Singapore Company Registration + Entrepreneur Pass Application Service
Ready to Start? Order Now 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.
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.
Applicant must fulfil 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);
- 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;
- Has research collaboration with recognised research institutions such as A*STAR or a local tertiary institution;
- Is an incubatee at a government-approved incubator;
They must also fulfill all of the following:
- Register a Private Limited Company. The company must not be registered for more than 6 months at the point of application. The company can be registered after approval of the EntrePass application.
- Own at least 30% of shareholding in the company by Year 2 of holding an EntrePass.
- 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.
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.
Ready to incorporate a Singapore company?
As an established company registration service provider in Singapore, Rikvin has specialists who can advise you on your incorporation needs and answer any queries that you may have.