In Singapore, foreigners wanting to work locally requires permission from the government of Singapore in the form of visa/pass. While there are multiple types of Visas in Singapore that are issued to foreigners looking to relocate, work or employ, There is a Unique pass called Singapore Entre Pass, That is issued to foreign entrepreneurs looking to start their business in Singapore and re-locate themselves here.
The EntrePass in Singapore allows eligible foreigners to start and operate a new business in Singapore. In this post, we’re discussing more details of Singapore Entre Pass including facts, features, application requirements and procedure. This should help entrepreneurs wanting to re-locate to Singapore and start business in Singapore to gain clarity whether they need a Singapore Entre Pass as well as its process if they choose to apply the same.
Important facts about Singapore Entre Pass:
- Singapore Entre Pass is for Eligible foreign entrepreneurs who want to start and operate a new business in Singapore.
- Person requiring the Singapore Entre Pass can apply directly
- There is No stipulated minimum salary required for applying
- It is generally valid for the duration of up to one year
- The Singapore Entre Pass can be renewed if renewal criteria’s are met
Prerequisites and Eligibility for Singapore Entre Pass
The proposed business for which you are seeking Singapore pass should meet certain requirements and may include funding from an accredited source, intellectual property, research collaboration or being incubated.
You are eligible for an EntrePass if:
- You have (or intend to start) a private limited company registered with the Accounting and Corporate Regulatory Authority.
- If registered, the company must be less than 6 months old on the date you apply.
- If you have not registered, you can wait for the outcome of your application before registering.
- Your company has at least $50,000 in paid-up-capital. You need to provide a bank statement that shows at least $50,000 in a Singapore-based company bank account.
- You hold at least 30% of the shares in the company.
Application for an EntrePass is open to all nationalities.
Your company also needs to meet at least one of these requirements, which will be assessed on merits:
1.has funding from a Government-accredited VC or business angel.
2.holds an intellectual property.
3.has research collaboration with A*STAR or a university.
4.is an incubate at a Government-supported incubator.
Documents required for Singapore Entre Pass:
Before applying for Singapore Entre Pass, you need to submit documents such as a business plan and copies of your passport along with the EntrePass application.
Following is the list of key documents required for Entre Pass:
- A copy of the personal particulars page of your passport.
- Past employment testimonials in English.
- A business plan in English (not more than 10 pages) with the following:
- Business idea
- Product or service offered
- Market analysis
- Market plan
- Operation plan
- Financial projections
- Management team
- Supporting documents – for example, licensing agreements, product certifications and endorsements
- For businesses registered with the Accounting and Corporate Regulatory Authority:
- Company’s latest business profile or instant information.
- A bank statement of at least $50,000 from a Singapore-based company bank account.
How to apply for Singapore Entre Pass:
You can submit your EntrePass application at any Singpost branch. After applying, you may still need to register your business in Singapore and submit additional documents before final approval.
Following are the brief steps for applying:
1. Submit an application and Get the Approval-in-principle letter (only for companies that are not yet registered) or rejection letter
2. Register your business (if required) and get final approval.
3. Get the pass issued
4. Register fingerprints and photo (if required)
5. Receive the card
While the Entre Pass in Singapore offers various benefits, the procedure to obtaining the same is a bit cumbersome and requires many documents as well as details to be submitted. An easier alternate to Entre Pass in Singapore is Singapore Employment Pass, which is comparatively much easier to obtain.
Depending on your requirements and type of business, Precursor can advise you to obtain the right kind of Singapore pass/visa to help you re-locating or hiring as the case might be. We offer a full range of high-quality corporate services to help locals as well as foreign entrepreneurs at every step of their way.
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