Looking for a Singapore Entrepreneur Pass to make your way through the business world? This article provides all the essential information about the Singapore Entrepreneur Pass (EntrePass), including eligibility criteria, application requirements, necessary documentation, and the benefits of holding an EntrePass.
The first thing to know is that this pass is unlike any other as it is specially designed for foreign entrepreneurs trying to explore the Singapore market. To get the pass for your proposed business, you must go through a detailed application process that has various requirements. With our roadmap, you can simplify the process and fulfil all the criteria to get quick approval for your business.
Key Takeaways
- Foreign entrepreneurs harbouring innovative and creative ideas to set up business in Singapore are required to have a private limited company. A Singapore-registered company is the stepping stone to getting an Entrepreneur Pass (EntrePass). The specialised visa ensures you meet the innovation-driven eligibility criteria for establishing a business here.
- The Singapore EntrePass applicants need a detailed business plan to register their company. This includes financial projections for the proposed business backed by good market analysis. You also have to supply supporting documents like English language proficiency certificates and third-party funding data.
- Entrepreneurs with the Singapore EntrePass can get a permanent residency as it determines that their business has a significant impact on Singapore’s economy. The pass can be renewed upon fulfilment of the business spending and local employment criteria.
Unlocking the Potential of the Singapore Entrepreneur Pass (EntrePass)
Foreign entrepreneurs regard EntrePass as their passage to the corporate regulations in Singapore, which helps them embark on their journey. Designed while keeping in mind the unique needs of global innovators, this entrepreneur visa paves the way for seamless integration into Singapore’s dynamic business landscape.
It caters to those who hold intellectual property, possess expertise as investors, operate venture-backed businesses or leverage innovative technologies. The EntrePass empowers such international talents to contribute to Singapore’s flourishing economy.
Venturing into Singapore’s business realm offers foreign entrepreneurs access to a world where:
- The business is angel networks abound
- The central provident fund system is committed to social security
- Efficiency, innovation, and economic stability are well-recognised
This is where the journey of a Singapore entrepreneur, who owns innovative technologies, begins.
What is the Entrepreneur Pass (EntrePass)?
The entrepreneur pass or EntrePass is a work visa tailored to suit foreign entrepreneurs’ needs in Singapore. This is built for people looking to launch and drive a business within Singapore’s competitive but supportive environment. EntrePass is a bridge that connects global business aspirations with rich opportunities in Singapore’s economy.
However, getting the entrepreneur pass is not easy as you have to fulfil the criteria of having a private limited company that exhibits economic potential and innovation. Your company must also have Accounting and Corporate Regulatory Authority (ACRA) accreditation to make you eligible for the pass. It is not just an employment pass; it also speaks of your capabilities as a business leader by giving you a platform to showcase how your ideas can turn into profits.
According to the Ministry of Trade and Business, when the scheme started in 2003, 1,000 to 2,000 EntrePass work passes were approved for a decade as the requirements were wide, but post-2013, the numbers have been reduced to 200 to 400 passes over the next four years as it is only given to innovative businesses now. As of July 2022, there are only 700 EntrePass holders in Singapore.
The Entrepreneurial Journey Begins Here
The first step of starting your entrepreneurial journey in Singapore is fulfilling specific eligibility criteria that set the stage for a successful business venture. The proposed business has to be innovative and must possess the ability to disrupt the market with new products and services. This is where the EntrePass differs from other visas.
Not every business can validate its commitment to innovation as it requires a benchmark of SS100,000 third-party venture capitalist funding. A business angel funding of the same amount can also prove investors’ backing.
In addition to the funding, you should fulfil English language proficiency conditions as all business communication in Singapore happens in British English. This is critical to ensure that foreign entrepreneurs are capable of managing and growing their enterprises in the country.
For new EntrePass holders, business support is available from StartupSG which helps you with the necessary assistance in banking, handling compliance issues, and company incorporation amongst other things.
