With Singapore being a business-friendly country, high-end industries such as innovative technology creation, application and R&D-intensive enterprises are welcomed by Singapore government. If your business falls into this category, you can obtain an EntrePass as your Business Visa in Singapore.
Criteria for Entrepass
- Track record in managing a business successfully
- Official recognition by national bodies, media publications, or credible industrial organizations for your professional, business, or entrepreneurial achievements
- Received funding of a minimum of S$100,000 by venture capitalists or angel investors
- Hold an Intellectual Property that delivers a competitive advantage against your competitors
- Research collaboration with recognized institutions such as A*STAR
- An incubator at a government-approved incubator or accelerator
Compulsory Business Plan
- Applicant profile
- Roles in Societies or Organizations
- Business Profiles such as product and services
- Market Analysis
- Supporting documents such as IP and agreements
- Existing business financial statement
- Implementations Business Plan
- Profile of management team
- Operations plan
- 3 Years Financial forecast
pre-requirements for the Entrepass
Eligibility criteria for the business persons who wish to get the EntrePass are outlined by the Ministry of Manpower (MOM) in Singapore which is as follows:
- The person applying should be at least 21 years of age
- Entrepreneur must hold at least 30% shareholding in the company
NOTE: You can only apply for the EntrePass if it has been less than 6 months since you registered your company in Singapore. Of course, the alternative is that you register an entirely new company and apply before you register.
- The prospective EntrePass holder needs to be financed by a government-approved venture capitalist (VC) or business angel (providing at least SGD 100,000).
- The person applying should hold a Singapore-recognised Intellectual Property (IP) that is either self-owned or licensed under law.
- The person applying needs to have demonstrable business experience or a traceable network of contacts along with a verifiable history of setting up highly-scalable businesses.
RENewing the Entrepass
You must prove that your business has grown at the end of the first year before you can be granted an EntrePass renewal for the 2nd year.
If you don’t meet the renewal conditions, you will be given an extension on your EntrePass for 1 year. Post this all your renewals will be for 2 years each.
Although you can apply for an EntrePass extension within 3 months from the date of expiry, the time taken to process your application could run for 7 weeks.
Weekends and public holidays will not be counted as working days for the purpose of calculating the above periods.
The Ministry of Manpower (MOM) requires that you follow all the steps below for your EntrePass renewal application:
- Submit the EntrePass application supported by all necessary documents
- Once the application is successful, the MOM will hand you an in-principle approval letter
- You must collect the EntrePass before 6 months from the in-principle letter receipt date
- Your fingerprint and photograph will be recorded
- Delivery of the EntrePass will take place at the address you mention in your application
- Singapore EntrePass Processing Time
- It takes 3 to 5 working days after your visa application has been submitted by your accredited Visa Agent.
If you are a foreigner and wants high success rate, please contact EBOS Cloud Accountant. We will provide you with a suitable solution even when you cannot get an Entrepass.
EBOS builds a team to support your venture into Singapore, the gate to ASEAN.
Our Business Visa Team
- Incorporation Specialist
- Business Specialist such as F & B, FinTech and Investment Holding, Enrichment School etc
- Cloud Accounting Specialist
- Commercial Property Specialist
- Residential Specialist
- Human Resource Specialist
- Intellectual Property Specialist
- Commercial Lawyer
- And More….
Unlike any other firms, EBOS holds your hand together to ensure that you will successfully set up a business and bring your family to Singapore.