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Singapore Entrepass Application Services
PB Corporate Services has an experienced team of professionals to provide assistance with your employment pass (EPASS) or ENTREPASS application as well as your Singapore Company Business registration.
Foreign entrepreneurs can incorporate a Singapore Private Limited (Pte. Ltd.) company and act as the sole director of their Singapore company if their application for a 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 renewable from thereon in. There is no minimum capital required under this scheme and no requirements to have a Singapore resident shareholder.
Eligibility - Entrepass Application
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At the point of submission for the EntrePass application, the applicant must not have registered his/her Singapore Company 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 that are not of entrepreneurial nature, for example: 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. |
Requirements
Applicants are to submit their applications to MOM. All applications are assessed by SPRING, whilst MOM will issue Employment Passes for successful applicants.
1. New Applications (valid for up to two years) must be accompanied with a comprehensive business plan of not more than 10 pages. (Administrative fee charged by MOM is $40, to be paid upon submission of application).
2. 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; |
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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:
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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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For subsequent Renewals (valid for up to three years), the company must fulfil all the following conditions:
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Evidence of turnover / sales activities, (in Singapore and Elsewhere ); |
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Employment creation (staffing in Singapore); |
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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 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 employees from the Central Provident Fund Board (CPFB). |
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Application
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A copy of the completed EntrePass Application Form, for each applicant. The EntrePass application must be sponsored by a well-established company registered in Singapore or a Banker's Guarantee of S$3,000 to be furnished by the applicant if the application is approved. |
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A copy 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; |
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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; |
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A copy of the Travel Document page showing the applicant's personal particulars; |
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Singapore-born applicants are required to complete a Personal Particulars Form and furnish relevant documents stipulated in the Personal Particulars Form when submitting the EntrePass application; |
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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 |
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For applicants with dependents (foreign spouse/foreign children under 21 years of age), a Dependant's Pass application should be submitted together with the Employment Pass application to facilitate processing of the applications. The Dependant Pass application must be sponsored by a Singapore-registered company or a banker’s guarantee of S$3,000 to be furnished for each applicant upon successful approval of the application. |
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Processing Time
The processing time for an EntrePass is around a month from receipt of the application, due to the time required for assessment by SPRING.
Procedure
A successful applicant will be issued with an Approval-In-Principle letter to enable him / her to register the company / business with ACRA, if the company has not yet been registered. (EntrePass approval does not guarantee that ACRA will approve company, as they are different authorities). The applicant can then present himself/herself to MOM with the ACRA business/company profile printout and Approval-In-Principal Letter to process his/her Employment Pass, and Dependent Passes.
For more information, please contact us. |
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