Crafting Your Business Plan for EntrePass Approval
The cornerstone of your EntrePass application lies in creating a compelling business plan, a document that paints a picture of the potential of your proposed business and shows how viable it is. It is a golden opportunity to showcase your vision and strategic planning abilities to the Singapore authorities.
You must check off the following things in your business plan within a concise 10-page document:
- The uniqueness of your product or service
- A detailed market analysis of your products and services
- The operational and management plans of your proposed business
The business plan is your narrative, a chance to showcase your company’s journey. Hence it should include all the offerings and their respective place in the business landscape of Singapore. It should also have the company’s latest business profile, consisting of:
- The business concept
- Detailed management profiles
- Comprehensive information about products and services
- Market analysis of target customers and competitors
- Financial projections, outlining your sales, net profit, and an estimated break-even point across a three-year horizon
Following a detailed blueprint with all the valid information presented above is necessary to secure an entrepreneur pass in Singapore. These are essential supporting documents that also showcase your long-term commitment to business growth.
Key Components of a Winning Business Plan
A winning business plan that garners EntrePass approval is not a chance happening rather it is carefully designed. It begins with a detailed market analysis which is the bedrock of your business.
This analysis shows that you understand the pulse of the market’s dynamics like customer needs and the competitive environment around you. This insight convinces authorities of your business’s ability to thrive and contribute to the market value in Singapore.
Your operational plan is the engine of your business as it governs how the daily operations, resource allocation, and the process of delivering products and services should happen. Hence, the plan must be well-defined, outlining the steps needed to turn the business concept into a profitable reality that works in the Singapore marketplace.
Equally important is the composition of the management team. Their comprehensive profiles must highlight relevant experience and expertise, underscoring their capability to steer the business towards its objectives, and showcasing its scalability.
Navigating the EntrePass Application Process
The EntrePass application process is an easy-to-do online process that can be done anywhere in the world via the Ministry of Manpower’s application portal. You have to wait weeks or months to get it approved after the submission.
Despite the long processing time, Singapore provides transparency to the system through online tracking on the same portal. The Singapore government has made the application process quite efficient as you can see from the resources available on the government website, providing accurate and up-to-date data regarding eligibility criteria and the documents you must submit.
It also advises on how to better your chances of approval. All this bears testimonial to Singapore’s dedication towards attracting top-level entrepreneurial talent.
Required Documentation
For a smooth application process, you need to furnish a range of documents to back your eligibility. This includes personal identification details, educational certificates, and all business-related documents that validate your venture. Once again, we have to emphasise making all documents available in English as it ensures your credentials are not misunderstood.
Since this specialised visa is for entrepreneurship, business documents are crucial to paint the complete picture of your pursuits. So, licensing agreements, patent endorsements, product certifications, and evidence of previous ventures will enhance the credibility of your application.
You can also add personal accolades like awards and recognitions, testimonials from previous employers and colleagues, and recommendations from investors or business partners who have worked with you. Even research collaboration can be added to the application as it shows your ability to work with people across the field, driving innovation.
In-Principle Approval: The First Milestone
Receiving an In-Principle Approval (IPA) letter is the turning point in the EntrePass application journey. This six-month valid letter is more than just a piece of paper; it stands for your potential to contribute to Singapore’s business ecosystem. The IPA letter gives you all the essential information to transition from the in-principle approval stage to getting an EntrePass.
If you follow all the guidelines mentioned in the letter and submit the documents accurately, your business can get a national IP institution status, making your business aspirations easily achievable.
If they ask for a medical examination in the In-Principle Approval letter then a medical report should be submitted as it shows your commitment to business and health. This added step shows how thorough Singapore is in regulatory matters, upholding the highest standards of excellence amongst EntrePass holders as they join the entrepreneur community.
