The EntrePass scheme, originally launched in 2003, is a work visa meant for foreign entrepreneurs looking to establish their business in Singapore. In 2014, sweeping changes were announced to the evaluation criteria that subjected the applicants to a very stringent assessment.
On 2 August 2017, the scheme was overhauled with further enhancements to the evaluation criteria, and the enhanced EntrePass scheme came into effect immediately.
Criteria for EntrePass
The applicant must have (or intend to start) a private limited company registered with the Accounting and Corporate Regulatory Authority.
- If registered, the company must be less than 6 months old on the date of EntrePass application.
- If the company has not been registered, this can be done after the outcome of the EntrePass application is known.
Note: Prior to the enhancement, applicants were required to hold at least 30% share in the company. However, now, the 30% shareholding is not required at the time of the application, and it is deferred until the end of year 1 of holding the EntrePass.
3 Eligibility Categories & 7 Qualifying Criteria for EntrePass
The applicants are required to meet any one of the following criteria as an Entrepreneur, Innovator or Investor.
| Entrepreneur | Innovator | Investor |
|---|---|---|
| Has funding of at least S$100,000 from a Government-recognised VC or business angel | Holds intellectual property registered with an approved Singapore IP institution | Investment track record |
| Is an incubatee at a Government-recognised incubator/accelerator | Has research collaboration with an Institute of Higher Learning (IHL) or a credible research institute in Singapore | |
| Business network and entrepreneurial track record | Extraordinary achievements in key areas of expertise |
Entrepreneurs who are in the early stage of exploring the feasibility of the business and evaluating potential business partners but have not progressed to a stage of securing funding or partnerships can still apply for an EntrePass on the basis of their track record and accomplishments in their sector. Earlier, only those who had achieved considerable progress in their venture could become eligible.
Most often entrepreneurs looking to establish in Singapore need at least a year to understand the market, evaluate its potential and calibrate their business model before establishing full-fledged operations. Though much of it could be done by traveling to Singapore frequently or by engaging consultants and advisors, it takes longer time and often results in wastage of resources. Most often, startup founders prefer to have an active role and first hand assessment in their ventures. An EntrePass is an ideal pass that allows a long-term stay enabling such early stage startup founders to focus on the business at hand.
Related article: New qualifying criteria for EntrePass »
Application Evaluation for EntrePass
For a successful evaluation and approval of the Entrepreneur Pass (EntrePass), applicants must meticulously adhere to eligibility criteria and submit all required supporting documents. Crafting a robust and innovative business plan that highlights the potential economic contribution to Singapore is crucial. Thorough research and understanding of Singapore’s economic priorities can help align the business concept accordingly.
Furthermore, applicants should ensure the accuracy and completeness of documentation, meet language proficiency requirements, and demonstrate relevant work experience. Seeking professional guidance and maintaining open communication with authorities can also improve the likelihood of a favorable evaluation and approval outcome.
Validity of EntrePass
A freshly issued EntrePass has a validity period of one year. Following this initial duration, it is eligible for renewal. Upon approval of the renewal, the EntrePass is extended for an additional year. Subsequent renewals are then valid for a duration of two years each.
EntrePass Renewal
The criteria for renewal in the enhanced EntrePass scheme include proof of business activities such as payment receipts, CPF contributions, and share holding will be scrutinised to evaluate the eligibility for renewal. The EntrePass holders must fulfil the following minimum annual business spending and job creation for locals in order to qualify for the renewal.
In order to qualify for renewal at the end of the second year, only 3 full time local employees need to be employed. Furthermore, the category of the local employees will also be taken into consideration, whereby one PME will be equal to 3 FTE, thus an EntrePass holder applying for renewal at the end of two years may just need to employ 1 PME to meet the headcount requirement.
To facilitate the renewal process, EntrePass holders must fulfill the following criteria:
- Provide documented evidence of continuous business activity, aligning with the details outlined in the initial business plan.
- Possess a minimum of 30% ownership of the company’s shares.
- Satisfy the prescribed minimum annual business expenditure and fulfill local employee requirements:
| No. of years you have held an EntrePass | Total business spending** must be at least | Must employ at least |
|---|---|---|
| 1 | – | – |
| 2* | $100,000 | 3 LQS** OR 1 PME*** |
| 4 | $200,000 | 6 LQS OR 2 PMEs |
| 6 | $300,000 | 9 LQS OR 3 PMEs |
| 8 or more | $400,000 | 12 LQS OR 4 PMEs |
*Hold a minimum of 30% shares in the Company from Year 2
**Total Business Spending (TBS) refers to total local business spending excluding renumeration to EntrePass holder
***LQS Local Qualifying Salary) refers to Singaporeans and Permanent Residents earning a monthly salary of at least $1,400 and receiving CPF contributions for a minimum of 3 months. In terms of equivalence, 3 LQS corresponds to 1 PME.
****PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents and earn a monthly salary of at least $3,600
Note: 1 local PME = 3 LQS
Dependant’s Pass (DP)
EntrePass holders can qualify for DPs for their spouses/children upon meeting Year 2 renewal criteria (minimum annual business spending of $100,000 and employ 3 LQS or 1 PME).
| To bring your | Your total annual business spending must be at least | You must employ at least |
|---|---|---|
|
$100,000 | 3 LQS OR 1 local PME |
| Parents | $200,000 | 6 LQS OR 2 local PMEs |
The possibility of bringing along the immediate family earlier than before would be a great comfort for some entrepreneurs who wish to have the emotional support of their family while tackling the challenges of their startups.
Related article: What is Singapore Dependants Pass?
Let us help you navigate the EntrePass application process
Liaise with a dedicated specialist who will guide you through your EntrePass application and the drafting of your business plan. We are a licensed employment agency registered with the Ministry of Manpower and the Official Corporate Services Partner of ACE. Our reliable guidance and high success rate comes with 20 years of experience. Secure your EntrePass with us.
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