The EntrePass is a special work pass for foreign entrepreneurs who want to start a business in Singapore. It’s designed for those with innovative ideas or venture-backed companies and is often referred to as the entrepreneur pass entrepass.
The EntrePass allows eligible entrepreneurs to launch and operate a business in Singapore that brings new technologies or significant economic benefits. Therefore, if your business owns innovative technologies, you are well-positioned to qualify for this pass.
Getting an EntrePass can open doors for your entrepreneurial journey in Singapore. It gives you the chance to tap into the country’s vibrant business ecosystem and resources.
It gives you the chance to tap into the country’s vibrant business ecosystem and resources, including establishing a corporate bank account, which is essential for managing business finances effectively.
With this pass, you can focus on growing your startup without worrying about visa issues.
To qualify for an EntrePass, you need to meet specific criteria. These may include having a solid business plan, innovative ideas, or funding from recognized investors.
Highlighting your competitive advantage in your business plan can greatly enhance your application’s prospects.
The application process involves submitting your business proposal and other required documents to Singapore’s Ministry of Manpower.
Key Takeaways
EntrePass enables foreign entrepreneurs to start innovative businesses in Singapore
Applicants must meet specific criteria and submit a strong business proposal
The pass offers access to Singapore's business ecosystem and resources
The EntrePass is a special work visa for foreign entrepreneurs. It lets you start and run a business in Singapore.
This pass is for people with innovative ideas or venture-backed companies. You can use it to set up a new business or expand an existing one to Singapore.
Having sufficient paid up capital for your company also plays a critical role in demonstrating your commitment to your business.
The EntrePass allows eligible foreign entrepreneurs to operate in Singapore’s thriving business environment. It’s designed to attract global talent and foster innovation.
EntrePass requires applicants to either have or plan to incorporate a private limited company to qualify for this entrepreneurial visa.
Key features of the EntrePass:
Valid for 1-2 years
Renewable if your business meets certain goals
Lets you bring your immediate family to Singapore
To qualify, your business must be:
• Venture-backed
• Possess innovative technologies
• Show potential for job creation and economic growth
The EntrePass differs from other work passes. It’s specifically for entrepreneurs, not employees.
You’ll need a solid business plan and meet specific criteria to get approved.
Remember, getting an EntrePass doesn’t guarantee business registration approval. You’ll still need to follow Singapore’s business laws and regulations.
You can apply for an EntrePass if you meet certain conditions. This pass is open to entrepreneurs of all nationalities.
To qualify, your business must be:
Venture-backed or
Possess innovative technologies
Applicants must showcase their ability to create highly scalable businesses.
If your company is over 12 months old when you apply, you’ll be judged by renewal criteria instead.
Key qualifications for applicants include:
Being a serial entrepreneur with a track record of innovation
Qualifying as a high-caliber innovator
Having experience starting and running successful businesses
The Singapore government evaluates EntrePass applications based on:
Your business idea’s innovation potential
The scalability of your proposed venture
Your personal qualifications and experience, including technical or domain expertise
You’ll need to provide a detailed business plan. This should outline your company’s goals, market analysis, and growth strategy.
Remember, meeting the basic criteria doesn’t guarantee approval. The government carefully reviews each application to ensure it aligns with Singapore’s economic objectives.
The EntrePass offers numerous advantages for foreign entrepreneurs looking to start a business in Singapore.
You’ll gain the ability to operate a venture-backed or innovative company in one of the world’s top business hubs.
With an EntrePass, you can legally work and live in Singapore while building your startup.
This pass allows you to travel in and out of the country freely, making it easier to manage international business relationships.
The EntrePass provides access to Singapore’s robust business ecosystem. You’ll benefit from:
World-class infrastructure
Skilled workforce
Strong intellectual property protection
Favorable tax environment
A strong management team is crucial to fully leverage these benefits and enhance the credibility of your business plan.
Your EntrePass can be renewed, giving you the stability to grow your business long-term.
As your company expands, you may become eligible for permanent residency, offering even more benefits.
EntrePass holders often praise the program’s support for innovation. You’ll find yourself in a vibrant startup community, surrounded by like-minded entrepreneurs and potential collaborators.
Remember, the EntrePass is designed for those with innovative ideas or significant industry experience.
If you fit this profile, you’re well-positioned to leverage the pass’s advantages and thrive in Singapore’s dynamic business landscape.
To apply for an EntrePass, follow these steps:
Prepare required documents
Complete the online application
Pay the application fee
Wait for processing
You’ll need to gather the necessary paperwork before starting. This includes your business plan and supporting documents.
Next, fill out the application form on the Ministry of Manpower website. Be thorough and accurate with your information.
The application fee is $105. You can pay using Visa, Mastercard, or American Express. Remember to take a screenshot of the banking page confirming your payment supporting documents listed in the application form.
After submitting, wait about 2 weeks for processing. Once the application is granted, the Ministry of Manpower issues an In-Principle Approval (IPA) letter, allowing you a six-month window to relocate to Singapore and fulfill additional requirements.
You can check your application status online. Licensing agreements are among the essential documents required for the application. If asked for extra info, reply directly to their email.
Remember, the EntrePass is for entrepreneurs starting innovative or venture-backed businesses in Singapore. Make sure your plans align with these goals.
You can renew your EntrePass up to 3 months before it expires. To do so, follow these steps:
Check if you meet the renewal criteria
Gather required documents
Apply online through the EP eService
For the first renewal, your pass will be valid for 1 year. Subsequent renewals can extend your pass for 2 years.
To cancel your EntrePass, you need to:
Log in to EP eService on myMOM Portal
Submit the cancellation request
Request a Short-Term Visit Pass (STVP) if needed
The STVP allows you to stay in Singapore for up to 90 days after cancellation.
