Singapore offers foreign entrepreneurs the chance to qualify for an EntrePass, or Entrepreneur Pass. This pass is a visa specifically designed to entice business savvy and innovative entrepreneurs a way to start a business in Singapore. The motivation behind it is to promote business expansion opportunities to people around the world to be a part of their fast-growing business hub.
Requirements to Qualify for an EntrePass
The EntrePass is obtainable by every nationality. Individuals considering applying should be registered with ACRA and have plans to open a business under the private limited company business structure. Applicants must meet specific criteria defined as an investor, entrepreneur or innovator. The requirements of qualifications include the following:
- Have previous entrepreneurial experience
- The company should be no more than six months old
- Sponsorship by an already established company in Singapore or have a $3000 Banker’s Guarantee.
- A business proposal that will generate jobs for Singapore residents
- Plan to hold 30% of dividends in the planned industry
The application process must be completed with the Ministry of Manpower in person, as an online option is not available. This process requires the following documentation:
- Educational qualifications
- Verification of employment history and pertinent professional experience
- Certificates or awards received from a national body, well-known media, or reliable organization
- Details of skillset and talents
- Documentation of financial, technological or network resources
Documentation for the business idea
- Market analysis
- Licensing agreements, certifications, and product endorsements
- Details of products or services offered
- Financial forecasts
- Business plan
- Management staff profiles
Upon submission of the application, the evaluation process takes approximately eight weeks and status verification is available online. Upon approval, you must relocate to Singapore within a six-month period. If you have rejected an appeal can be made within 90 days.
Not all business types are approved and include employment agencies, massage therapists or reflexologists, food courts or coffee shops, holistic therapies, nightclubs, karaoke lounges, or bars.
Because the EntrePass is unique, applications are reviewed by three different government entities, which include NRF (National Research Foundation), IMDA (Infocomm Media Development Authority), and SPRING Singapore.
There are agencies in Singapore available to assist you with the paperwork, including the development of your business plan and financial forecasting documentation. In regards to the financial aspects of the application process, an accountant who is familiar with the Singapore business hub and EntrePass procedures would be a fantastic resource.
If you have a unique business idea, or an investor wanting to relocate to Singapore and bring new job opportunities, PikoHANA can help you get started.