The Singapore Entrepreneur Pass, which is better known as EntrePass, is a work visa specifically made for foreign serial entrepreneurs to start and operate a new business in Singapore. This scheme was launched back in 2004 to bring in high-calibre entrepreneurial talent to Singapore as part of the government’s plan for the country to be a regional business hub not just in Southeast Asia, but as well as the world.
Compared to other countries, it is relatively simple to set up a business in Singapore due to its open business policies, strategic geographical location, and pro-business environment, which are factors that any potential business owner will be looking for. In fact, Singapore has been consistently recognised as one of the world’s best countries to conduct business, according to the World Bank Ranking. With that, it’s no wonder why entrepreneurs from every corner of the world are flocking to Singapore to conduct their business operations
Before being granted an EntrePass, potential foreign entrepreneurs must meet the following general requirements:
In addition to the above, must also meet any of the innovative criteria application as an entrepreneur, innovator, or investor. To find out more on this and the necessary requirements, you may visit the official website of the Ministry of Manpower (MOM).
Once you have been deemed as qualified for the pass, you will then need the following documents to apply:
Your proposed business plan is crucial in the application process as this will be the basis for whether or not you are granted the EntrePass. Ensure that all your documents are submitted in English or translated in English by a certified translation body. EntrePass business visa applications must also be sponsored by a Singapore-registered company. Otherwise, you will also be asked to provide a S$3,000 banker’s guarantee once your pass has been approved.
When submitting the EntrePass application, each pass will cost S$105. Once your application has been issued, each pass will cost S$225 and S$30 for each Multiple Journey Visa. With regards to the overall duration of the application process, it would usually take within 8 weeks.
As an EntrePass holder, you will be allowed to bring family members with you to Singapore as long as you meet the requirements for minimum local jobs created and business spending. For more information on the specific qualifications to bring family members into the country, click here.
Typically, this is not advisable as applicants are not required to incorporate their new company until the EntrePass visa has been approved. This is rather advantageous for entrepreneurs who are less confident of their chances of approval who don’t wish to incur the company registration expenses unless they are absolutely certain that they will be granted the EntrePass visa.
After your EntrePass has been approved, foreign business owners can now begin to incorporate the proposed company. One of the difficulties that a foreign business owner may face during this step is knowing the necessary requirements needed to fulfill the incorporation application. In order to speed up the process to kick start operations as soon as possible, looking for an external firm that specialises in incorporation is a great option.
Through Aspire and Osome’s partnership, entrepreneurs just like you can enjoy incorporation and account opening services that can be done on the exact same day. Incorporation packages include services such as application filing with ACRA, company name reservation, and even annual reporting. Skip the hassle and let us get you incorporated today.