What is a Singapore Entrepass?
The Entrepreneur Pass, also known as the Entre pass, is a work visa for foreign entrepreneurs who are looking to incorporate a business in Singapore. If you are an aspiring entrepreneur looking for a country to set up your business, Singapore is the perfect destination for you to set up a local company. It is not difficult to obtain an Entrepass and to register a private limited company in Singapore, and obtaining this pass should be your first step in setting up a local company.
This pass is mainly for innovators and investors, especially those in R&D corporations who will benefit Singapore in terms of innovation. Other industries may be subject to more consideration, but the success rate is can be increased by contracting with a reputable service provider who can help you obtain the pass.
EntrePass – In a nutshell
- No minimum required salary
- It lasts 1 year and is renewable
- No worker levy imposed and/or quota required
- Successful applicants can bring in immediate family and parents with terms and conditions
EntrePass – The Requirements
- Applicants need to be at least 21 years old
- Intention to set-up, or have already incorporated a company (Company has to be less than 6 months old at time of application)
- Demonstration of innovation in business plans and likely to extend jobs to local workforce
- Applicants need to own at least 30% of shares in the company
There are three categories namely, Entrepreneur, Innovator and Investor which the applicant must fall under to be eligible for the EntrePass with its own specific requirements:
- Receive at least S$100,000 funding from a recognized capitalist or business angel
- Company is an incubate at a government approved company (Incubator/ Accelerator)
- The company has and possesses a good and long track record of growth and performance
- Company holds a national level recognized licensed intellectual property
- Demonstration of exceptional skill level with significant accomplishments in industry with supporting documents
- Research collaboration with recognized institutions in Singapore
- Excellent reputation, good track record of investing or wish to invest in an existing or new company in Singapore
Together with the above requirements, applicants must also fulfill the following requirements:
- Incorporate a Private Limited Company (must be less than 6 months old from application time)
- Have relevant and successful experience in entrepreneurship
- A business plan of at least 10 pages with business goals and objectives in details
Businesses are not eligible for an Entrepass:
- Coffee shops, hawker centres, and food courts
- Bars, night clubs, and karaoke lounges
- Foot reflexology practices and massage parlors
- Acupuncture, traditional Chinese medicine, and herbal dispensing businesses
- Employment agencies
- Geomancy businesses
To check if your business is eligible, visit the Ministry of Manpower’s website.
WLP group offers expert services on applying for work passes and company registration in Singapore. As a foreigner or new immigrant, you may not be familiar with the procedure, and we are here to assist you through the process to incorporate a company in Singapore. Contact us for a free Singapore Company Registration consultation, and start your business today.