Singapore EntrePass Application
Effective 3 August 2017, key enhancements
to the EntrePass scheme are:
- Removal of the paid-up capital requirement - New EntrePass applicants will no longer be required to have a paid-up capital of at least S$50,000 in their startup business here.
- Broaden evaluation criteria - Applicants will be assessed on factors beyond the four existing innovation criteria to allow global startup talent to enter Singapore on government support during the exploration stage.
EntrePass is suitable for a foreign entrepreneur who possesses strong enterprise experience and wishes to set up a new business in Singapore. He/she will need to be actively involved in the operation of the company/business in Singapore. The foreign entrepreneur can incorporate a Singapore Private Limited (Pte. Ltd.) company and act as the sole local director of their Singapore company if their application for an Employment Pass under the EntrePass Scheme is approved by MOM and SPRING Singapore.
The initial Singapore EntrePass granted is valid for up to 1 year and is renewable from thereon (for up to 1 year for each renewal), provided all the criteria are met. There is no requirement to have a Singapore resident shareholder on board for this scheme. However, it is important to have a substantial initial paid up capital of at least S$50,000 to show financial commitment towards running your business.
- Company must be registered as a Private Limited Company with ACRA
- Applicant to hold at least 30% of shares in the company
- Company to have at least $50,000 paid-up-capital (validated by a bank statement from the Singapore-based company bank account of at least $50,000 is required)
- Company must not be registered for more than six months at the point of application
Initially 1 years and renewable for up to 1 year
Multiple Journey Visa: S$30 (if required)
* The applicant may also choose to apply for EntrePass based on the business idea only, whereby the applicant can incorporate the company upon approval of the EntrePass appointing oneself as the local director.
New Application Eligibility Requirements
The business must qualify at least one of these requirements:
- Receives funding from a recognised third-party venture capitalist or business angel who is accredited by a Singapore Government agency;
- Holds a proprietary or licensed Intellectual Property (IP) recognised by an approved national IP institution;
- Has an ongoing research collaboration with a research institution recognised by the Agency for Science, Technology and Research (A*STAR) or institutes of higher learning in Singapore;
- Is an incubatee at a Singapore Government-supported incubator, e.g., SPRING Singapore's Incubator Development Programme;
- Receives support from a Singapore Government Agency;
Examples of businesses that will not be considered for the EntrePass include:
- Coffee shops, hawker centres, food courts
- Bars, night clubs, karaoke lounges
- Foot reflexology, massage parlours
- Acupuncture, traditional Chinese medicine, herbal dispensing businesses
- Employment agencies
- Geomancy business
The following documents are required for an EntrePass Application:
- A copy of the Travel Doucment page showing the applicant's personal particulars
- A recent passport-sized photograph, taken within the last three months
- A copy of each of the applicant's past employment testimonial's (Tranlsted into English if they are in other languages)
- A copy of each of the applicant's educational certificates (if any)
- A comprehensive Business Plan of not more than 10 pages detailing the following:
- Business idea - short, self-explanatory summary covering the proposed business concept
- Product / service - the total product and service offering
- Market analysis - the target market in terms of key customers, competition and market growth potential
- Market plan - how the product / service will be marketed or distributed
- Operation plan - resources needed to run the business
- Financial projections - projected sales and net profit before tax for three years and breakeven point
- Management team - key drivers of the business and
- Supporting documents - e.g. licensing agreements, product certifications, endorsements etc.
Companies / businesses registered with the Accounting and Corporate Regulatory Authority (ACRA)
- A copy of the company's latest Business Profile / Instant Information
- A bank statement of at least S$50,000 from a Singapore-based company bank account
- Any other required documents when MOM review the application, i.e., licensing agreements, MOUs and Patents, Marriage Certificate (for applicants who are married to a Singaporean, Singapore PR, or an Employment Pass holder).
The processing time for an EntrePass is around 8 weeks from receipt of the application and it must be submitted manually (over the counter at any SingPost branch). Please note that there is usually a delay of 7 to 10 days from when applications submitted to SingPost and acknowledged as received by MOM/Sprint Singapore.
- Getting an EntrePass is not a guarantee that your business registration and licences will get approved
- You will still need to get approval from the Accounting and Corporate Regulatory Authority (ACRA) for registering your business. You also have to apply separately for any licences needed to start your business.
Progressive Renewal Criteria Framework:
To ensure contributions of EntrePass holders commensurate with the number of years of business operation in Singapore, MOM has introduced a progressive renewal criterial framework which all EntrePass holders have to meet:
|No. of years after award
|No. of local jobs
For EntrePass application applied before 28 September 2009, applicants need to meet all the renewal criteria starting from the first year. This applies to all the EntrePass renewals from 1 September 2014 onwards.
For EntrePass application applied on or after 28 September 2009, applicants need to meet the renewal criteria based on the number of years they have held the pass.
- The processing time fore renewals is within 8 weeks (for most cases). If the renewal application is succesful, an In-Principle Approval (IPA) letter will be granted and it is normally valid for 3 months.
- Local jobs refer to full-time employees who are Singapore citizens or permanent residents. They need to have worked for at least 3 months, earn at least $1,000 and receive CPF contributions.
- Total Business Spending (TBS) = [Total Operating Expenses - (Royalties/Franchise Fees/Know How Fees to Oversease Companies + Work Subcontracted to Overseas Companies + Renumeration to Applicant)].
If there is a change in the nature of the entrepreneur's business during the validity of the pass, he/she will be required to notify the Work Pass Division.
Documents Required for EntrePass renewal applications:
- Latest audited accounts
- Central Provident Fund statements for your employees
- Office tenancy agreement
- Latest company registration information from the Accounting and Corporate Regulatory Authority (ACRA)
The following optional documents may also be submitted to support for renewal applications:
- Corporate bank statements for the past 3 months
- Referral letters from customers
- Recent invoices issued
- Contracts awarded
Passes for family members:
An EntrePass holder may bring in Singapore certain family members only if they meet the following requirements:
- You have renewed your pass (you cannot bring in dependant on your first application)
- You have met the minimum amount of total business spending
- You have created the minimum number of local jobs
The requirements for total business spending and local jobs created are:
|To bring in
|No. of local jobs
|Spouse or children
||4 or more
||8 or more
The pass types for different family members are as follows:
- Spouse (legally married)
- Unmarried children under 21 years of age, including those legally adopted
- Common-law spouse
- Unmarried handicapped children above 21 years old
- Unmarried step-children under 21 years old
|Long Term Visit Pass
For candidates applying for a Dependant's Pass
In addition to the documents required for a Dependant's Pass application, applicant is required to do either one of the following:
- Sponsor their Dependant's Pass application through their registered Singapore company
- Provide a banker's guarantee of $3,000 for each Dependent's Pass application. The banker's guarantee must be issued by a Singapore-based bank and it must be presented when the pass is issued
All Dependant's Pass applied under EntrePass scheme must be submitted manually, over the counter at any SingPost branch.
PB Corporate Services Pte. Ltd. has an experienced team of professionals to assist you with writing the business plan for your EntrePass application, as well as the set-up of your new Singapore Company or business.
For further assistance and/or enquiries on our service fees, please contact
our consultants directly.