What is an EntrePass?
The EntrePass is a visa for entrepreneurs who are ready to incorporate a new private limited company in Singapore. The EntrePass framework was further refined to attract technopreneurs as well as R&D-intensive enterprises including those in the cleantech and biotech sectors so that they can add value as well as inject vibrancy and innovation in Singapore.
Businesses that are involved in the development or application of innovative technology, or contribute to the flourishing of innovative creations, stand a better chance of having their EntrePass application approved.
What is required to get an EntrePass?
The EntrePass application will be reviewed by three government bodies – – SPRING Singapore, Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF). The criteria are as follows:
Applicants must demonstrate at least one of the following:
|Be funded by a recognised third-party venture capitalist or business angel||
|Hold a nationally-recognised proprietary or licensed Intellectual Property (IP)||
|Has research collaboration with recognised research institutions such as A*STAR or an institute of higher learning||
|Is an incubatee at a government-approved incubator or accelerator||
|Hold significant business experience/network and promising entrepreneurial track record||You must fulfil any of the following:
|Has exceptional technical/domain expertise in an area related to proposed business||You must fulfil all of the following:
|Hold good track record of investing in businesses and want to grow new or existing businesses in Singapore||You must fulfill all of the following:
They must also fulfill the following:
- Register a Private Limited Company. The company must not be registered for more than 6 months at the point of application. You can register the company after approval of your EntrePass application.
- Have relevant experience and track record in creating and managing a business successfully.
- Submit a 10-page business plan detailing business goals and objectives. Renewal of EntrePass is contingent on the fulfillment of goals and objectives outlined in the business plan.
Business Plan and Renewal Criteria
One of the key requirements for the application of an EntrePass is a 10-page business plan. The plan must demonstrate 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.
Business Plan – Compulsory Information
- Profile of applicant
- Professional experience, such as employment history, role in growing businesses, track record in growing startups
- Awards or recognitions, such as prestigious awards by a national body, credible organisation or recognised media
- Special skills or resources, such as intellectual property, technology, networks, financial
- Academic qualifications
- Role in societies or organisations
- Business idea
- Product and service offered
- Market analysis
- Supporting documents – e.g. licensing agreements, product certifications and endorsements.
- Implementation plan
- Market plan
- Operation plan
- Financial projections
- Profile of management team
EntrePass Renewal Criteria
|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
EntrePass holders may apply for Dependant’s Pass and/or Long-Term Visit Pass for their family members, if they meet the following criteria:
- EntrePass holder must have held EntrePass for 1 year and family would have to undergo Dependant’s Pass and Long Term Visit Pass assessment before applying for either upon EntrePass renewal
- In addition, EntrePass holders can only bring their family in if they meet the requirements for total annual business spending and local employment:
|To bring your||Your total annual business spending must be at least||You must employ at least|
||$100,000||3 local FTEs OR 1 local PME|
|Parents||$200,000||6 local FTEs
2 local PMEs
To bring your family in, you need to apply for the respective pass types:
|Family member||Pass type|
||Long Term Visit Pass|
Procedure and Timeline
MOM generally takes eight weeks to process an application, since the requirements for an EntrePass application are more stringent compared to those for an Employment Pass. If further clarification is required by MOM, the processing period will be extended.
Documents Required to Apply for an EntrePass
The following documents are required for all EntrePass applications:
- Singapore EntrePass application form 8
- A copy of educational certificates
- One passport-size photograph taken within the past three months
- A copy of the passport personal particulars page
- MOUs or contracts with potential clients for the new business, if any
- Brochures, press releases, or any other business collaterals from previous or existing business ventures
- A well-drafted, 10-page business plan detailing business goals and objectives
Collection of EntrePass
Once the application is approved, the Ministry of Manpower will issue an In-Principle Approval (IPA) letter. Upon the receipt of an IPA, you have six months to relocate to Singapore to collect your EntrePass, and must register your company with Accounting and Corporate Regulatory Authority of Singapore (ACRA) within the timeframe stated in the IPA.
