Singapore Entrepreneur Pass
The Entrepreneur Pass, also known as the EntrePass, was introduced to encourage innovation and entrepreneurship in Singapore. In September 2013, the EntrePass scheme was further enhanced to target technopreneurs and innovators in R&D-intensive enterprises, such as those in the biotech and cleantech sectors, among others. Business leaders that are involved in technology development and application, or contribute to new innovations, are in good stead to have their EntrePass applications approved.
EntrePass Eligibility Requirements
Each EntrePass application is reviewed by two government agencies, namely: SPRING Singapore and the Ministry of Manpower (MOM).
To be considered for an EntrePass, you must fulfill at least one of the following:
|Be funded by a recognised third-party venture capitalist or business angel||
|Hold a nationally-recognised proprietary or licensed Intellectual Property (IP)||
|Has research collaboration with recognised research institutions such as A*STAR or a local tertiary institution||
|Is an incubatee at a government-approved incubator||
|Receives support from a Singapore Government agency||-|
In addition, applicants must also meet the following requirements:
- Incorporate a Private Limited Company with the Accounting and Corporate Regulatory Authority (ACRA) no more than 6 months at the point of application
- Own at least 30% of shareholding in the company
- Have relevant experience and track record in creating and managing successful businesses
- Provide S$50,000 and above in paid-up capital for the new company
- Submit a 10-page business plan detailing business goals and objectives. Renewal of EntrePass is contingent on achieving goals and objectives outlined in the business plan
Business Plan Requirements and Renewal Criteria
One of the key requirements for the application of EntrePass is a 10-page comprehensive business plan that outlines the goals and objectives of the proposed business venture. The business plan must also include a strategy to meet the requirements stipulated by Ministry of Manpower in which your business venture must demonstrate in a one-year period that it will meet the employment requirement of a minimum number of Singaporean or local workers as well as a Total Business Spending (TBS).
Subsequent renewals of the EntrePass are contingent on meeting these requirements and on achieving the goals and objectives in the business plan. It is, therefore, extremely crucial to have a well drafted business plan.
|No. of years after award of EntrePass||Local jobs created*||Minimum TBS**||Type of Pass Issued|
|5 or more||10||S$400,000||P1|
*The employees need to be full-time staff (citizens or PR) and engaged under a contract of service. They must receive monthly salaries of at least S$1000 on time as well as have CPF contributions.
** Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)]
Passes for Family Members
P-level Entrepreneur Pass holders may apply for Dependant Pass and/or Long-Term Visit Pass for their family members.
P-level EntrePass holders can apply for Dependant Pass for their:
- Unmarried children under 21 years of age
Long-Term Visit Pass
P-level EntrePass holders can also apply for a Long-Term Visit Pass for their:
- Common law spouse
- Children of common law spouse
- Unmarried daughters above 21 years of age
- Handicapped children
Q Pass holders are not eligible for the application of Long-Term Visit Pass for their immediate family members.
Procedure and Timeline
Since the requirements for EntrePass application requirements are more rigorous than that of Employment Pass, Ministry of Manpower generally takes four to six weeks to process an application. If there is further clarification required by Ministry of Manpower it will delay the process of approval.
Documents Required for EntrePass Application
The following documents are required for all EntrePass applications:
- EntrePass application form 8
- A copy of educational certificate
- One passport-size photograph taken within the past three months
- A copy of the passport personal particulars page
- MOUs or contracts with potential clients for the new business, if any
- Brochures, press releases, or any other business collaterals from previous or existing business ventures
- A well-drafted, 10-page business plan detailing business goals and objectives
Collection of EntrePass upon Approval
Once the application is approved, the Ministry of Manpower will issue an In-Principle Approval (IPA) letter. Upon the receipt of an IPA, and you have not yet registered a company with Accounting and Corporate Regulatory Authority of Singapore, you must do so within 30 days.
Ministry of Manpower will issue the final approval letter once you submit a printout of a new company registration and proof of paid-up capital (minimum of S$50,000) injected into the new business. With the final approval letter, you have six months to relocate to Singapore to start operating your new company.
Once the application is approved, the Ministry of Manpower will issue an In-Principle Approval (IPA) letter via email. The IPA letter must be produced upon collection of the EP from the Work Pass Division at Ministry of Manpower. An IPA letter is valid for Six months from the date of notification of approval.
To collect your EntrePass you will be required to present:
- A copy of the IPA letter
- Passport size photo
- Original passport with the entry embarkation cards
- Medical exam report* (if the In-Principle Approval states that you require one)
- Any other documents that are requested in the approval letter
* You may get a medical examination done in your own country through an established clinic/hospital or in Singapore. Most clinics in Singapore can provide medical examination and report within a day.
Entry Visa into Singapore
If you are overseas and require an entry visa to Singapore, your IPA letter will include a single journey entry visa. Upon your arrival in Singapore, we will make an appointment with Ministry of Manpower on your behalf for finger printing. Upon completing the procedures, your pass will be ready in 4 working days.
You may collect the pass at Ministry of Manpower personally or authorize AsiaBiz to collect it on your behalf.
Rejection of Application
In the event that your EntrePass application is rejected by the MOM, Asiabiz will investigate why your application has been rejected. Based on the reasons provided by MOM, we will submit an appeal that will address the issues outlined by MOM and also include additional documents per their request, if any. MOM will take a minimum of three weeks or more to review your appeal.
Why Hire Asiabiz
The eligibility requirements for EntrePass application have become more rigorous. The application process is increasingly becoming more complex. Unless you have the necessary time and experience, it is advisable that you engage a professional firm to assist you with the application.
At Asiabiz, we have been helping clients with company incorporation and work pass applications since 1998. Our team of highly-experienced experts can process your application and provide the appropriate guidance to help you avoid all the unnecessary frustration and pitfalls. We have business plan writers on staff to help create a good business plan, which is critical factor in the approval process for the application of your EntrePass.
As we assist you through the process, we will conduct all follow-ups and liaise with each authority on your behalf. Even in the rare event that your application is rejected, we will have a thorough inquiry into why it was rejected so that we can help you appeal successfully with MOM. The comprehensive services we provide can help you simplify this lengthy and complex process, and consequently, help maximize your chances of getting an EntrePass.
Permanent Residence Eligibility
EntrePass holders of P1, P2 and Q status are eligible to apply for Permanent Residence. There is a designated waiting period of six months since one of the assessing criteria is to have a minimum of six months of pay slips, and preferably with IRAS tax assessment.