Singapore Incorporation, a licensed MOM employment agency, offers Singapore EntrePass application services to render further assistance to entrepreneurs who are ready to incorporate a new private limited company in Singapore.
The EntrePass (also known as the Entrepreneur Pass) is designed primarily for technopreneurs as well as R&D-intensive enterprises that can inject innovation and vibrancy in Singapore.
If you are a foreign entrepreneur who lacks the appropriate educational qualification or do not qualify under the Employment Pass scheme, but has a proven track record of successful entrepreneurial experience and innovative ideas from overseas which could add to the entrepreneurial vibrancy in Singapore. The application process for EntrePass is more complex than that for the Employment Pass. In addition, it requires a minimum paid-up capital amount of S$50,000.
Renewal of EntrePass:
You must meet all the following criteria to renew your EntrePass on an annual basis . Entrepass is suitable for those who have low qualifications and intended to start his/her own business in Singapore.
- Company must employ at least two (four from second year forward) full-time local employees;
- Company must demonstrate total local business spending (TBS) of $100,000 ($150,000 from second year forward) over the past 12 months;
- Latest audited accounts;
- Central Provident Fund statements for the employees;
- Highest educational certificates of employees;
- Tenancy agreements;
- Company registration information from the Accounting and Corporate Regulatory Authority;
- Corporate bank statements for the past three months;
- Referral letters from customers; and
- Recent invoices issued/contracts awarded.
Our EntrePass Application Services include: -Only at $S 1,000 per Applicant!
- Pre-application advising on Singapore Entrepreneur Pass and gathering of necessary information
- Drafting and preparing business plan
- Preparing documentary requirements and filing of EntrePass application
- Tracking of EntrePass application status while under processing
- Liaising with Direct MOM officer in charge, if required
- Responding to MOM’s requests for additional information, if any
- Arranging for issuance of EntrePass upon in-principle approval (IPA)
- Filing of unlimited appeal in case of rejection of EntrePass application
Key Considering Factors:
- Does the applicant have a viable business plan?
- Is the applicant willing to spend S$100,000 for the first 12 months of the business?
- Is the applicant willing to hire 2 local Singaporeans within the first 12 months?
- The applicant must meet at least one of the following requirements either: ○ Receive funding from a recognized third-party venture capitalist or business angel; or ○ Hold a proprietary or licensed Intellectual Property (IP) recognised by an approved national IP institution; or ○ Have research collaboration with a research institution recognised by Agency for Science,
- Technology and Research (A*STAR), or any local tertiary institution; or ○ Is an incubatee at a recognised incubator supported by SPRING Singapore or National Research Foundation (NRF); or ○ Receive support from a Singapore Government agency.
Documents Required after Approval of the EntrePass
Subsequently, within the first six months of successfully receiving the EntrePass the applicant must submit all of the following:
- Tenancy contract; and
- Employees’ CPF statements; and
- Statement of shareholding structure in the registered company and the date of incorporation.
Company Setup Requirements
- Minimum: one shareholder plus one resident director plus one company secretary
- A local registered office address
- Must register a private limited company with a minimum paid-up capital amount of S$50,000
- Own between 30 percent and 100 percent of the company shares
EntrePass Visa Eligibility Requirements
- Submit a ten-page business plan detailing business goals and objectives
- Have relevant experience and a track record in operating businesses or a unique business proposition
Below are the procedures for Entrepass application:
- Submission of the Entrepass pass form to us.
- We will collect the upfront fee for the Entrepass application is S$2,000.
- Upon receipt of the payment, Business plan will be prepared within 1 to 2 weeks based on the information provided by you.
- Required application documents will be readily conducted and will only require the signature of the applicant. We will be liaising with MOM on your behalf regarding all the handlings of the documents. Takes less than 1 working day
- The processing time is around 4 to 6 weeks on the day of submission to MOM.
- S$3,000 banker’s guarantee is required upon approval of Entrepass.
- Lastly, We will set up the company for you upon approval of the Entrepass.
- Passport Size Photo of Applicant (Taken within last 3 months)
- Passport and proof of residential address of Applicant
- Resume / CV
- Education certificate (certified true copy)
- Applicant’s past employment testimonials in English (Optional)
- Ministry of Manpower: Download Singapore EntrePass Application Form (Form 8)
- MOUs or contracts with potential clients for the new business, if any
- Brochures, press releases, or any other business collaterals from previous or existing business ventures if any
- A well-drafted, 10-page business plan (Download the EntrePass Business Plan form)
If you have business in your country, please provide the following:
- Business Information
- Business License (certified true copy)
- Product Catalogue / Photos
- Tax papers
- Invoices from suppliers Company / Personal bank proof (at least S$30,000)
- Rental Agreement
- Business Contracts
- Annual Turnover in the past 3 years
The key requirement for the application of an EntrePass is a ten-page comprehensive business plan that outlines the goals and objectives of the proposed business venture plan and includes a strategy to meet the requirements stipulated by the Ministry of Manpower (MOM).
The business venture must demonstrate, within a one-year period, that it will meet the requirements of employing a minimum number of local employees and achieving a specified total business spending.
Note: The application for the Singapore EntrePass must be submitted within six months after the incorporation of a company. Alternatively, you can Apply for EntrePass in advance. Upon approval, the applicant can set up a company as a single Director and Shareholder within 1 month from the date of EP approval.