Remember to cancel your pass if:
Your business closes down
You're changing employers
You're leaving Singapore permanently
It's important to complete the cancellation process to avoid any legal issues.
Make sure to settle any outstanding matters before cancelling your EntrePass.
To maintain an EntrePass, you must follow certain rules. The Ministry of Manpower sets these guidelines to ensure businesses contribute positively to Singapore’s economy.
You need to meet specific targets each year to keep your EntrePass. These targets change based on how long you’ve had the pass.
Here are some key compliance areas:
Business spending
Local job creation
Total annual business revenue
Total business spending, excluding the remuneration paid to the EntrePass holder, is a key compliance area.
Your company must also stay registered with ACRA (Accounting and Corporate Regulatory Authority). This is a must for operating legally in Singapore.
It’s important to keep accurate records of your business activities. You may need to show these during EntrePass renewal.
Remember, meeting these requirements is crucial.
Failure to comply can lead to your EntrePass not being renewed.
Stay up-to-date with any changes in regulations. The government may update rules from time to time. Keeping informed helps you stay compliant.
Consider getting help from a legal expert if you’re unsure about any requirements. They can guide you through the compliance process.
The Singapore government offers help for EntrePass holders. You can find guidance on starting and growing your business.
Enterprise Singapore provides support for entrepreneurs. They offer mentorship programs and networking events.
You can access funding options through various schemes. These include grants and investment opportunities for innovative startups.
Engaging in research collaboration with local institutions can significantly bolster your EntrePass application by aligning your business with Singapore's economic priorities and promoting innovation.
The Ministry of Manpower website has detailed information on EntrePass applications. You’ll find step-by-step guides and FAQs to help with your application process.
Training programs are available to enhance your business skills. These cover topics like:
Market research
Financial planning
Intellectual property protection
Business incubators and accelerators in Singapore can provide workspace and resources. They also offer valuable connections to industry experts and potential investors.
For legal and regulatory guidance, you can consult government agencies or seek advice from professional services firms. This helps ensure your business complies with local laws and regulations.
Getting an EntrePass in Singapore comes with some hurdles. You need to be aware of these before applying.
Your business idea must be truly innovative. It’s not enough to have a good plan. You must show how your startup will bring new tech or methods to Singapore.
Funding can be tricky. You’ll need to prove you have enough money to start and run your business. This might mean finding investors or using your own savings.
Having a strong track record as a senior management professional can significantly enhance your application, showcasing your credibility and capability in scaling innovative startups.
The renewal process can be tough. You’ll have to meet certain goals to keep your pass. These include hiring local workers and spending a set amount on your business.
Competition is fierce. Many entrepreneurs want to start businesses in Singapore. You’ll need to stand out from the crowd.
Cultural differences may pose challenges. You’ll need to adapt to Singapore’s business culture and laws. This can take time and effort.
Language barriers might exist. While English is widely used, you may encounter situations where knowing Mandarin or other local languages is helpful.
The EntrePass is also not permanent. You’ll need to plan for the long-term if you want to stay in Singapore beyond the pass duration.
The EntrePass opens doors for foreign entrepreneurs in Singapore. You now have a clear path to start your innovative business in this thriving city-state.
With an EntrePass, you can launch your startup and contribute to Singapore’s dynamic business ecosystem.
This pass gives you the chance to turn your groundbreaking ideas into reality. It is crucial to outline the nature of the proposed business in your business plan to ensure a comprehensive application.
Remember, the EntrePass is designed for venture-backed or tech-innovative businesses. It’s your ticket to joining Singapore’s world-class startup community.
Your proposed business concept should align with Singapore's economic and industry priorities, demonstrating potential for innovation and scalability.
By obtaining an EntrePass, you gain:
Legal status to operate your business
Access to Singapore’s resources and networks
Opportunity for long-term residency
The application process may seem complex, but the rewards are significant. Your entrepreneurial journey in Singapore starts with this crucial step.
Don’t forget to review the eligibility criteria regularly. Stay updated on any changes to ensure your business aligns with EntrePass requirements.
Your innovative ideas deserve a supportive environment. The EntrePass program offers just that, making Singapore an ideal launchpad for your entrepreneurial dreams.
For more assistance on your entrepass application, you can contact P Connect Services.
Here are some helpful resources for entrepreneurs applying for an EntrePass in Singapore:
• EntrePass Guide - Official Ministry of Manpower overview
• EntrePass Eligibility Checker - See if you qualify
• Business Plan Template - Outline your venture
• Startup SG - Government support for new businesses
• SME Portal - Resources for small/medium enterprises
General business tips:
Network actively in Singapore's startup community
Research your target market thoroughly
Create a solid financial plan and budget
Understand local regulations and compliance
Consider joining a business incubator program
You may find these online courses useful:
Remember to leverage Singapore's vibrant tech startup ecosystem for networking, funding, and partnership opportunities as you launch your venture.
EntrePass holders have some unique rights and restrictions in Singapore. Let's look at key differences from other passes and what EntrePass allows you to do.
The EntrePass is for foreign entrepreneurs starting businesses in Singapore. The Employment Pass is for foreign professionals employed by Singapore companies.
EntrePass holders can start and run their own companies. Employment Pass holders work for existing businesses as employees.
Yes, EntrePass holders can bring certain family members to Singapore. You can apply for Dependant's Passes for your spouse and children under 21.
Parents may be eligible for Long Term Visit Passes. Family immigration depends on your EntrePass renewal and meeting salary requirements.
No, an EntrePass holder can only work for the business they started in Singapore. The pass doesn't allow you to be employed by other companies.
Your work must focus on growing your own venture. Taking outside employment could lead to pass cancellation.
