What is an EntrePass?
The EntrePass, also known as the Entrepreneur Pass, is a work visa specifically designed for entrepreneurs, high-caliber innovators, or experienced investors who wish to relocate to Singapore for local incorporation and actively manage their new business ventures. It is a crucial pathway for ambitious individuals seeking local incorporation and company formation in Singapore.
What Can EntrePass Do?
Holding an EntrePass provides foreign entrepreneurs with several significant benefits that make it an attractive choice for establishing and managing a business in Singapore. Here are 4 key advantages for foreigners holding an EntrePass in Singapore:
Live and Work in Singapore as the Principal Entrepreneur
The EntrePass allows foreign entrepreneurs to relocate to Singapore and actively manage their businesses as the principal entrepreneur. Unlike other work visas, which are tied to employment with a specific company, EntrePass is tailored for individuals who are passionate about developing their own business ventures. This provides entrepreneurs with the freedom and flexibility to shape their company’s direction and strategy according to their vision.
Eligibility to Bring Family Members to Singapore
EntrePass holders who earn a minimum fixed monthly salary of $6,000 (based on their salary and not on their combined household income) can apply for a Dependant’s Pass for their legally married spouse and unmarried children under 21 years old. This enables their family members to accompany them to Singapore and live in the country. Having loved ones nearby can provide emotional support and create a sense of stability while the entrepreneur focuses on building their business.
Access to Business-Friendly Environment and Resources
Singapore is renowned for its business-friendly environment, strong government support for startups, and access to a diverse pool of talents and resources. EntrePass holders benefit from being part of a well-connected business ecosystem with access to networking opportunities, mentoring programs, funding initiatives, and government grants designed to foster entrepreneurship and business growth. This supportive environment can significantly enhance the chances of a startup’s success.
Enhanced Pathway to Permanent Residency
For entrepreneurs who envision a long-term commitment to Singapore, the EntrePass can serve as a stepping stone towards Permanent Residency (PR). Upon demonstrating a track record of business success, job creation, and significant contributions to the Singaporean economy, EntrePass holders may become eligible to apply for PR status, providing them with further stability and integration into the country’s society and economy.
Singapore EntrePass Eligibility and Requirements
To be eligible for an EntrePass, applicants must meet specific criteria related to their business idea, its economic viability, their relevant experience, and the potential to create local jobs. The business proposal and the entrepreneur’s background are crucial factors in the approval process.
- 21 years old or above with relevant qualifications and experience.
- Submit a business proposal that showcases an entrepreneurial and innovative nature, with the potential to create local employment.
- Relocate to Singapore to actively manage the new business.
- Register the proposed business as a private limited company.
- The company should be not incorporated yet or be no more than six months old.
- Hold at least 30% of shares in the proposed business.
Additionally, meet one of the following criteria under the relevant category:
- Receive a minimum of S$100,000 funding from a VC or accredited angel investor.
- Be incubated by a recognized Singapore government agency-approved incubator or accelerator.
- Demonstrate an established business network and successful entrepreneurial track record.
- Possess relevant intellectual property.
- Collaborate with a Singapore-based institute of higher learning or a credible research institute.
- Have an exceptional track record in key area(s) of expertise.
- Have a proven track record of successful investments.
Note that businesses in certain categories are not eligible, including:
- Coffee shops, hawker centers, and food courts.
- Bars, nightclubs, and karaoke lounges.
- Foot reflexology and massage parlors.
- Traditional Chinese medicine (TCM), acupuncture, and herbal dispensaries.
- Employment agencies and geomancy business.
Entrepreneurs should fulfill these criteria to make the most of EntrePass for their ventures in Singapore.
How to Apply for an EntrePass
Once the eligibility criteria are met, the EntrePass application process can begin. Entrepreneurs need to prepare a detailed business plan, demonstrating the viability and innovative nature of their proposed business. The next step involves submitting the application to MOM for evaluation. The processing time can vary, and applicants should plan ahead to facilitate a smooth relocation to Singapore.
The EntrePass is an essential tool for foreign entrepreneurs aiming to make their mark in Singapore’s dynamic business landscape. If you are considering starting a company in Singapore and want to be actively involved in its management, EntrePass is the ideal choice for your entrepreneurial journey.
Seeking for local incorporation in Singapore? At Margin Wheeler, we provide comprehensive company incorporation services to help you establish your business efficiently. Embrace the opportunities that Singapore offers and take advantage of our expert guidance and support to transform your business ideas into reality.
Can I make changes to my EntrePass if needed?
Yes, certain changes to the EntrePass details, such as company name or company residential address, can be made through MOM’s online platform. However, significant changes may require additional documentation and approvals.
What is the processing time for the EntrePass application?
The processing time for the EntrePass application takes around 8 weeks. It’s advisable to apply well in advance to allow for a seamless relocation to Singapore and business commencement.
Can my family members accompany me to Singapore on an EntrePass?
If you meet the minimum salary requirement, you can apply for a Dependant’s Pass for your legally married spouse and unmarried children under 21 years old, allowing them to live in Singapore with you.