EntrePass is intended for overseas investors and entrepreneurs who want to launch creative businesses that boost Singapore’s economy. This article provides the criteria, application procedure and all other information about how you can secure an Entrepass in Singapore.
Key Info About EntrePass
- Candidates for EntrePass must be Singapore residents who have registered or plan to register a private limited firm. The company must be older than six months if it has already been registered; in this instance, the applicant must submit an Employment Pass application.
- Candidates must satisfy at least 1 of the 7 prerequisites.
- Initially, a new EntrePass is given out for a year. After a year, the EntrePass can be renewed. All subsequent renewals are valid for two years following the initial renewal, which is valid for one year.
- Family members of eligible EntrePass holders are allowed entry into Singapore on a Dependant Pass or Long-Term Visit Pass.
- In due order, EntrePass holders may seek permanent residency in Singapore.
Candidates must fulfil the requirements listed below in order to be eligible to apply for EntrePass:
- The candidate must be a private limited business already registered in Singapore or aspire to do so. The business can be no older than six months if it has already been registered.
- The candidate must relocate to Singapore to run the new company.
- The business must be creative and capable of putting local Singaporeans to work.
Additionally, the applicant must meet one of the basic requirements listed below to qualify as an innovator, entrepreneur, or investor:
- The company must own original intellectual property that cannot be easily copied.
- The company must collaborate on research with a Singaporean university or an organization that is part of the Agency for Science, Technology and Research (A*STAR).
- The company has to show great success in its field and exceptional industry knowledge.
- The company must have raised at least S$100,000 from a business angel or venture capitalist with Singapore government accreditation.
- The company must take part in an incubation program funded by the government.
- The candidate must have a strong network of contacts in the business world and a proven track record of launching highly scalable firms.
The candidate must have a proven track record of making profitable business investments.
Businesses that are not eligible for EntrePass
The firm must be creative in order to be eligible for this program. Regular businesses are not eligible for this program. Examples of companies that are ineligible for EntrePass
- Hawker centres, food courts, and coffee shops
- Nightclubs, bars, and karaoke lounges
- Massage clinics, foot reflexology
- Traditional Chinese medicine, herbal medicine, and acupuncture businesses
- Employment firms
To apply for an EntrePass, a candidate must complete the following steps:
- Application: The applicant must submit the EntrePass application form to the Ministry of Manpower together with all necessary supporting documentation. A candidate must pay the S$70 application fee and submit their application in person at a SingPost branch. The supplemental files include:
- A duplicate of the candidate’s passport’s information page.
- English testimonials from previous employers.
- A 10-page maximum business plan written in English.
- Acquire a letter of in-principle approval (IPA): Applicants will get their IPA via EP Online. The candidate has six months from the time the IPA is obtained to travel to Singapore and apply for the EntrePass.
- If necessary, register the business with ACRA: The candidate has 30 days from the day the IPA is received to register the business. The EntrePass holder must declare their EntrePass information using a form after the company has registered with ACRA.
- Issue the EntrePass: The applicant must be present in Singapore. The applicant, a firm representative, or an employment agent must submit the following through EP Online for the pass to be issued:
- Details from the candidate’s passport
- The details of the candidate’s current Short Term Visit Pass or immigration pass.
- Address of the candidate’s home in Singapore
- The physical location where the EntrePass card can be sent
- Contact information for at least one authorized receiver who can get a delivery alert by SMS or email
- Payment of S$150
The following extra documents may also be necessary in some circumstances:
- A departure/arrival card (white immigration card)
- A signed health declaration form or medical examination form
- A signed declaration form is included with the letter of consent in principle from the candidate.
The EntrePass will be issued right away after the required paperwork has been received.
- After receiving the EntrePass, the applicant will be given a notification letter, which entitles them to travel into and out of Singapore for one month. The notification letter will also include whether the candidate needs to have their fingerprints recorded and their picture taken.
- Register fingerprints and get a photo taken (if necessary): New candidates and candidates who last registered over 5 years ago must register their fingerprints and have their photo taken within 2 weeks of the EntrePass being issued. Candidates must make an appointment with the Employment Pass Services Centre. At the appointment, candidates must have the following documents ready:
- Original passport
- Appointment letter
- Notification letter
- Documents listed in the IPA letter and notification letter
- Receive the EntrePass card:The candidate will receive the card within 4 working days.
A new EntrePass is good for 12 months. It may then be renewed after that. The EntrePass will be extended for an additional year if the renewal is authorized. All subsequent renewals are then good for a further two years.
EntrePass users must fulfil the following requirements to renew:
- Show concrete evidence of continuous operations in line with the original business plan.
- Own 30% of the stock in the company.
- Meet the related minimum yearly employee and business spending requirements:
|Number of years holding an EntrePass
|Minimum annual business spending
|Number of local employees
|3 local full-time employees
1 local professional, manager or executive
|6 local full-time employees
2 local professionals, managers or executives
|9 local full-time employees
3 local professionals, managers or executives
|12 local full-time employees
4 local professionals, managers or executives
The following expenses are not included in the required minimum spending:
- Costs associated with acquiring royalties, franchises, or technical know-how payments from foreign businesses.
- Costs associated with outsourcing jobs elsewhere.
- Total payments to the company’s EntrePass holder(s).
The Ministry of Manpower defines a full-time employee as a Singaporean citizen or permanent resident who earns at least S$1,100 per month and receives CPF contributions for at least 3 months.
A local professional, manager or executive is defined as a Singapore citizen or permanent resident who earns at least S$3,600 a month and receives CPF contributions for at least 3 months.
Within three months after EntrePass’s expiration date, MOM will send the holder of the pass the renewal paperwork. The EntrePass holder must also fill out and submit the necessary documents:
- The most recent financial statements that have been audited
- The CPF statements of every employee (CPF stands for Central Provident Fund, Singapore’s mandatory retirement savings fund).
- Office lease contract
- Most recent ACRA company registration data
The EntrePass holder can also submit the following optional documents to support the application:
- Corporate bank statements for the past 3 months
- Referral letters from customers
- Current invoices issued
- Contracts awarded
The renewal forms and the supporting documents must be mailed to the following address at least 2 months before the EntrePass expires.
Singapore has made it more difficult to obtain an entrepreneur visa and other employment visas. To improve Singaporeans’ employment chances, the government controls the influx of foreign employees into the nation. Even though this legislation has decreased the number of foreigners living there, doing business in Singapore is still a wise move for foreigners. There are plenty of opportunities for highly skilled and experienced foreign professionals.