Singapore Company Incorporation with EntrePass
Singapore Company Registration + Entrepreneur Pass Application Service
The Singapore Entrepreneur Pass (EntrePass) scheme was introduced to promote entrepreneurship in the republic.
As a start-up hub, Singapore is keen to support innovative business ideas and facilitates their commercialisation through several initiatives. In September 2013, the scheme has been 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 ideas, stand a better chance of having their EntrePass approved.
- Overview
- Documents
- Process
- Package
- Optional
Overview
Company Incorporation upon Approval of EntrePass
You can apply for Entrepreneur Pass Visa via Singapore’s Ministry of Manpower (MOM) before incorporating a Singapore company. Once the pass is approved, you will be issued an Approval-In-Principle Letter (AIP) and given 6 months to relocate to Singapore to collect your EntrePass. Following that, you have the stated time frame in your AIP to incorporate the proposed company and inject the proposed paid-up capital into your corporate bank account. Thus, you are not required to incur incorporation expenses until the positive outcome of your Entrepreneur Pass.
You are required to meet any of the following innovative criteria:
EntrePass 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.
| No. of years you have held an EntrePass | Total business spending** must be at least | Must employ at least |
|---|---|---|
| 1 | – | – |
| 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
Things to Note
If you wish to incorporate a company and apply for an EntrePass, you must do the following:
- Fulfill at least one of the “Applicants must demonstrate prerequisite requirement” listed above
- You can write your own business plan or engage Rikvin to assist you.
- Submit the business plan.
- Upon receiving the approval of the of the EntrePass application from the Ministry of Manpower, proceed to incorporate the Singapore Company.
Note: The drafting of the business plan and the submission of application can be processed regardless of your presence in Singapore.
Documents
Process
Package
Optional
Start a company in Singapore through the Entrepreneur Pass scheme
Take advantage of the relaxed eligibility criteria for EntrePass and form a company in Singapore.
