An Overview Of Singapore Entrepreneur Pass
Are you a foreigner who wishes to start your own business in Singapore and plan to relocate to Singapore in order to manage this business?
If you answered yes to the question above, you will need an EntrePass. An EntrePass is a scheme for entrepreneurs who lack the requisite tertiary education. For entrepreneurs, however, who possess good educational qualifications, the better choice is usually an Employment Pass. For more details about the two work passes, see EntrePass vs Employment Pass.
Prior to incorporating a Singapore company, an ENtrePass application is usually made. Upon approval of EntrePass application, the holder must incorporate his company within 30 days from receipt of the in-principle-approval letter (IPA). On the other hand, in case of a rejected EntrePass application, you are not required to setup a Singapore company.
EntrePass (or more technically, Entrepreneur Pass) permits the stay of global value-creating entrepreneurs and innovators in order to personally run their business ventures in Singapore. The EntrePass is a Singapore Employment Pass type adopted for foreign entrepreneurs in order to facilitate their uncomplicated entrance and stay in Singapore in order to incorporate and start their own business in the country.
Introduced in 2004, an ENtrePass is aimed to attract more foreign entrepreneurs into coming to the country. Through this scheme, Singapore plans to attract a good number of entrepreneur minds into the country from overseas and thus achieve its desire of becoming a regional business hub.
If you don’t want to wait that long and need to register your company urgently, you can register your company first and then apply for EntrePass. However, you must realize the risks you are going to face in the event your EntrePass application is not approved.
Key Facts About EntrePass
You need an investment of at least S,000 is required and can only incorporate your business after you have applied for EntrePass. In your EntrePass application, a 10-page business plan must be attached and submitted. After submitting the application, you will wait for about 4 to 6 weeks for the processing time. In case of a successful application, an EntrePass will be issued with an initial validity of 1-2 years. Until the successful outcome of your EntrePass application, you need not incorporate your business in Singapore. And when you have an EntrePass in your hands, you will be allowed to bring your immediate family members like your spouse and children under 21 years old to Singapore to be with you. In this case, you will need to apply for a Dependent Pass for them. As long as the business remains operational, you can renew your EntrePass. Over time, you will need to employ local staff for your business. You can also apply for a permanent residence in Singapore after due time
The Required Documents for EntrePass are the following;
* A 10-page comprehensive business plan
* A completely filled-out EntrePass application
* Copies of your educational certificates
* Copies of your past employment testimonials, if available
* A recent photograph, passport-sized
* A copy of your passport
* A copy of your CV/Resume