A Complete Guide to the Singapore EntrePass
Thinking of setting up a branch office in South East Asia? One of the ideal countries to start a new business venture or to expand your business is Singapore. With its business-friendly government policies, excellent tax benefits, strong legal system and flexible immigration policies, this country is one of is one of the most sought-after countries for investors and entrepreneurs in the region. In order to register your business in Singapore, one of the requirements is having an EntrePass, which is a work visa scheme of the Ministry of Manpower (MOM) for businesses. Take a look at some guidelines to obtain your EntrePass.
- Firstly, you need to decide what type of business you’re planning to start. Will it be a Limited Liability Company, a sole proprietorship or a partnership? You can hire a consultancy company to help you understand the difference between the three and to help you with the entire application process. this website, for instance, gives a lot of insight into company incorporation for foreign nationals.
- Eligibility criteria
- You’re eligible for an EntrePass if you’re planning to establish a private limited company with ACRA (Accounting and Corporate Regulatory Authority).
- The EntrePass is available for all nationalities.
- Unlike Employment Pass, you don’t need to have a stipulated minimum salary or acceptable educational qualifications.
- However, if you’re an entrepreneur, you must meet any of the following criteria – have funding from a venture capitalist/ business angel that is recognized by the Singapore government, if your company is an existing incubatee at a government-recognized accelerator/ incubator or if you have an excellent business track record.
- You should hold more than 30% of the company’s shares and should have S$50,000 paid-up-capital.
- You must submit a 10-page document with your business plan, goals and objectives.
- Unfortunately, many businesses such as food courts, night clubs, newspaper vending, massage parlors etc. are not eligible for the EntrePass. Your consultant will analyze your business plan, and let you know if you qualify or not.
- You must furnish the following documents for the application process:
- Filled application form
- Copy of educational certificates
- Copy of passport particulars
- Passport-size photographs
- The 10-page document with your business plans, goals and objectives.
- Previous work experience certificates
Spring Singapore and Ministry of Manpower (MOM) are the government authorities which are responsible for examining the applications for the EntrePass.
- Firstly, you must fill the application and submit all the supporting documents to the authorities
- Once the application is approved (generally within 4 to 6 weeks), the AIP letter (Approved in-principle) will be issued.
- You need to register your company and provide supporting documents for the final approval.
- As a part of the procedure, you should undergo a medical examination. This can be undertaken in your native country or in Singapore.
- You will then receive the final approval letter, after which you must move to Singapore within 6 months.
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Charles has been working as a webmaster since 1998. Since then, he has had his hands in thousands of websites and has helped millions get online through a company he partially owns called Web Host Pro.