The Entrepreneur Pass (Entrepass) Singapore Guide
Entrepreneur Pass (Entrepass) is the right choice for those wanting to start their ventures in Singapore. Below we will provide you with all the information required for Entrepass conditions.
1. What Is An Entrepass (EP) In Singapore?
TThe Singapore EntrePass is provided as a work visa to overseas business tycoons who plan to start-up companies in Singapore. The key features of the Entrepass contain:
- There is no employee levy or quota required
- There is no salary limit required
- The visa lasts for a whole year which can later be renewed: next renewals continue for two years
- After fulfilling a few requirements, you can call your family
2. The Enhanced Entrepass scheme 2017 – the key changes?
Since 3rd August 2017, some changes have taken place. The Entrepass structure has been enhanced considerably to draw the attention of oversea business people from Asia. This would also contribute to making Singapore a more technological place. The changes contain:
- The time extension of 2 years to give people a better and prolonged period to expand their businesses
- Expansion of the assessment criteria to attract talented people to relocate businesses in Singapore
- Demanding for documents including investment plans and business tracks to assess an applicant’s business position
- Termination of the requirement to deliver S$50,000 in contributed capital
3. What are the new Entrepass requirements?
An essential element to achieve an Entrepass is that the applicant has to be of 21 years or older. The person should have started to plan or already has established a company. Other essential necessities comprise:
- You must prove that your firm would offer increased employment to locals and it is innovative
- Within six months, it is necessary to list your business. You can also register the company once your Entrepass submission has been approved
- It is required to own a minimum of 30% shares in your firm
You have to fill the eligibility of the three categories mentioned below to get approved for the Entrepreneur pass, and they have particular wants:
- $100,000 must be received from a project funded by the government investor or recognised as a governmental organisation
- Your company should be incubated by a company which is listed through the government
- Your company should have a positive performance record
- You must be an owner of an exceptional, knowledgeable property
- You must have expertise in your field and have received substantial accomplishments
- You have worked together with research organisations or colleges in Singapore
- You should have a reputable status and a strong record of financing in a fresh firm in Singapore
The following companies are not qualified for an Entrepass:
- Coffee shops and cafes
- Bars and karaoke bar
- Massage salons
- Traditional medicine businesses
- Employment interventions
- Hawker centres
- Geomancy companies
You can always get in touch with us if you have any further questions in mind concerning the Entrepass necessities
4. What are the documents required to submit for an Entrepass?
The documents (in English) mentioned below should all be submitted to accomplish the eligibility criteria of Entrepass.
- Entrepass application form
- A passport-sized photograph which should be recent
- Employment records and documents of past ventures
- Proof of education
- A photocopy of your valid passport
- Professional profile if you already listed your firm in Singapore
- You will also have to submit a business plan of 10 pages which will have to state the below points below:
- Section 1. Outlines should consist of:
- a. Candidate’s experience in business
- b. Demonstrate distinct skills or properties
- c. Educational background
- d. Candidate’s role in societies
- e. Recognition from any government body or organisation
- Section 2. : Company idea to contain:
- a. Report on services that will be offered
- b. The examination of the industry
- c. Supporting documents including certifications
For further details, you can contact our expert consultants.
5. What is the Singapore Entrepass business plan standard requirement?
Business people, investors, as well as innovators, will have to submit the below documents:
- A copy of your passport
- Employment references in English
- The company’s most recent business profile
The plan will need to contain:
- Professional background, talents, accomplishments, and academic experiences
- Market analysis with the business idea
- Business plan and implementation ideas
The documents must be in English.
6. How To Apply For Singapore Entrepass?
At any SingPost Branch, you can send the request form along with supporting documents. The charges may include $70; then, the procedure may take eight weeks. Relevant and government authorities will review your request.
7. How long does it take to get an Entrepass in Singapore?
After the approval of the application, you will get an IPA letter (in-principle agreement) through the mail. After that, you will have to visit Singapore within six months to achieve Entrepass. You can enter Singapore once only. You are required to carry all the essential documents. Within four days, you will receive the real Entrepass card through the mail to your local address in Singapore.