From EntrePass to Permanent Residency: The Road Ahead
For the people who are seeking an EntrePass in Singapore, it is more than a permanent business licence; it is a business environment that they want to call home. It is the stepping stone towards permanent residency and hence, it is facilitated by professional or technical personnel through the Skilled Worker scheme.
This transition is approved and evaluated by the Immigration and Checkpoint Authority (ICA). Entrepreneurs who can demonstrate their businesses can help the Singapore economy grow by making substantial contributions to society should exploit this scheme.
Securing permanent residency is a multifaceted process involving factors like the financial well-being of your company, the duration of your stay in Singapore, and your contributions to the community. You need to showcase that you are an asset to the country, not only in corporate terms but also as a resident of Singapore.
Criteria for Eligibility
The road to permanent residency for EntrePass holders is paved with criteria that assess both the entrepreneur and their enterprise. Having a business is insufficient to get permanent residency; you need to prove that the venture is helping the country’s economic growth through its contributions and innovations. Hence, the company’s success, the age, and the educational background of the applicant all play a crucial role in determining your eligibility.
Extending Your Entrepreneurial Stay: EntrePass Renewal Explained
For an unhindered entrepreneurial journey in Singapore, you must go for a timely renewal of your EntrePass as it ensures your business is still thriving and beneficial to Singapore’s economy. To renew the EntrePass for the first time, there are no specific criteria for Total Business Spending (TBS) or Local Workforce (LWF). However, for the second time, you need to showcase that your company is fulfilling all the criteria like employing at least one Singaporean resident and having a business spending of S$100,000 in 12 months.
You should maintain a minimum 30% shareholder in the company and be actively involved in business to get the renewal approval. You also need to furnish all the latest financial statements of your private limited company to prove eligibility.
Renewal Criteria and Procedures
The rigorous procedure and renewal criteria of EntrePass help to maintain the high quality and integrity of entrepreneurs in Singapore. One of the chief criteria for renewal, the total business spending TBS is a measure of your total operating expenses after subtracting expenditures like:
- Expenses due to the purchase of royalties, franchises, and technical know-how fees from overseas companies.
- Expenses for outsourcing work overseas.
- Total remuneration to the company’s EntrePass holders.
The following items are excluded from the Operating Expenses while calculating the TBS:
- Cost of Goods Sold/Cost of Service and Cost of Sales.
- Personal expenses.
- Rental expenses for residential properties
The specific TBS requirements increase progressively with each renewal cycle. For example, in the second year, the requirement is S$100,000, which increases to S$200,000 in the third year, S$300,000 in the fourth year, and continues to rise in subsequent years.
Apart from that the Local Workforce criteria of at least one full-time employee in the second year, two in the third year, three in the fourth year, and subsequent increase in number in the following years has to be considered. The basic monthly salary of these employees should be S$3,900 in the first five years and S$4,700 after.
For the renewal process to run smoothly, you need to furnish the following documents:
- Company registration details
- Financial statements of the business
- Corporate bank statements of the company
- Evidence of ongoing business activities of the enterprise.
This comprehensive dossier validates your claims that you are adhering to the initially presented business plan. It is recommended that the EntrePass holders remain ready to meet additional renewal criteria to continue doing business in Singapore.
Family Ties: Bringing Loved Ones to Singapore
The Ministry of Manpower (MOM) does not restrict EntrePass holders from bringing dependents to Singapore. To bring your family to live with you in the city you need to apply for a Dependent Pass (DP) which allows children or a legally married partner to join you. A Long Term Visit Pass (LTVP) can also bring them to you.
However, this provision is only available when the company meets specific business milestones, ascertaining that the family can integrate into Singapore as they will have a strong business foundation providing them the necessary financial stability.
The entire DP visa application process takes 16 weeks to process and the family members on it are allowed to work if they get a relevant work pass like Employment Pass, Work Permit, or S Pass. This is part of many ways through which Singapore maintains its robust workforce.
