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What You Need to Know About the EntrePass Application in Singapore
Accounting, Audit and Assurance Firm in Singapore › Home › Resources @ Precursor › What You Need to Know About the EntrePass Application in Singapore
If you're a foreign entrepreneur with a venture-backed or innovative technology business, you may be eligible for the EntrePass scheme in
Singapore. The EntrePass is a work pass designed to help foreign entrepreneurs start and operate their businesses in Singapore.
It's a simple and effective way to get started in Singapore, and the application process is straightforward. In this article, we'll provide
an overview of the EntrePass scheme and help you understand if you're eligible for it. We'll also walk you through the application process
so that you can start your business in Singapore as quickly and easily as possible.
ELIGIBILITY FOR AN ENTREPASS
An EntrePass is for foreign entrepreneurs with a venture-backed or innovative technology business who wants to start or operate in Singapore. To be eligible for an EntrePass, your business must meet the following criteria:
- Own innovative or venture-backed technology companies registered with ACRA, or plan to start one.
- Entrepreneurs, innovators, and investors may meet any of these criteria. You do not need to meet all criteria, however, having more qualifications would enhance your application:
-
Entrepreneur
- Funded by a government-recognised venture capital firm or angel investor.
- Is an incubatee or accelerator recognized by the government.
- A proven track record of entrepreneurship and business network.
- Innovator
- Intellectual property holder.
- Engages in research collaborations with Singaporean IHLs or research institutes.
- Exhibits exceptional expertise in key areas.
-
Investor
- Track record of investment
If you meet all the requirements, you can submit an application form along with the required documents to the Immigration and Checkpoints
Authority (ICA).
REQUIREMENTS FOR AN ENTREPASS APPLICATION
As part of the EntrePass application, you will need to provide a copy of your passport page as well as these documents:
- Personal particulars of your passport
- Past work testimonials or resumé highlighting professional experiences, awards and recognitions, if available.
- Latest business profile from Bizfile (ACRA-registered businesses)
-
Detailed business plan in English, with maximum of 10 pages, and consisting of the following:
- Product/Service offered
- Market analysis
- Operation plan
- Management team profile
- Supporting documents (licensing agreements, product certificates and endorsement patents
- Other documents that will support your EntrePass application. The Ministry of Manpower may ask for other documents upon reviewing your application.
STEPS OF THE ENTREPASS APPLICATION PROCESS
The EntrePass application process requires the submission of several documents, including financial projections and/or business plans.
Earlier in this article, we talked about the EntrePass eligibility criteria. If you meet these criteria and are ready to apply, here are the
next steps you will need to take.
To get started, you'll need to have an incorporated business in Singapore, with a Unique Entity Number (UEN). You'll also need to show that you have a valid Employment Pass or Entrepreneur Pass.
Once you have those items in order, you'll need to go to the EntrePass website and submit your application. You'll need to provide some important information, like your name, UEN, and contact information. You'll also be asked to submit a comprehensive business plan.
Once your application has been submitted, the Ministry of Manpower (MOM) will review it. They'll analyse your business plan and consider a few factors, like your experience and qualifications, your business plan, and the nature of your business. After the review, MOM will inform you of their decision.
If your application is approved, you'll next need to arrange an appointment with MOM. During the appointment, they'll review your application and the supporting documents, and then approve your EntrePass. Once it's approved, you'll be ready to start doing business in Singapore!
For a more detailed instruction on the EntrePass application, please refer to MOM’s website.
Need guidance?
Singapore’s Employment pass application process can be time-consuming and complex, so consider seeking outside help if needed in order to
increase your chances of being approved by MOM. Our team of experts here at Precursor can advise and assist you in your application every
step of the way.
CONCLUSION
The requirements for the EntrePass can change periodically, so it’s important to stay informed and up-to-date on the latest requirements. It’s also important to understand the document requirements and any other restrictions or requirements that may be in place. This will ensure your application is successful and help you get the EntrePass quickly and easily.
When it comes to applying for the EntrePass, it’s best to start your application as soon as possible. As the process can take several weeks or more, it’s important to plan ahead and make sure you’re starting your application well in advance of your planned arrival in Singapore. If you’re applying for a visa and need to apply for the EntrePass at the same time, be sure to give yourself enough time for both applications to be processed.
Finally, if you need assistance with your EntrePass application, you should seek out additional help from a specialist. Our team’s expertise
will be invaluable in helping you put together a successful application and will ensure you get your EntrePass as quickly as possible. With
the right help and preparation, you should have no difficulty getting the EntrePass and setting up a successful business in Singapore.