8. What If Your Entrepass Visa Gets Rejected?
A letter will be received from MOM, which will provide you with the reasons behind the rejection. You can request to the refusal and provide further documents to make your case stronger. One Visa will offer you complete support to help you process your application further. If there is still confusion, you can contact us to get your case rechecked by us for free.
9. Process To Check The Status Of Entrepass?
It may take up to 8 weeks for the application procedure. Entrepass online allows you to check the status after three weeks.
10. What are the Entrepass renewal criteria and how do I renew it?
Along with the application, your business has to be functional, has to own 30% of shares and incorporated.
Further criteria contain:
1st Renewal Criteria: $100,000 in company expenditure; 3 permanent employees or one expert manager
2nd Renewal Criteria: $200,000 in company expenditure; 6 permanent employees otherwise two expert manager
3rd Renewal Criteria: $300,000 in company expenditure; 9 permanent employees otherwise three expert manager
4th Renewal Criteria: $400,000 in expenditure; 12 permanent employees otherwise four expert manager
Get in touch with us to get more information regarding the renewal conditions.
11. How to collect your Singapore Entrepass?
Collection of the Entrepass is not a hassle. You can get it via EP online, otherwise the counter at the MOM EPSC. For online, you will need a SingPass account. Your agent can also request a pass of $150.
Through EP online, you would have to give in the necessary documents and print the request approval. However, through the counter, you will have to get an appointment time at the Employment Pass Services Centre to acquire the pass through the counter. You will have to take all the required documents along. The card will be dispatched to you within four days.
12. Is my family eligible for any dependent or long-term visit pass in Singapore?
Your legal spouse and children (under the age of 21) are eligible for dependent passes. Parents and unmarried disabled children over the age of 21 usually receive a long term Visa. But you have to fulfil the criteria mentioned below:
- The business must make a minimum of $100,000 each year for bringing your spouse or children. For parents, you must earn $200,000.
- The Dependent passes can be availed throughout the period of the Entrepass
13. What are the key differences between the Entrepass and Employment Pass in Singapore?
Successful business tycoons can avail the opportunity of Entrepass who plan to invest in an existing business or start a new one in Singapore.
- A Singaporean business must provide a job to the applicant.
- The candidate must receive at least a salary of $3,600
- The educational background must be strong along with a robust previous work experience
- The validity is for two years and can be renewed to 3 years
- It is useful for up to two years and can be renewed to three years.
- Your family members can also visit Singapore if specific criteria are met
Managers, directors, and other professional workers can enjoy the benefits of the Employment Pass if they have been given a job in Singapore.
- There isn’t any minimum limit of salary
- The validity is for a year and can later be renewed
- Your family members can visit Singapore if specific criteria are met.
15.How To Convert Entrepass to A Singapore Permanent Residency (PR)?
For better stability for your business, considering a Singapore Permanent Resident (SPR) is the right decision. Benefits of this include:
- No need for a work visa
- Family people can also get an SPR status
- A five-year re-entry permit would be achieved, which allows you to visit Singapore without an entry visa every time.
To get SPR status, you have to:
- Provide 6-month salary slips and other supporting documents
The process is not as easy. Other factors are also considered to get hold of a PR status. Its better you take advice from our consultants. They would guide you the best.
16. What other types of Singapore work visas are available (S-pass, Employment Pass & Work Permit)?
In case you get rejected for the Employment Pass, you can still try your luck with other visa opportunities.1) S-Pass
2) Employment Pass
3) Work Permit
To get more information regarding these, you can contact our consultants for extra help. They would guide you best and help you know which category will suit you the best.
17. Why Agents Can Help You The Best In Getting An Entrepass?
As you can see, many people have started investing in Singapore due to which the process of Visa has become harder. Not everyone can understand the long and thorough documentation requirements. The government also tries to control the foreign-worker flow to help other locals get better employment.
There are many opportunities for jobs and investment in Singapore due to which every person considers Singapore the best place to try their luck. Highly skilled workers can get success in a short time if they apply to Singapore without wasting any time.
Keeping the benefits in mind, never let the policies stop you. Get help from our expert consultants, and they will guide you through the most straightforward procedures. If you hand over the documents to them, they will get the process done without any hassle. Without your physical presence, the work will be completed in a few days.