from the issuing authority, which is normally taken 5 working days from the date of approval.
Conditions for Entrepass Renewal
Minimum Business Spending: The business has achieved or surpassed the necessary minimum business spending.
Hire Local PMEs or FTEs: The business has fulfilled the hiring of local professionals, managers and executives (PMEs) or full-time employees (FTEs) as required or declared milestones during the initial application.
Business Success: The performance of the business will be reviewed against the business plan filed during the initial EntrePass application, including revenue growth, business scaling up and any other business success indicators.
How do I renew my EntrePass?
Fill in the Renewal Form: The renewal form must be submitted two months prior to the expiry of the current EntrePass. This allows the MOM enough time to process the application without any disruption to the business activities due to the visa expiration.
MOM will assess the application: MOM will assess the EntrePass renewal application based on the business performance, economic contribution to Singapore and whether the renewal conditions have been met.
Outcomes of application: The outcome of the EntrePass will be notified to the pass holders. If the application is successful, the EntrePass will be extended for one year or two years based on the business performance and economic contribution to Singapore economy.
Table of Contents
Other Related Guides
Singapore Employment Pass
This is the most common work pass in Singapore for company junior to senior executives, directors or business owners. Learn more about Employment Pass.
Personalised Employment Pass
This type of work pass is suitable for high income earner wanting to explore work or career opportunities in Singapore. Learn more about the PEP.
Overseas Network & Expertise (ONE) Pass
If you are a global top-tier talent with Exceptional Achievements in Arts, Science, Sports & Culture or business certain sectors. You can explore the One Pass.
An EntrePass is a work pass for foreign entrepreneurs looking to start and operate a business in Singapore that is either venture-backed or based on innovative technologies.
Eligibility for an EntrePass requires you to either have started or plan to start a private limited company in Singapore that is registered with ACRA. The business should be venture-backed or own innovative technologies, and if already registered, it must be less than 6 months old at the time of application.
Yes, you can apply for an EntrePass before registering your company. If your application is successful, you can then proceed with the company registration.
On normal circumstances, 8 weeks upon submission. Additional 3 – 6 weeks for rejected and additional documents request case
No minimum salary as long as you meet the innovative criterion of the Entrepass.