Entrepreneur-Pass-singapore

Singapore Entrepreneur Pass

Information Updated by 2020

Are you an entrepreneur looking to set up a business in Singapore? If so, you may be eligible to apply for an Entrepreneur Pass (EntrePass). After the enhancement of the EntrePass scheme in 2017, it is now easier for international entrepreneurs to start a business in Singapore.

EntrePass Application

EntrePass Application

  • Review and refine business plans written by client
  • Collate and consolidate all supporting documents (Excluding translation and notarization fees if necessity)
  • Complete final online Application form for submission
  • Monitor the application process and reply to queries (if any) raises by MOM
  • Assist in the Appeal Process if required (Additional Charge)
  • Once the application has been approved:
    • Facilitate client to go for Medical Check-up and attend to the MOM interview/review session if required
    • Collect the Entrepreneur Pass on behalf of the client, if the client is no longer in SG when the pass is issued.

$2000

One Time Fee

EntrePass Business Plan

For those who need our assistance to write a comprehensive Business Plan for submission

Our work includes:

  • Analysis of your business ideas and personal profile
  • Prepare a comprehensive business plan based on our proven and successful template that will fulfill MOM’s requirements. (Around 8-10 pages)
  • Submit Business Plan, together with other supporting documents

$2000

One Time Fee

Exclude Translation Fees, Notarisation Fees, MOM Fees, Medical Check-up Fees and other out-of-pocket expenses

What is an EntrePass?

The Entrepreneur Pass (EntrePass) is a business visa designed for foreign entrepreneurs, innovators and experienced investors who wish to relocate and start a business in Singapore. It is open to all nationalities and is a scheme with the intention of attracting talent to the country and add to Singapore’s economy.

entrepreneur-pass-sample-from-MOM
Entrepreneur pass sample from MOM

The Truth of an EntrePass, Must Read!!

  • You don’t need to incorporate a company before the EntrePass application
  • No paid up capital required before the application
  • An innovative or entrepreneurial business idea holds priority before educational qualification
  • EntrePass holders can bring their spouse and children into Singapore to apply for Dependant Pass or Long Term Visit Pass
  • EntrePass holders are eligible to apply for permanent residency (PR) in Singapore
  • EntrePass holders enjoy relatively low income and corporate tax under the scheme

What is Eligibility Requirements for 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:

CRITERIA DESCRIPTION
Be funded by a recognised third-party venture capitalist or business angel
  • Strictly monetary funding of at least $100,000;
  • Applicant to provide shareholder certificate or documentary proof of investment commitment from VC/business angel;
  • Examples include Vertex Ventures, SGInnovate, Jungle Ventures etc
Hold a nationally-recognised proprietary or licensed Intellectual Property (IP)
  • 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
  • Expired IP can be considered as long as one of the shareholders is the inventor of the IP
Has research collaboration with recognised research institutions such as A*STAR or an institute of higher learning
  • Research collaboration must be related to your proposed business
  • Research institution needs to provide a contact person to verify details of the research collaboration
  • You must be involved with ongoing research collaboration
  • Contract of services is not considered to be research collaboration
Is an incubatee at a government-approved incubator or accelerator
  • Incubators or accelerators in SPRING Singapore’s Startup SG Accelerator Programme
  • Accredited Mentor Partners under Startup SG Founder
  • SGInnovate-linked incubation or acceleration programmes
Hold significant business experience/network and promising entrepreneurial track record You must fulfil any of the following:

  • Founded and sold a tech company
  • Raised significant funding from investors for a current or past venture
  • Have been or are being incubated by an internationally renowned incubator or accelerator
  • Have strong industry networks and business contacts that are related to your proposed business
  • Have substantial track record related to your proposed business
  • Have received recognition by a national body, recognised media publication or credible industry organisation for your professional, business or entrepreneurial achievements
Has exceptional technical/domain expertise in an area related to proposed business You must fulfil all of the following:

  • Area of expertise must be related to your proposed business
  • Have outstanding achievements or received international recognition in your area of technical or domain expertise
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:

  • You are willing to invest a substantial amount of money in a local company.
  • You have a track record in one of the following:
    • In investing in and driving the growth of highly-scalable businesses.
  • Substantial experience as a senior management professional or executive in a large corporation.

What Documents do You Need to Prepare for an EntrePass Application?

