EntrePass in Singapore: Gateway for Global Innovators and Entrepreneurs

The Entrepreneur Pass (EntrePass) is a strategic initiative designed for ambitious foreign entrepreneurs, innovators, and investors looking to launch and operate businesses in Singapore. This guide provides an in-depth look at the EntrePass, offering insights into its application and renewal processes.

Understanding the Entrepreneur Pass (EntrePass)

1. Overview of EntrePass

EntrePass facilitates the entry of talented entrepreneurs into Singapore, allowing them to start and operate businesses within one of Asia’s most dynamic ecosystems. This pass is ideal for those who bring innovative ideas or investment capabilities that can contribute significantly to the local economy.

2. Eligibility Criteria

To qualify for an EntrePass, applicants must:

• Plan to start, or have recently started, a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.
• Own at least 30% of the company, which should not be older than six months at the time of the EntrePass application.
• Fulfil at least one of the specified criteria for Entrepreneurs, Innovators, or Investors, demonstrating a significant contribution to Singapore’s economy.

3. Business Fields and Innovations

EntrePass targets founders of businesses that are likely to be technology-oriented or have strong innovation potential. Routine businesses such as retail outlets, cafes, and massage parlours do not qualify. The aim is to support enterprises that can scale internationally and create considerable employment opportunities in Singapore.

What are the differences between the EntrePass and other Singapore work passes?

EntrePass Application Procedure 

Step 1: Submitting Your Application

Applicants need to prepare and submit a detailed application that includes a comprehensive business plan. The application, accompanied by a fee of S$70, should be submitted to the Ministry of Manpower (MOM) through a SingPost branch.

Step 2: In-Principle Approval

Once the application is processed, applicants receive an In-Principle Approval (IPA) letter. This IPA allows six months for the entrepreneur to relocate to Singapore and finalize their business setup.

Step 3: Company Registration

If not already registered, the business must be legally established with ACRA within 30 days post-IPA issuance, adhering to the business plan submitted with the application.

Step 4: Issuance of EntrePass

The applicant must then apply for the issuance of the EntrePass while in Singapore, paying a fee of S$150. This process includes verifying personal details and providing local contact information.

Step 5: Collection of EntrePass

Upon successful processing, the EntrePass is issued, and the applicant receives a notification letter, which may include a requirement to register fingerprints and have a photograph taken if it’s the applicant’s first pass or if there have been significant changes since the last issuance.

How to Renew Your EntrePass

The renewal of an EntrePass is contingent upon meeting specific business milestones and contributions outlined in the original business plan. These include minimum total business spending and local hiring requirements:

• The business should demonstrate growth through audited financial statements.
• Compliance with local employment standards is mandatory, with requisite CPF contributions for local employees.

Renewal Process

Approximately three months before the EntrePass expires, MOM will provide the necessary renewal forms. EntrePass holders are required to submit these along with their company’s latest financial statements and other supporting documents to demonstrate ongoing business viability.

Benefits for Family and Path to Permanent Residency (PR)

Qualified EntrePass holders can bring their families to Singapore using either a Dependant Pass or Long Term Visit Pass, provided they meet additional criteria for business spending and local hiring.

EntrePass holders may also consider applying for permanent residency after establishing a successful business and contributing to the local economy. This involves demonstrating financial stability and meeting additional criteria set by the Immigration and Checkpoint Authority (ICA).

Using an incorporation service as an extension of your team

Setting up a company in Singapore can be challenging, but with professional support, it can be simple. Counto’s mission is to support your new business, take away the complexities of compliance, and save you time and money throughout the year. Speak to us directly on our chatbot, email us at [email protected], or contact us using this form.

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