If you want to know how to apply for Entrepass and Setting Up Business in Singapore, this guide will take you through the entire process of setting up a business in Singapore. From eligibility to the time it will take, everything is cleared.
Overview
If you’re a non-native business person with a unique business idea, you could be eligible for a Setting Up Business in Singapore. Singapore introduced this Entrepass system to provide an additional incentive to bring the most brilliant minds to its startup and entrepreneur community.
This guide provides an in-depth outline of the Entrepass scheme, its requirements, and how much time this entire process of getting an Entrepass will take.
What Is Entrepass Singapore
EntrePass is a visa that has been created for entrepreneurs wishing to incorporate a private limited company in Singapore. The EntrePass is designed to attract both technopreneurs and R&D-intensive enterprises, including those within the biotech and cleantech sectors
Entrepass Singapore Eligibility
EntrePass is open to all nationalities/citizenships. You can apply for an EntrePass if you meet both conditions: Have started, or intend to start, a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA), and meet any of the following criteria:
- You have funding from a government-recognized venture capitalist or business angel
- Your business is supported by a government agency
- You hold intellectual property
- You have research collaboration with an institute of higher learning or research institute in Singapore
The following businesses are not eligible for an EntrePass:
- Coffee shops, hawker centres, food courts.
- Bars, nightclubs, karaoke lounges.
- Foot reflexology, massage parlors.
- Acupuncture, traditional Chinese medicine, herbal dispensing businesses.
- Employment agencies.
- Geomancy business.
Documents Required to Apply for an Entrepass
When you submit your EntrePass application, you need to show a business plan. The business plan cannot be longer than ten pages and must contain the following information:
- Your profile
- Academic qualifications
- Professional history, such as your role in developing companies and your employment history
- Any relevant awards and recognitions you have won
- Any special skills (i.e. intellectual property) or resources (financial, network, technology, etc.)
Other documents required include a photocopy of your passport’s detail page, employment history, and your company’s latest business profile or instant information from Bizfile (if your company is registered with ACRA)
For your brand-new, unregistered business, you can select from a selection of Company name search in the Vakilsearch company name generator.How to Apply for Entrepass in Singapore
The EntrePass application form is submitted, along with its supporting documents. MOM may take up to eight weeks to process the application. You can apply for an EntrePass online through the Ministry of Manpower’s website.
For assistance, reach out to our experts for a free consultation today!
How to Prepare Business Plan for the Application?
To apply for an EntrePass, a simplified standard business plan is required. It must be a maximum of 10 pages and must contain all of the following elements:
- Any award received from a national body recognized media, or credible organization.
- A summary of the individuals who will be running the business and their roles.
- The size, nature, objectives, and goals of the business you are planning to start.
- The business venture must emphasize that it can meet the requirements of employing the minimum number of local employees and a particular Total Business Spending, within a one-year period
Where do I Collect the Enterpass?
As Entrepass matters a lot in setting up a business in Singapore, this question comes to mind for sure. Where can you collect it? Well, the Accounting & Corporate Regulatory Authority (ACRA) serves as the company registrar.
It is responsible for the procedure for Singapore corporate registration. The Companies Act, Chapter 50 governs it. You will get the certificate of Company registration at the given address.
What Is the Price of Receiving the Enterpass?
Receiving your pass is instantaneous. It is possible to do this by getting it through EP Online or over the counter at the MOM EPSC. If you opt to purchase it online, first, you require a SingPass account or an employee’s agent. Also, a representative can make the request. The cost for each Entrepass cost $150.
How to Renew Your Entrepass?
You can start applying to renew your EntrePass three months before it expires. You will need to meet the renewal criteria for total business spending and the number of local jobs created. The duration of the pass is usually valid for a period of up to one year for a new pass and the first renewal. Subsequent renewals will be for two years.
What Happens if the Entrepreneur Pass Application Is Rejected?
If your EntrePass application is rejected, you can appeal up to two times for an application. The Ministry of Manpower in Singapore gives 90 days from the rejection date to file an appeal
Conclusion:-
You will get a lot of benefits once you receive an Enterpass. It will include:
- Capital requirements for paid-up capital were eliminated
- EnterPass can be used for a longer period
- New criteria for evaluating candidates are based on previous experience
- EnterPass holders are able to bring their dependents to Singapore earlier
- The extension of EnterPass to more partners from the government.
Thus, this was all necessary to successfully establish a business in Singapore after opting for an Enterpass. For more legal information, visit us at Vakilsearch.
FAQ
What is the benefit of EntrePass in Singapore?
One of the EntrePass Singapore benefits is that EntrePass holders may be eligible for Permanent Residency after a period of time. This can be a great advantage for those who wish to stay in Singapore for the long term.
What is Singapore business pass?
EntrePass is a work pass intended for serial entrepreneurs, high-calibre innovators, or experienced investors who want to operate a business in Singapore that is venture-backed or owns innovative technologies.
How do I qualify for an Entrepreneur Pass in Singapore?
You can apply for an EntrePass if you meet both conditions: Have started, or intend to start, a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA).
How long is EntrePass valid?
The EntrePass is usually valid for a period of up to one year for a new pass and first renewal. Subsequent renewals will be for two years
Can I work on EntrePass in Singapore?
Yes, EntrePass holders are allowed to work in Singapore.
I Was Rejected for an Entrepass. What Should I Do?
If your EntrePass application is rejected, you can appeal. The Ministry of Manpower in Singapore gives three months from the rejection date for an appeal.
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