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.
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:
Option 1: Funding from Government Recognised VC or Business Angel
Your company must have funding of at least $100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognized by a Singapore Government agency.
Option 2: You are currently an incubatee at a Government-recognised incubator/accelerator
Option 3: Business Network and Entrepreneurial Track Record
You possess any one of the following:
• You have founded and sold a tech company.
• You have raised significant funding from investors for a current or past venture.
• You have been or are being incubated by an internationally renowned incubator or accelerator.
• You have strong industry networks and business contacts that are related to your proposed business.
• You have a substantial track record related to your proposed business.
• You have received recognition by a national body, recognised media publication or credible industry organisation for your professional, business or entrepreneurial achievements.
Option 1: Holds Intellectual Property Rights
You fulfil all of the following criteria:
• Your IP must be registered with an approved national IP institution.
• Your IP delivers a competitive advantage to your proposed business and cannot be easily replicated.
• One of the shareholders or the company must be the owner of the IP.
Option 2: You have research collaboration with an Institute of Higher Learning or credible research institute in Singapore
Option 3: Extraordinary achievements in key areas of expertise
You possess outstanding domain knowledge and exceptional expertise in an area relevant to your business. This must be proved on the basis of international awards or recognition or other outstanding achievements in an area relevant to your business.
You must have a good track record of investing in scalable businesses and growing them and be willing to invest a substantial sum of money in a local business and must fulfill one of the following:
• Track record of investing in and driving the growth of highly-scalable businesses.
• Substantial experience as a senior management professional or executive in a large corporation.
We will draft your Business Plan and prepare your EntrePass Application depending on the Category and Criteria you will be filing your application under.
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|
|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.
- EntrePass application
- A well-drafted 10-page business plan
- A copy of the passport personal particulars page
- Additional documents based on innovative criteria selected.
Your EntrePass business visa application must be sponsored by a Singapore-registered company (we will sponsor your application when you engage our service)
DOCUMENTS REQUIRED FOR COMPANY REGISTRATION
For the purpose of company registration in Singapore, the following details and documents are required:
- Company Name
- Brief Description of Business Activities
- Shareholders Particulars*
- Directors Particulars*
- Registered Address
* For non-residents: Copy of passport, overseas residential address proof, and Know-Your-Client (KYC) information such as a bank reference letter.
* For Singapore residents: Copy of Singapore identity card.
* If the shareholder is a corporate entity: Copy of registration documents such as Certificate of Incorporation and Memorandum & Articles of Association.
DEPENDANT’S PASS ( DP )
If you intend to apply for passes for your dependent(s), we will require the following documents:
- Copy of Passport
- Copy of Marriage Certificate (Spouse)
- Copy of Birth Certificate (Child)
- Copy of highest education certificate (for spouse and/or child)
- If child is legally adopted, copy of the child’s official adoption documents
- Copy of custodial letter of the child (If the child is step-child)
STEP 1 – SUBMIT INCORPORATION ORDER FORM.
Please provide us your email address and we will email you the necessary incorporation forms.
STEP 2 – DRAFTING THE BUSINESS PLAN FOR ENTREPASS APPLICATION
Upon receiving the payment for our services, we will
- Draft a 10-page comprehensive business plan based on the information provided by you including incorporating the requirements stipulated by the Ministry of Manpower (MOM).
- Send the business plan for your review and approval.
- Upon your approval of the business plan, we will submit the application to MOM.
STEP 3 – APPLY FOR ENTREPRENEUR PASS
We will submit the necessary documents to MOM for the EntrePass application filing. MOM takes approximately 60 working days to process the application and issue the In-Principle Approval (IPA) letter.
Upon receiving the In-Principle Approval notification, we will initiate the incorporation of the company.
STEP 4 – INCORPORATE SINGAPORE COMPANY AFTER ENTREPASS IN PRINCIPLE APPROVAL
Upon the signing of the incorporation documents, we will
- Incorporate the Singapore Company and arrange to open the company bank account with your preferred bank to deposit the paid-up Capital (as stipulated in the business plan).
- Upon sighting the deposit slip, we will proceed to file the increase of the paid-up capital in ACRA.
STEP 5 – ISSUANCE OF ENTREPASS
Upon incorporation of IPA requirements, the authorities will issue the In-Principle Approval notification for the pass issuance and collection.
Step One – Apply for EntrePass
Entrepass Filing with Business Plan Drafting
- Drafting of Business Plan.
- EntrePass Application Filing.
- Development, compilation and submission of required documents.
- Status tracking with Ministry of Manpower.
- Follow-up with authorities for all required clarifications.
Step Two – Upon Approval
Registration of Singapore Company
Our service for incorporation of a private limited Singapore Company includes:
- Name check and reservation
- Preparation of memorandum & articles of the company
- Preparation of registration forms
- Professional & Government Filing Fees
- E-Certificate of incorporation
- Preparation of compliance corporate kit, including corporate seal, share certificates, register and minutes book
- Minutes of the first board meeting
- Resolution to open a bank account
Singapore Companies Act requires all Singapore Companies to appoint a Company Secretary to handle on-going Statutory Compliance Matters.
We will act as your company secretary and this service includes:
- ACRA Compliance Alert & Reminders
- Named Company Secretary registered with ACRA for 12 months
- Maintaining the statutory books, preparation of all relevant minutes for Directors’ and Shareholders’ meetings.
Registered Office Address
The Companies Act requires all Singapore incorporated entity to have a Singapore-based registered address.
- All Singapore Companies require a local registered address for official communication.
- Rikvin can provide a prestigious address if you don’t have one.
- If this option is terminated prematurely, any unused amount is refunded on a pro-rated basis.
Dependant Pass Application
You can now bring your family into Singapore under Dependant’s Pass and Long Term Visit Pass. However, the criterion is stringent. You cannot bring in your family at the time of application for EntrePass. Your family can only enter Singapore under Dependant’s Pass and Long Term Visit Pass upon your EntrePass renewal (after 1 year) and your family would have to apply and go through DP and LTVP assessment before they can apply for either.
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 OR 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|
We can aid you with the following services:
- Dependant Pass (DP) and Long Term Visit Pass (LTVP) Application Processing
- On line filing for faster results
- Status tracking with Ministry of Manpower
- Follow Up Liaising with authorities in case of any clarifications required
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.