When Plans Change: Updating MOM on Key Changes
EntrePass holders report key changes in business to the Ministry of Manpower (MOM) so that records remain current and accurate. This includes
- The name or address of the company
- Changes in occupation, salary, and personal details such as residential address or mobile number
- Updates regarding corporate bank account details
All these updates in the business are necessary for transparency and compliance which helps to validate the changing dynamics of the company’s latest business profile. Failing to intimidate the Ministry of Manpower (MOM) often results in fines. In extreme cases where the offence is serious, EntrePass can be revoked. This implies open communication with the authorities is crucial for doing business in Singapore as it secures your entrepreneurial status.
Overcoming Setbacks: Responding to EntrePass Rejections
If you are facing an EntrePass rejection, don’t get disheartened; you can appeal against it within 90 days. In this appeal, you get to counter MON’s reasons for the rejection. It’s critical to do the following during this notice period:
- Reflect on the feedback received
- Gather additional information
- Present a stronger case for your business’s potential and contributions to the local economy
The appeal process will take 8 weeks which gives you enough time to
- Bolster your application with detailed financial projections
- Gather client references
- Gather current work contracts
- Gather proof of local employment (if applicable)
- Visit the Ministry of Manpower directly to discuss the reasons for rejection and present new supporting documents
- Seek professional assistance from certified people to prepare the documentation and appeal the decision effectively
Exploring Alternative Work Pass Options
Alternatives to EntrePass are also available to those who do not meet the eligibility criteria of this specialised visa. Such people can opt for an Employment Pass (EP), a work pass for workers hired by Singapore companies. However, this pass is only for working professionals who can use their expertise in already established businesses in Singapore. EP applicants can take the help of an Employment Pass services centre to get through the process of obtaining the pass.
Here we have listed some of the most common work passes available in Singapore, along with their eligibility criteria and the application procedure details.
- Employment Pass: Working professionals with a minimum monthly salary of S$5,500 in the financial services sector and S$5,000 in all other sectors are eligible for this pass. It varies according to their age and other factors. This work pass is subjected to periodic revisions.
- S Pass: It is tailor-made for mid-level skilled workers with a fixed monthly salary of at least S$3,650 in the financial services sector and S$3,150 in other sectors. It increases every year from age 23 onwards until it reaches S$4,650 at 45 years of age. However, from September 2025, the base salary will be increased to S$3,800 for the financial services sector and S$3,300 for other sectors.
- Work Permit: This applies to semi-skilled foreign workers in specific sectors such as construction, manufacturing, and services.
- Personalised Employment Pass: This pass is for high-earning individuals who meet certain criteria and have a job offer in Singapore.
We recommend going through the details of each work pass separately to choose the most suitable option. The work pass should align with your nature of work in the country and your skills and experience.
How InCorp Can Help
The EntrePass applicant has to fulfil stringent requirements to get the approval, each step of which is crucial for business. InCorp can help you obtain all the necessary documents and guide you through the whole process. Contact us to find out more today!
FAQs about Entrepreneur Pass in Singapore
What is the purpose of the EntrePass in Singapore?
- The Singapore EntrePass helps eligible foreign entrepreneurs to start and operate a business with venture-backed investments or innovative technologies.
What information can be found on the Startup SG webpage?
- The Startup SG web page informs about Singapore's startup ecosystem and how it supports talented entrepreneurs and founders.
Can EntrePass holders apply for permanent residency in Singapore?
- EntrePass holders can get permanent residency in Singapore under the Professional Technical or Skilled Workers (PTS) Scheme. However, this is only possible if their business fulfils the minimum business spending requirement of S$100,000 and employs one full-time local person for entrepreneur pass renewal in the first year and the subsequent increase in spending and employment criteria for successive renewals.
What are the renewal criteria for an EntrePass?
- To renew an EntrePass, you must fulfil an initial threshold of S$100,000 business spending and employ one full-time local employee as part of the local workforce requirement. This should show progress in the subsequent years, fulfilling the renewal yardsticks of every year.
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