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.
| New Application | Renewals | |
| EntrePass Application (including preparation of Business Plan) | $3000 | $500 |
| Prepare justification paper for Appeal (If required) | $500 – $1000 | |
| Dependent Pass application for spouse / children | $ 300 | |
| Long Term Visit Pass for Parent / Step Children | $ 300 |
The fee quoted above are excluding GST & out-of-pocket expenses such as market analysis fee, translation fee, MOM fee , etc.
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.
To be qualified for an EntrePass, you must:
In addition to the above requirements, you must also meet the eligibility criteria under one of the three categories below:
If you do not meet all the criteria in any category above, we advise that you consider applying for a Singapore Employment Pass instead.
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:
Before applying for an EntrePass, the applicant should prepare the following documents:
Note: All documents must be in English, or translated into English by a certified translation body.
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:
The EntrePass application can be made by the applicant or an agency on behalf of the candidate.
The procedure is as follows:
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.
Timcole can assist in your EntrePass application by:
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:
| 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:
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.
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.
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:
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:
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 |
|
S$100,000 | 3 local full-time employees or 1 local professional, manager or executive |
|
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:
An EntrePass holder must notify the MOM if there are any changes in:
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:
Upon approval, the EntrePass holder has 4 working days to collect the new card at the Employment Pass Services Centre.
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.
Timcole is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.
Our 8 years of experience in work pass applications can assure you a smooth and stress-free process. Contact us to find out more on how we can help you with your company today.
