The Entrepreneur Pass (EntrePass) scheme is designed for foreign entrepreneurs looking to start a business and relocate to Singapore. This initiative supports Singapore’s ambition to attract global talent and establish itself as a leading regional business hub.
To apply for an EntrePass, you must prepare a simplified business plan containing the following elements:
Key Management: Summary of the key individuals who will manage the business and their roles.
Awards and Recognition: Any prestigious awards received from national bodies, credible organizations, or recognized media.
Business Concept: A brief, self-explanatory summary of your proposed business concept.
Products and Services: Details of the products and services your business plans to offer.
Market Analysis: Analysis of your target customers, key competitors, and growth potential in Singapore.
Marketing and Distribution: Description of how your products or services will be marketed or distributed.
Operations and Resources: Description of the internal operations and resources needed to deliver your products or services.
Financial Projections: Projected sales and net profit before tax for three years, including the estimated break-even point.
Supporting Documents: Product certifications, licensing agreements, and endorsements to support your application.
Crafting a comprehensive business plan requires significant time, complexity, and expertise. Our EntrePass application filing service can assist you by drafting a tailored business plan based on the information you provide.
EntrePass Duration and Renewal
The initial EntrePass is issued for 1+1 years. At the end of the first year, you must demonstrate progress to qualify for a one-year extension. Subsequent renewals are valid for 2 years.
Three months before your EntrePass expires, you will receive a renewal reminder letter and a renewal form from the Ministry of Manpower (MOM). Submit your renewal application approximately 2 months before the expiry date. Renewal applications are generally processed within 6-8 weeks.
For renewal, submit the following documents:
Business Profile: Latest copy of your business profile.
Audited Accounts: Latest copy of your audited accounts.
CPF Statements: Central Provident Fund (CPF) statements for each of your employees.
Office Tenancy Agreement: Copy of your office tenancy agreement.
Business Evidence: Other documentary evidence such as office rental agreements, client referral letters, invoices, and contracts. These documents prove that your business is active and operational.
Note that your business must operate according to your original EntrePass business plan to qualify for renewal. Renewal is also subject to your total business spending and the local jobs created by your company.
Frequently Asked Questions
How long does it take to process an EntrePass application?
Drafting the business plan and preparing the application takes about 2 weeks. After filing, authorities typically take 8 weeks to review and notify you of the outcome. You will receive an In-principal Approval (IPA) letter, allowing you 6 months to visit Singapore and collect your EntrePass.
Will you prepare a business plan for my EntrePass application?
Yes, as part of our EntrePass application filing service, we will draft a business plan based on your provided details and ensure it meets innovation criteria.
Should I apply for EntrePass or Employment Pass if I own more than 30% of a company?
If applying for a work visa before incorporating your company, apply for EntrePass. For a company less than 6 months old, EntrePass is recommended. For companies older than 6 months, apply for an Employment Pass, with the authorities considering company activity and documentation.
What are important factors for a successful EntrePass application?
Quality and innovativeness of your business idea, substantial funding, personal credentials, and proposed investment are key factors.
Who is eligible for EntrePass?
Foreign owners of a newly incorporated Singapore company who intend to relocate to Singapore to manage operations are eligible.
Is a medical test required when applying for EntrePass?
A medical test may be required upon visa approval, typically including an HIV test and chest X-ray. You can complete this in Singapore or, if done abroad, ensure the report is in English.
Can I apply for EntrePass if I am not a shareholder?
No, you must own at least 30% of the company to apply for EntrePass. Otherwise, consider applying for an Employment Pass.
Do I need to visit Singapore to apply for EntrePass?
No, you can apply from abroad, but must visit Singapore to collect your EntrePass and relocate.
What is the “total business spending” criterion?
Total Business Spending (TBS) refers to the total operational expenses, excluding royalties, subcontracted work, and remuneration to the applicant and immediate family.
Can I apply for an EntrePass with a longer validity period?
EntrePasses are generally issued for up to one year. Extensions for longer periods can be considered on a case-by-case basis.
Do existing EntrePass holders need to meet new innovation criteria?
No, existing holders can continue operations without meeting new criteria, but timely renewal is essential to avoid new criteria applicability.
How to prove innovation with venture capitalist investment?
Provide a shareholder certificate or contractual agreements, ensuring the VC has invested at least $100,000. Confirm with MOM if the VC is recognized for EntrePass purposes.
Professional Assistance
If you need expert assistance with your EntrePass application, Morgan Vantage Group (MVG) is here to help. Our team provides comprehensive support to ensure your application meets all requirements and maximizes your chances of approval.
For personalized assistance,email at info@mvgtrust.com and contact us today. Let us help you navigate the EntrePass process and achieve your entrepreneurial goals in Singapore.
