EntrePass Business Plan Requirements and Renewal Criteria
One of the key requirements for the application of an EntrePass is a 10-page business plan. The plan must demonstrate that your professional business experience, the soundness of your business idea and a detailed implementation plan.
MOM has a progressive renewal criteria framework to ensure that the contributions of EntrePass holders are commensurate with the duration of their operations in Singapore. Subsequent renewals of the EntrePass are contingent on meeting these requirements as well as on achieving the goals and objectives in the business plan. It is therefore crucial to have a well-drafted business plan.
|No. of years you have held an EntrePass||Total business spending** must be at least||Must employ at least|
|2*||$100,000||3 FTES** OR 1 PME***|
|4||$200,000||6 FTEs OR 2 PMEs|
|6||$300,000||9 FTEs OR 3 PMEs|
|8 or more||$400,000||12 FTEs 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
***Full-time Employees (FTEs) refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,100
****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 local FTEs
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- The Singapore Entrepreneur Pass (also known as the EntrePass) is for entrepreneurs that already own their own business, and would like to relocate that business to Singapore. This is a 1 year visa, renewable up to 2 years. To qualify, you’ll need to:
- Have your business registered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
- Be registered (as above) for less than 6 months as of your EntrePass application.
- Prove you have at least $50,000 in capital.
- Meet at least 1 of the following criteria:
- Have a proven track record of business growth.
- Be part of a government supported incubator.
- Be a collaborator with A*STAR or university.
- Be the owner of recognised intellectual property.
- Have exceptional expertise in your field.
- Notable experience, networks, and entrepreneurial record.
- Have acquired funding from a business angel or government accredited venture capital organisation.
If you’d like to find out more about the EntrePass, and how to apply for it, you can read our detailed Singapore Entrepreneur Pass visa guide.
- You can get a business pass in Singapore by having a registered local Singapore service provider do your application for you. This will help ensure your business pass application is processed quickly and easily, without any headaches. Singapore offers different business visas depending on your needs:
- The Singapore Employment Pass is for professionals looking to work in Singapore. For this visa you’d most likely be a manager, executive, or other high-level employee in your field.
- The Singapore Entrepreneur Pass is for entrepreneurs that already own their own business, and would like to relocate that business to Singapore.
- The Singapore Personalised Employment Pass (PEP) is a work visa for exceptional, top-tier executives. For this visa you’d generally be a CEO, CTO, COO, etc.
There are many options for living and working in Singapore as a foreigner, so we’d recommend you check out our Simple Singapore Working Visa Guide.
- If you wish to run a business in Singapore, you will need either an Employment Pass, or an Entrepreneur Pass. The difference between an Employment pass and an Entrepreneur Pass are as follows:
- An Employment Pass holder will usually be a professional in a managerial or executive role, whereas an EntrePass is for foreigners who want to move their existing business to Singapore
- An Employment Pass holder must be earning at least $3,900 per month, where an EntrePass holder must have $50,000 in capital to start their business.
- Yes, a Dependant Pass holder can start a business in Singapore. However, you must first apply for a Singapore Employment Pass, which will then allow you to start your own business in Singapore. Your method of applying for an Employment Pass will depend on your spouse’s employment status:
- If your spouse is an S Pass Holder, you can apply for a Work Permit, S Pass, or Employment Pass.
- If your spouse is an Employment Pass holder, you can get a Letter of Consent by obtaining employment.
If you’d like to find out more about applying for one of these Singapore visas, check out all of the Singapore Immigration and work visas available.