Before applying for an EntrePass, the applicant should prepare the following documents:

  • A completed EntrePass application form. Download Form
  • A copy of educational certificates
  • A passport-sized photograph taken within the last three months
  • A copy of the passport personal particulars page
  • Memorandum of Understanding (MOU) or contracts with potential clients for the new business, if any
  • Brochures, press releases, or any business collaterals from previous or existing business ventures, if any
  • A 10-page business plan

Note: All documents must be in English, or translated into English by a certified translation body.

How To Prepare Business Plan for EntrePass Application?

The proposed business plan will serve as the key requirement for the EntrePass application. Thus, the comprehensive business plan should demonstrate the applicant’s professional business experience, outlines its goals and objectives, and a detailed plan and strategies in meeting the requirements set by MOM.

The business plan must include the following information:

  • Applicant’s profile
    • The applicant’s professional experience, such as employment history, role in growing business and a track record in business start-ups
    • The applicant’s awards and recognition from a national body, credible organisation or recognised media
    • The applicant’s special skills or resources, such as intellectual property, technology, networks, and financial
    • The applicant’s academic qualifications
    • The applicant’s role in societies and 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

What Is The Procedure Of Applying for EntrePass

The EntrePass application can be made by the applicant or an agency on behalf of the candidate.

The procedure is as follows:

  1. The EntrePass application form is submitted, along with its supporting documents. MOM may take up to eight weeks to process the application. The processing period may be extended if any further clarification is required.
  2. Upon approval of the application, an in-principle approval letter (IPA) will be issued. The EntrePass applicant will have thirty days to register the company with ACRA.
  3. The EntrePass applicant will also have six months to enter Singapore and request for the EntrePass to be issued.
  4. The applicant may be required to register his or her fingerprints and photos taken for the issuance of EntrePass.
  5. The EntrePass card will be delivered within 4 days.

What Happens If the EntrePass Application is Rejected?

In the event that the EntrePass application is rejected by the MOM, the applicant can file an appeal within 90 days of the rejection notice. MOM will then take up to eight (8) weeks to process the appeal application.

Note: Please do not hesitate to bring your situation to us in the case of an unsuccessful application. Timcole, a professional firm with vast experience in work-pass services, can assist in investigating why your EntrePass application is rejected. Based on the reasons provided by the MOM, we will refine your application and business plan and submit an appeal on your behalf.

How To Renew Your EntrePass

A new EntrePass will be valid for one year. The first renewal will be a one year extension with subsequent renewals being valid for 2 years.

To be eligible for a renewal of an EntrePass, the EntrePass holder must meet the following criteria:

  • Show documented proof of ongoing business activity as presented in the original business plan
    • Most recent audited financial statements
    • CPF statements of company’s employees
    • Employees’ educational certificates
    • Tenancy agreements
    • Company’s ACRA registration information
    • Company’s bank statements for the past 3 months
    • Recent invoices or contracts
  • Own 30% of company’s shares
  • The company must meet the minimum annual total business spending (TBS) and local employee requirements according to the MOM regulations (see table below for more details)
Number of years
holding an EntrePass
Minimum Annual
Business Spending
Number of Local Employees
1 0 0
2 S$100,000 3 local full-time employees or 1 local professional, manager or executive
4 S$200,000 6 local full-time employees or 2 local professional, manager or executive
6 S$600,000 9 local full-time employees or 3 local professional, manager or executive
8 or more S$400,000 12 local full-time employees or 4 local professional, manager or executive

 

According to the MOM, a local full-time employee is defined as a Singapore citizen or permanent resident earning a monthly salary of at least S$1,100 with CPF contributions of at least 3 months. A local professional, manager or executive is defined as a Singapore citizen or permanent resident earning a monthly salary of at least S$3,600 with CPF contributions of at least 3 months.

The company’s minimum annual business spending excludes the following expenditures:

  • Expenses due to purchasing royalties or franchises and technical know-how fees from overseas companies
  • Expenses due to work outsourced overseas
  • Payments to company’s EntrePass holder(s)

What Businesses Are Not Eligible for an EntrePass

Note that not all types of businesses are eligible under the EntrePass scheme.

According to the Ministry of Manpower (MOM), the following businesses do not qualify for the EntrePass scheme:

  • Coffee shops, hawker centres and food courts
  • Bars, night clubs and karaoke lounges
  • Foot reflexology and massage parlours
  • Traditional Chinese medicine (TCM), acupuncture, and herbal dispensaries
  • Employment agencies
  • Geomancy businesses

How can Timcole Increase Your Chance with Your EntrePass Application?

