How to get an Entrepreneur Pass (EntrePass) in Singapore
5 minute read
If you are a foreign entrepreneur with an innovative business proposal, you may qualify for the Singapore Entrepreneur Pass Entrepass. Singapore created this unique visa as an added incentive to attract the brightest minds to its start-up and entrepreneur scene.
This guide gives you a high level overview of the EntrePass scheme, requirement criteria and key difference between this visas and other visas, as well as what to expect during the application process and experience in 2020.
Key information and terms about the EntrePass in Singapore
For many companies, tax is the main reason why many companies choose to incorporate a company in Singapore. Singapore has business-friendly tax rates and a wealth of tax incentives to encourage the growth of businesses and entrepreneurship, which makes incorporating a company in Singapore a good idea. Here’s a quick rundown of some of the favourable tax policies:
What's the difference between an EntrePass scheme and an Employment Pass?
There are several differences between the two visas, for example:
Entrepass Singapore requirements in 2020
EntrePass is open to people of all nationalities. You can apply if you adhere to the below criteria:
In addition to all the above-mentioned conditions, you are required to meet the either one of these criteria, which is divided into 3 types – Entrepreneur, Innovator or Investor:
Business not approved for the EntrePass scheme:
These businesses will not be considered for EntrePass applications in 2020:
How do I apply for an EntrePass?
If you wish to apply for Entrepass, you have to do so directly with the Ministry of Manpower (MOM) . An online application is not available. You will require these documents and criteria:
The business plan for Entrepass
A business plan is part of the required information that you need to submit along with your application. MOM has required that the plan conform to the following structure. Note that this means if your business plan does not conform to this format, your application may be rejected.
Business sector criteria
How long will the application take?
EntrePass applications usually take between 6 to 8 weeks to process. You can use this link to check your EntrePass application status.
Once your application is successful, an In-Principle Approval (IPA) services letter is issued to you. After that, you have 1 month to register the company and place your share capital. Furthermore, MOM will then require you to update your EntrePass details after you have incorporated your company with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) Once that is complete, MOM will issue you your Entrepass.
Also, the IPA letter will also inform you if you are required to go through one medical test before your Entrepass is issued to you. Finally, once the final IPA approval letter is issued you must move to Singapore within 6 months.
After receiving your EntrePass, you are able to bring your spouse and unmarried children under age of 21 over to Singapore for the duration of your Visa. They will be eligible to apply for a Dependent pass and relocate to Singapore
EntrePass holders are eligible for permanent residency (PR) in due time, subject to approval by immigration authorities in Singapore.
Rejection of EntrePass application
If you have met all the stipulated requirements mentioned above, your application is unlikely to be rejected. However, should it happen to you, an appeal can be filed within 90 days. The appeal process will take another 6 to 8 weeks. Due to EntrePass application being a highly complicated process with a lot of required information, it is highly recommended that you hire a professional firm and services to assist you in the application.
If you’re ready to take your business from dream to reality, we have services that can help you make it happen. Get tailored, practical advice from us about your situation – get in touch today with your information.