Foreign entrepreneur who wishes to set-up business in and relocating to Singapore may apply for an EntrePass. Foreigner is not allowed to register and run a sole-proprietorship and a partnership in Singapore; therefore the only option available is to incorporate a Private Limited Company.
Eligibility
Here are the criteria that must be met:
- The business has to be registered as a private limited company with the Accounting and Corporate Regulatory Authority (ACRA) – Singapore’s regulator of businesses and public accountants.
- The applicant must hold at least 30% shares of the company.
- There must be at least S$50,000 of paid-up capital in the company. A bank statement, from a Singapore-based company bank account, with a balance of at least S$50,000 is required for verification.
- If the company has been incorporated before application of EntrePass, the application must be made within 6 months from the date of incorporation.
- There are 3 categories of EntrePass, and the eligibility criteria are outlined below:
| Category | Eligibility Criteria |
| P1 |
|
| P2 |
|
| Q1 |
|
| *Total Business Spending | ||
| S$ | S$ | |
| Total operating expenses | XX | |
| Less: | ||
| Royalties/franchise fees/know how fees to overseas companies | XX | |
| Work subcontracted to overseas companies | XX | |
| Remuneration to applicant & immediate family | XX | XX |
| Total business spending | XX | |
Passes for Family Members
EntrePass holder can apply 2 types of passes for his / her family members:
- Dependent’s Pass– EntrePass holder of whichever category (P1, P2 or Q1) earning a mimimun salary of $4,000 is eligible to apply a Dependent’s Pass for his / her:
- Spouse
- Unmarried or legally adopted children who are below 21 years of age
- Long Term Visit Pass – Only EntrePass holder of category P1 and P2 is eligible to apply a Long Term Visit Pass for his / her:
- Common-law spouse
- Unmarried daughters who are above 21 years of age
- Handicapped children who are above 21 years of age
- Step-children who are under 21 years of age
- Parents (only for P1 pass holders)
Documents Required
- A copy of the personal particulars page of applicant’s passport / travel document
- A passport-sized photograph of the applicant taken within the last 3 months
- A copy of past employment testimonials in English
- If your company is already incorporated,
- A company business profile; and
- A bank statement, from a Singapore-based company bank account, with a balance of at least S$50,000
- A business plan of not more than 10 pages, in which the following is clearly stated:
- Business idea – A summary of the proposed business concept.
- Product or services offered
- Market analysis – The target market in terms of key customers, competition and market growth potential.
- Market plan – How the product or service will be marketed or distributed.
- Operation plan – The resources needed to run the business.
- Financial projections The projected sales and net profit before tax for 3 years ahead and the breakeven point.
- Management team – The key drivers of the business
- Supporting documents – Examples include licensing agreements, product certifications, endorsements etc.
Procedure
- Drafting of and application for approval of business plan (60 working days)
- If the application is successful, an Approval In-Principle (AIP) letter will be issued, which will be used in the incorporation of the business entity
- Incorporation of company
- Application for Entity Name (subject to availability and approval by ACRA required)
- Registration of the business
- Opening of corporate bank account for the deposit of Paid up Capital (according to the business plan)
- Application for EntrePass
- Upon reflection of the paid-up capital in ACRA records and upon receipt of the In-Principle Approval (IPA) notification, valid for six months from the date of the letter, arrangements will be made for the collection of your EntrePass. If an entry visa to Singapore is required to facilitate collection of the EntrePass, a onetime entry visa will normally be issued to you as part of the EntrePass approval letter.
Processing Time
The Ministry of Manpower (MOM) will take about 6 weeks to process the application as the application is jointly assessed by the MOM and Standards, Productivity and Innovation Board Singapore. In BudgetAccounts, we will continually monitor the progress for you.
Validity of EntrePass
Upon successful of the application, the pass will be valid for 1 or 2 years.
Rejection and Appeal of EntrePass Application
In the event that your application is rejected by the MOM, we will find out the reason of it being rejected, and appeal the application for you. The MOM will take at least 3 weeks to process an appeal depend on the complexity of the case.
Cancellation of EntrePass
The EntrePass must be cancelled in the following situation:
- Cessation / termination of business
- Attainment of Singapore Permanent Residence
Renewal of EntrePass
The MOM will post the renewal form to the employer about 3 months before the pass expires, and the completed form must be submitted to the MOM by at least 2 months before the expiry date of the pass.
Documents required for renewal:
- Latest audited accounts
- Central Provident Funds (CPF) statements
- Highest educational certificates of employees
- Tenancy agreements
- Company registration information from the ACRA
- Corporate bank statements for the past 3 months (optional)
- Referral letters from customers, if any
- Recent invoices issued or contracts awarded (optional)