Foreign entrepreneur who wishes to set-up business in and relocating to Singapore may apply for an EntrePass. Foreigner is not allowed to register and run a sole-proprietorship and a partnership in Singapore; therefore the only option available is to incorporate a Private Limited Company.
Eligibility for EntrePass
This work pass is intended for serial entrepreneurs, high-calibre innovators or experienced investors that want to operate a business in Singapore.
Who is eligible
EntrePass is open to all nationalities.
You can apply for an EntrePass if you:
- Have started, or intend to start, a private limited company registered with ACRA.
- If registered, the company must be less than 6 months old on the date you apply.
- If not registered, you can do so after you know the outcome of your application.
- Meet any of the following innovative criteria for application as an entrepreneur, innovator or investor.
Has funding from a government-recognised VC or business angel
Is an incubatee at a government-recognised incubator or accelerator
Has business network and entrepreneurial track record
Holds an intellectual property
Has a research collaboration with an IHL or research institute in Singapore
Has extraordinary achievements in key areas of expertise
Has investment track record
You do not need to meet all of the criteria for each respective profile or type but having more qualifications would help your application.
- There are 3 categories of EntrePass, and the eligibility criteria are outlined below:
|*Total Business Spending|
|Total operating expenses||XX|
|Royalties/franchise fees/know how fees to overseas companies||XX|
|Work subcontracted to overseas companies||XX|
|Remuneration to applicant & immediate family||XX||XX|
|Total business spending||XX|
Passes for Family Members
EntrePass holder can apply 2 types of passes for his / her family members:
- Dependent’s Pass– EntrePass holder of whichever category (P1, P2 or Q1) earning a mimimun salary of $4,000 is eligible to apply a Dependent’s Pass for his / her:
- Unmarried or legally adopted children who are below 21 years of age
- Long Term Visit Pass – Only EntrePass holder of category P1 and P2 is eligible to apply a Long Term Visit Pass for his / her:
- Common-law spouse
- Unmarried daughters who are above 21 years of age
- Handicapped children who are above 21 years of age
- Step-children who are under 21 years of age
- Parents (only for P1 pass holders)
- A copy of the personal particulars page of applicant’s passport / travel document
- A passport-sized photograph of the applicant taken within the last 3 months
- A copy of past employment testimonials in English
- If your company is already incorporated,
- A company business profile; and
- A bank statement, from a Singapore-based company bank account, with a balance of at least S$50,000
- A business plan of not more than 10 pages, in which the following is clearly stated:
- Business idea – A summary of the proposed business concept.
- Product or services offered
- Market analysis – The target market in terms of key customers, competition and market growth potential.
- Market plan – How the product or service will be marketed or distributed.
- Operation plan – The resources needed to run the business.
- Financial projections The projected sales and net profit before tax for 3 years ahead and the breakeven point.
- Management team – The key drivers of the business
- Supporting documents – Examples include licensing agreements, product certifications, endorsements etc.
- Drafting of and application for approval of business plan (60 working days)
- If the application is successful, an Approval In-Principle (AIP) letter will be issued, which will be used in the incorporation of the business entity
- Incorporation of company
- Application for Entity Name (subject to availability and approval by ACRA required)
- Registration of the business
- Opening of corporate bank account for the deposit of Paid up Capital (according to the business plan)
- Application for EntrePass
- Upon reflection of the paid-up capital in ACRA records and upon receipt of the In-Principle Approval (IPA) notification, valid for six months from the date of the letter, arrangements will be made for the collection of your EntrePass. If an entry visa to Singapore is required to facilitate collection of the EntrePass, a onetime entry visa will normally be issued to you as part of the EntrePass approval letter.
The Ministry of Manpower (MOM) will take about 6 weeks to process the application as the application is jointly assessed by the MOM and Standards, Productivity and Innovation Board Singapore. In BudgetAccounts, we will continually monitor the progress for you.
Validity of EntrePass
Upon successful of the application, the pass will be valid for 1 or 2 years.
Rejection and Appeal of EntrePass Application
In the event that your application is rejected by the MOM, we will find out the reason of it being rejected, and appeal the application for you. The MOM will take at least 3 weeks to process an appeal depend on the complexity of the case.
Cancellation of EntrePass
The EntrePass must be cancelled in the following situation:
- Cessation / termination of business
- Attainment of Singapore Permanent Residence
Renewal of EntrePass
The MOM will post the renewal form to the employer about 3 months before the pass expires, and the completed form must be submitted to the MOM by at least 2 months before the expiry date of the pass.
Documents required for renewal:
- Latest audited accounts
- Central Provident Funds (CPF) statements
- Highest educational certificates of employees
- Tenancy agreements
- Company registration information from the ACRA
- Corporate bank statements for the past 3 months (optional)
- Referral letters from customers, if any
- Recent invoices issued or contracts awarded (optional)
Entrepreneurs Entrepass Application
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