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Singapore Entrepass Application Services
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.
Foreign entrepreneurs 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 in. There is no requirement to have a Singapore resident shareholder on board for this scheme. However, it is important to have a substantial paid up capital to show financial commitment toward running your business.
Eligibility - Entrepass Application
The Entrepass is suitable for a foreign entrepreneur who possesses enterprise experience and is ready to start a new company or business in Singapore. He/She will be actively involved in the operation of the company/business in Singapore.
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At the point of submission for the EntrePass application, the applicant must not have registered his/her Singapore Company/business with ACRA for longer than six months. |
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The proposed business venture must not be engaged in illegal activities. |
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Businesses which are not of entrepreneurial nature such as coffee shops/hawker centres/food courts, foot reflexology, massage parlours, karaoke lounges, money changing/remitting, newspaper vending, geomancy and tuition services etc, will not be considered for an EntrePass. |
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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.
Requirements
The following documents are required for an Entrepass Application:
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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. |
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A copy of each of the applicant's past employment testimonials (Translated into English if they are in other languages) |
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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: |
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Business idea - a short, self-explanatory summary covering the proposed business concept |
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Product / service - the total product and service offering |
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Market analysis - the target market in terms of key customers, competition and market growth potential |
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Market plan - how the product / service will be marketed or distributed |
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Operation plan - resources needed to run the business |
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Financial projections - projected sales and net profit before tax for three years and breakeven point |
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Management team - key drivers of the business and |
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Supporting documents - e.g. licensing agreements, product certifications, endorsements etc. |
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• 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.
Please Note:
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.
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 $40, and it is to be paid upon submission of application.
Processing Time
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).
Procedure
A successful applicant will be issued with an In-Principle Approval letter (IPA) to enable him / her to register the company / business with ACRA (if the company has not yet been registered). The applicant can then present himself/herself to MOM with the ACRA business/company profile printout and the IPA to collect his/her Employment Pass and Dependent Passes.
Please Note:
EntrePass approval does not guarantee that ACRA will approve company name availability for incorporation, as MOM and ACRA are different authorities.
Renewal
For First-Time Renewals (valid for up to three years), applicants must substantiate that:
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The 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 and/or
» Paid-up capital submission |
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The business is still operating in Singapore, according to the original business plan. |
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The applicant is also required to submit the following documents to MOM:
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• Company registration information from the Accounting and Corporate Regulatory Authority (ACRA) |
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• Latest financial statements declared to the Inland Revenue Authority of Singapore (IRAS) and |
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• Documented information on the number of employees from the Central Provident Fund Board (CPFB). |
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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.
For subsequent Renewals (valid for up to three years), the company must fulfill all the following conditions:
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Evidence of turnover / sales activities (in Singapore and/or elsewhere) |
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Employment creation (above and beyond the main applicant) |
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Corporate income tax paid for at least one out of the last three years (in Singapore) |
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Business venture is conducting business based on original business plan and |
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Applicant must submit the following documents:
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Singapore Company Registration information from the Accounting and Corporate Regulatory Authority (ACRA) |
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Latest financial statements declared to the Inland Revenue Authority of Singapore (IRAS) and |
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Documented information on the number of local employees from the Central Provident Fund Board (CPF Board). |
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For more information on our service fees, please go the pricing page on this website or contact our consultants directly. |
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