  • We have a lot experience for Entry Pass application for pass few year.
  • We will advise and assist in the preparation of your EntrePass application and ensuring that all necessary supporting documents are included to minimize delays and maximize approval.
  • Prepare a comprehensive business plan on your behalf, based on the information you have provided on your new business.
  • Submit and track your application status on your behalf.
  • In the case of a rejection, We will review and explore the reasons with the relevant authorities and file an appeal on your behalf.

Renewing Procedure of an EntrePass

3 months prior to the expiry of the EntrePass, you will receive a renewal form from the MOM. After completion of the renewal form, you must mail it, along with supporting documents listed above, to the below address:
Work Pass Division, Ministry of Manpower, 18 Havelock Road, Singapore 059764

The renewal process will take around 8 weeks.

Applying Passes for the Family

An EntrePass holder can bring certain family members into Singapore by applying for them a Dependant’s Pass or Long Term Visit Pass.

Eligible family members to apply for a Dependant’s Pass include:

  • Legally married spouse
  • Unmarried children under the age of 21 years (including those legally adopted)

To qualify for the application of Dependant’s Pass, the EntrePass holder must meet the Year 2 renewal criteria.

Eligible family members to apply for a Long Term Visit Pass include:

  • Common-law spouse
  • Unmarried handicapped children above the age of 21 years
  • Unmarried step-children under the age of 21 years
  • Parents

In order to be eligible for the pass applications, the EntrePass holder must meet a minimum annual business spending and local hiring requirements as seen below:

Family Member Minimum Annual Business Spending Local Hiring Requirements
  • Common-law or legally married spouse
  • children
S$100,000 3 local full-time employees
or
1 local professional, manager or executive
  • Parents
S$200,000 6 local full-time employees
or
2 local professional, manager or executive

 

According to the MOM, a local full-time employee is defined as a Singapore citizen or permanent resident earning a monthly salary of at least S$1,100 with CPF contributions of at least 3 months. A local professional, manager or executive is defined as a Singapore citizen or permanent resident earning a monthly salary of at least S$3,600 with CPF contributions of at least 3 months.

The company’s minimum annual business spending excludes the following expenditures:

  • Expenses due to purchasing royalties or franchises and technical know-how fees from overseas companies
  • Expenses due to work outsourced overseas
  • Payments to company’s EntrePass holder(s)

Does EntrePass Holders Eligible To Apply For Permanent Residence (PR) In Singapore?

Yes! EntrePass holders are eligible to apply for Permanent Residence (PR) in Singapore.

It is advisable to wait for at least six months to meet one of the assessing criteria requiring a submission of a minimum six months payslip and preferably an IRAS tax assessment.

The PR application is made through the Professionals/Technical Personnel and Skilled Worker scheme at the Immigration and Checkpoint Authority (ICA). ICA will evaluate according to the applicant’s personal particular, background, length of stay, and also, the financial state of the applicant’s business.

It is strongly advised to hire the professional service of a corporate service provider to review your PR application. At Timcole, we provide expert guidance to assure a smooth execution of your PR application.

Does EntrePass holder Need Notifying Changes with the MOM?

An EntrePass holder must notify the MOM if there are any changes in:

  • Business activity
  • Company name
  • Company’s financial information
  • Company address
  • Salary
  • Occupation
  • Residential address
  • Personal particulars

How Can I Replace EntrePass Card?

If a EntrePass card is lost, stolen or damaged, the holder must apply for a replacement within a week. A police report (in English) must be included in the application if the card was stolen.

If the EntrePass holder is overseas during the event, he or she must notify MOM immediately and a letter will be issued to allow the holder to enter Singapore.

Otherwise, replacement card applications can be completed through EP Online. For the application, the holder will be required to submit a fee of:

  • S$60 for damaged cards; or
  • S$100 for first lost card and S$300 for any subsequent lost cards

Upon approval, the EntrePass holder has 4 working days to collect the new card at the Employment Pass Services Centre.

Cancellation of EntrePass

EntrePass holders must cancel their EntrePass if they cease business operation. The cancellation is immediate and all family passes associated with the EntrePass will also be cancelled.

Upon cancellation of the EntrePass, the EntrePass holder must pay any outstanding income taxes and receive tax clearance from the Inland Revenue Authority of Singapore (IRAS).

The EntrePass holder must also return his or her card to MOM within 1 week of cancellation.

How Timcole can Help You

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 9882 2773 or contact us now for a free consultation.