Singapore Entrepass Application
The Ministry of Manpower (MOM) will tighten the EntrePass criteria to raise the quality bar for foreign entrepreneurs intending to set up a business in Singapore
. These changes will come into effect from the 1st of September 2013
. For more details, please click here for MOM Media Factsheet
Entrepass is suitable for a foreign entrepreneur who possesses strong enterprise experience and wishes to set up a new business in Singapore. He/she will need to be actively involved in the operation of the company/business in Singapore and will draw a fixed monthly salary of at least S$3,000. The foreign entrepreneur can incorporate a Singapore Private Limited (Pte. Ltd.) company and act as the sole local director of their Singapore company if their application for an Employment Pass under the EntrePass Scheme is approved by MOM and SPRING Singapore.
The initial Singapore EntrePass granted is valid for up to 2 years and is renewable from thereon (for up to 3 years for each renewal), provided all the criteria are met. There is no requirement to have a Singapore resident shareholder on board for this scheme. However, it is important to have a substantital initial paid up capital of at least S$50,000 to show financial commitment towards running your business.
- Company must be registered as a Private Limited Company with ACRA
- Applicant to hold at least 30% of shares in the company which should be at least S$50,000 in paid-up capital
- Company to have at least $50,000 paid-up-capital (a bank statement from the Singapore-based company bank account of at least $50,000 is required)
- Company must not be registered for more than six months at the point of application
- The business must not be illegal
Initially 1-2 years and renewable for up to 3 years
* The applicant may also choose to apply for Entrepass based on the business idea only, whereby the applicant can incorporate the company upon approval of the Entrepass appointing oneself as the local director.
The following documents are required for an Entrepass Application:
- A copy of the completed EntrePass Application Form, for each applicant. If the company/business is not registered yet, state the proposed name and address of the company in the application form.
The form must be endorsed with the company’s stamp/seal and signed by both the applicant and an authorized officer from the sponsoring company.
Alternatively, a Banker's Guarantee of S$3,000 is to be furnished by the applicant if the application is approved, and must be presented when the successful applicant collects the pass.
- A copy of each of the applicant's past employment testimonials (Translated into English if they are in other languages)
- Companies / businesses registered with the Accounting and Corporate Regulatory Authority (ACRA) must produce a copy of the company’s latest Business Profile / Instant Information
A comprehensive Business Plan of not more than 10 pages detailing the following:
- Business idea - a short, self-explanatory summary covering the proposed business concept
- Product / service - the total product and service offering
- Market analysis - the target market in terms of key customers, competition and market growth potential
- Market plan - how the product / service will be marketed or distributed
- Operation plan - resources needed to run the business
- Financial projections - projected sales and net profit before tax for three years and breakeven point
- Management team - key drivers of the business and
- Supporting documents - e.g. licensing agreements, product certifications, endorsements etc.
- A recent passport-sized photograph, taken within the last three months
- A copy of the Travel Document page showing the applicant's personal particulars
- For married applicants, a copy of the official Marriage Certificate is required if the spouse is a Singapore Citizen, Singapore Permanent Resident or an Employment Pass holder and
- For applicants with dependents (foreign spouse/foreign children under 21 years of age), a Dependant's Pass application should be submitted together with the Pass application to facilitate processing of the applications.
The Dependant Pass application must also be sponsored by an established Singapore company. Typically, this will be the same company that is sponsoring the spouse’s/parents’ EP pass. The application must be endorsed with the company’s stamp/seal and signed by both the applicant and an authorized officer from the sponsoring company or a banker’s guarantee of S$3,000 to be furnished for each applicant upon successful approval of the application.
Applicants are to submit their applications to MOM via SingPost. All applications are assessed by SPRING for their business viability, whereas MOM will issue Employment Passes to successful applicants.
New applications (valid for up to two years) must be accompanied with a comprehensive business plan of not more than 10 pages (according to MOM/Spring’s criteria). The administrative fee charged by MOM is S$70, and it is to be paid upon submission of application.
The processing time for an EntrePass is around 6 weeks from receipt of the application, due to the time required for assessment by SPRING. (Please note that there is usually a delay of 7 to 10 days from when applications submitted to SingPost and acknowledged as received by MOM/Spring Singapore).
FIRST TIME RENEWAL
(Valid Up to 3 Years
(Valid Up to 3 Years)
Business is in commercial operations and / or company has secured third party funding. This can be further substantiated by the following submissions:
- Proof of employment creation (above and beyond the main applicant)
- Paid-up capital submission
Evidence of turnover / sales activities (in Singapore and / or elsewhere) and further substantiated by:
- Employment creation
- Corporate income tax paid for at least one out of the last three years (in Singapore)
The business is still operating in Singapore, according to the original business plan.
The applicant is also required to submit the following documents to MOM:
- Company registration information from the Accounting and Corporate Regulatory Authority (ACRA)
- Lates financial statements declared to the Inland Revenue Authority of Singapore (IRAS) and
- Documented information onthe number of employees from the Central Provident Fund Board (CPFB).
If there is a change in the nature of the entrepreneur's business during the validity of the pass, he/she will be required to notify the Work Pass Division.
PB Corporate Services Pte. Ltd. has an experienced team of professionals to assist with writing the business plan for your ENTREPASS application, as well as the set-up of your new Singapore Company or business.
For more information on our service fees, please go the pricing page
on this website or contact
our consultants directly.