Singapore Entrepass
If you are a foreign entrepreneur without the requisite educational qualifications or eligibility for the Employment Pass scheme, yet possess a demonstrable history of successful entrepreneurial ventures and innovative overseas ideas that could contribute to Singapore's entrepreneurial vibrancy, the EntrePass offers an alternative. The EntrePass application process is more intricate than that of the Employment Pass and necessitates a minimum paid-up capital of S$50,000.
Our comprehensive services include:
- Pre-application consultation on the Singapore Entrepreneur Pass, offering guidance and collecting essential information
- Drafting and preparing a detailed business plan
- Compilation of documentary requirements and submission of the EntrePass application
- Continuous monitoring of the EntrePass application status during processing
- Coordination with the designated MOM officer, as necessary
- Prompt response to any additional information requests from MOM
- Facilitating the issuance of EntrePass upon in-principle approval (IPA)
- Filing an unlimited number of appeals in the event of EntrePass application rejection
Eligibility Criteria for EntrePass:
To qualify for an EntrePass, the applicant must meet the following criteria:
- Company Registration:
- The applicant should have (or intend to start) a private limited company registered with the Accounting and Corporate Regulatory Authority.
- If the company is already registered, it must be less than 6 months old on the application date.
- If not registered, the applicant can wait for the application outcome before completing the registration process.
2. Paid-Up Capital:
- The company must have a minimum paid-up capital of $50,000.
- Submission of a bank statement reflecting a minimum balance of $50,000 in a Singapore-based company bank account is mandatory.
3. Shareholding:
- The applicant must hold at least 30% of the shares in the company.
4. Nationality:
- EntrePass application is open to individuals of all nationalities.
Additional Company Requirements:
- Funding from Government-Accredited VC or Business Angel:
- The company must secure a minimum of $100,000 in monetary funding from a venture capitalist (VC) or business angel accredited by a Singapore Government agency.
- Submission of a shareholder certificate and relevant documentation to support the funding application is mandatory.
2. Holding Intellectual Property (IP):
- The company must possess registered intellectual property (IP) from an approved national IP institution.
- One of the shareholders should be the registered owner of the IP, and even expired IPs can be considered if one of the shareholders is the IP's inventor.
- The IP must be relevant to the proposed business.
3. Research Collaboration with A*STAR or University:
- Ongoing research collaboration with a research institution recognized by the Agency for Science, Technology, and Research (A*STAR) or Singaporean institutes of higher learning is required.
- Examples include National University of Singapore, Nanyang Technological University, and A*STAR Research Institutes.
- The research collaboration must be related to the proposed business, and verification from the research institution is necessary.
4. Incubatee at a Government-Supported Incubator:
- The company should be an existing incubatee at a Singapore Government-supported incubator.
Examples include:
- National Research Foundation – Technology
- Incubation SchemeMedia Development Authority – iJam
- SPRING Singapore – Incubator Development Programme
- The incubatee work must be relevant to the proposed business.
Required Documents for EntrePass Application:
To ensure a smooth EntrePass application process, you must prepare and submit the following documents:
- Passport Documents:
- Copy of the personal particulars page of your passport.
2. Employment Testimonials:
- Past employment testimonials in English.
3. Business Plan (Not exceeding 10 pages) - Including:
- Business idea.
- Product or service offered.
- Market analysis.
- Market plan.
- Operation plan.
- Financial projections.
- Management team.
4. Supporting Documents:
- Any supporting documents such as licensing agreements, product certifications, and endorsements.
5. Company Registration Documents (for businesses registered with ACRA):
- Company’s latest business profile or instant information.
6. Financial Proof:
- A bank statement with a minimum balance of $50,000 from a Singapore-based company bank account.
Renewing an EntrePass:
If you currently hold an EntrePass and wish to renew it, you can initiate the renewal process 3 months before its expiration date. To successfully renew your EntrePass, you must meet specific criteria related to business spending and local job creation.
Renewal Criteria:
- The company must employ at least two full-time local employees (four from the second year onward).
- The company must demonstrate a total local business spending (TBS) of $100,000 over the past 12 months ($150,000 from the second year onward).
Required Documents for Renewal:
Ensure you have the following documents ready for your EntrePass renewal application:
- Latest Audited Accounts:
- Provide the most recent audited accounts for your company.
2. Central Provident Fund Statements:
- Include Central Provident Fund (CPF) statements for your employees.
3. Office Tenancy Agreement:
- Submit the tenancy agreement for your office.
4. Company Registration Information:
- Furnish the latest company registration information from the Accounting and Corporate Regulatory Authority (ACRA).
Optional Supporting Documents:
You may also include the following optional documents to strengthen your renewal application:
- Corporate bank statements for the past 3 months.
- Referral letters from customers.
- Recent invoices issued.
- Contracts awarded.