To collect your EntrePass you will be required to present:
- A copy of the IPA letter
- Passport size photo
- Original passport with the disembarkation card
- Medical exam report* (if required as stated in the In-Principle Approval letter)
- Any other documents that are requested for in the IPA
* You may get a medical examination done in your own country through an established clinic/hospital or in Singapore. Most clinics in Singapore can provide medical examination and report within a day.
Entry Visa into Singapore
If you are overseas and require an entry visa to Singapore, your IPA letter will include a single journey entry visa. Upon your arrival in Singapore, we will make an appointment with Ministry of Manpower on your behalf for finger printing. Once the procedures are completed, your pass will be ready for collection in 4 working days.
You may collect the pass at MOM personally or authorize Rikvin to collect it on your behalf.
What happens when your EntrePass application is rejected?
In the event that your EntrePass application is rejected by the MOM, Rikvin will investigate why the status is so.
Based on the reasons provided by MOM, we will submit an appeal that will address the issues outlined by MOM and also include additional documents where applicable.
It will take MOM approximately three weeks or more to review your appeal.
Permanent Residence Eligibility
EntrePass holders are eligible to apply for Permanent Residency. There is a designated waiting period of six months since one of the assessing criteria is to have a minimum of six months pay slips, and preferably an IRAS tax assessment can be provided.
People also ask
- Along with being one of the world’s top financial centers with wide availability of funding and assistance schemes for start-ups or established companies, the city-state of Singapore is also known for its ease of doing business and pro-business regulatory environment, along with a very attractive corporate tax framework. Singapore also has comprehensive trade agreements with over 100 regions of the world, excellent connectivity, strategic geographical location, proximity to worlds.
- The Singapore Entrepreneur Pass (or EntrePass), is a visa designed for technopreneurs and R&D-intensive enterprises. To be eligible, you need to fulfill at least one of the following:
- Be funded by a recognised third-party venture capitalist or business angel;
- Hold a nationally-recognised proprietary or licensed Intellectual Property (IP);
- Has research collaboration with recognised research institutions such as A*STAR or an institute of higher learning;
- Is an incubatee at a government-approved incubator or accelerator;
- Hold significant business experience/network and promising entrepreneurial track record;
- Has exceptional technical/domain expertise in an area related to proposed business;
- Hold good track record of investing in businesses and want to grow new or existing businesses in Singapore.
- In Singapore, the investor visa is called the Entrepreneur Pass (or EntrePass), which is designed for technopreneurs and R&D-intensive enterprises. To get one you need to demonstrate at least one of the following:
- funded by a recognised third-party venture capitalist,
- hold a nationally-recognised proprietary or licensed Intellectual Property,
- has research collaboration with recognised research institutions,
- or is an incubatee at a government-approved incubator or accelerator; among other things.
- 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 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.
- Yes, they can, as it fulfils the one resident director requirement. In general, the minimum requirements for starting a business (incorporating a company) in Singapore are
- at least one shareholder which may be an individual or a corporate entity
- one resident director (either a Singapore citizen, permanent resident, Employment Pass holder or a Dependant Pass holder)
- one resident company secretary
- initial paid-up share capital of at least S$1, or equivalent in any currency
- a physical Singapore office address, and cannot be a PO Box
- Yes, a foreign individual (entrepreneur, investors etc.) or a foreign company, can set up a Singapore company and start a business. And the most popular way for a foreigner to start a business in Singapore is to incorporate a private limited company. Then you can choose whether to relocate to Singapore (by applying for a Employment Pass), or simply incorporate a company in the city-state and appoint a nominee resident director. Another option is to incorporate a Singapore company with EntrePass, which comes under the scheme Startup SG Talent.
Don't leave your Entrepreneur Pass application to chance.
We are a licensed employment agency registered with the Ministry of Manpower and offer a full spectrum of work pass services. Call us at +65 6320 1888 or contact us now for a free consultation.