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 informations and terms about EntrePass in Singapore
- What’s the difference between an EntrePass scheme and an Employment Pass?
- EntrePass Singapore requirements in 2020
- Business not approved for an EntrePass scheme
- How do I apply for an EntrePass?
- The business plan for EntrePass
- Family members
- Rejection of EntrePass application
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:
- Have a proposed business idea that is innovative, entrepreneurial, and able to create jobs for locals
- Have an entrepreneurial or relevant background
- Plan to register your business as a private limited company in Singapore
- Have not incorporated your company yet, or the company is less than six months old during application
- Plan to hold 30% of the shares in the proposed company
- are sponsored by a well-established Singaporean company or are able to furnish a Banker’s Guarantee of S$3,000 issued by a Singapore-based bank upon approval of the application.
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?
- Submit your application online;
- The application takes about 8 weeks to process;
- If the application is successful, an In-Principle Approval (IPA) letter will be issued to you. Once the IPA approval letter is issued, you must move to Singapore within 6 months;
- You are also given 1 month (from the start date of the IPA) to incorporated your company with Singapore’s Accounting and Corporate Regulatory Authority (ACRA);
- You need to have the pass issued within the validity period of the IPA. A Notification Letter will be issued and it is valid for 1 month. You will have 2 weeks from the start date of the Notification Letter to register for fingerprints and photo, if required;
- Once that is complete, MOM will issue you your Entrepass within 4 working days.
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
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.