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Entrepreneur Pass

This type of visa is also called as “Entrepass”. EntrePass is required only if you need to relocate to Singapore to run your new company. If you only want to setup a company in Singapore but not relocate, you don’t require EntrePass.

 

It’s possible to apply for Entrepreneur Pass before incorporating the Singapore company. Once the pass is approved, you will be generally given 30 days to incorporate the proposed company and inject the necessary share capital. Thus you are not required to incur incorporation expenses until the outcome of your Entrepreneur Pass is known.

 

The Entrepreneur Pass allows you to bring your family (spouse and unmarried children under 21) to Singapore by applying for their dependent passes. EntrePass holders are eligible to apply for Singapore permanent residence in due course. P type EntrePass holders can also apply for a Long Term Visit Pass for their common law spouse, unmarried daughters above 21 years of age, step-children, parents and parents-in law.

 

Depending upon your salary, experience and the discretion of authorities, you will be issued one of the following three types of EntrePass:


  • P1 Pass: typically for foreigners with a base salary of above S$8,000 a month.
  • P2 Pass: typically for foreigners with a base salary between S$4,500 and S$8,000 a month.
  • Q1 Pass: typically for foreigners with a base salary between S$3,000 and S$4,500 a month.

  

In practical terms, there is not much difference between the above types of EntrePass except for the following:


  • Although all the above three types of EntrePass allow you to bring your spouse and children under 21 years old, Q1 pass holder are unable to apply for Long-Term Social Visit Pass for their significant others.
  • The timing of permanent residence application filing. As a general rule of thumb, P1 holders can apply for Singapore PR as early as 1 year after obtaining their EntrePass, whereas, P2 and Q1 pass holders should wait at least 2 years.


 

ENTREPASS ELIGIBILITY REQUIREMENTS:

In general, any foreigner above the age of 21 and with the requisite qualifications is eligible to apply for Singapore entrepreneurial visa EntrePass. The following basic requirements and guidelines apply:


  • You should have an entrepreneurial and relevant background.
  • The proposed business idea must be of entrepreneurial in nature and able to create local employment opportunities.
  • You must relocate to Singapore to operate your Singapore company.
  • The proposed business must be registered as a Singapore private limited company and not as a sole proprietorship or partnership.
  • You should not have yet incorporated your company or the company must not be more than six months old at the time of EntrePass application.
  • The applicant must have at least 30% shareholding in the company.
  • The company must have a minimum paid-up capital of S$ 50,000.

 

DOCUMENTS NEEDED FOR ENTREPASS:

To apply for Entrepreneur Visa, the following documents are required


  1. Completed EntrePass application form
  2. A business plan in the prescribed format
  3. A copy of your company’s bank statement showing funds of at least S$ 50,000, if the company is incorporated prior to the submission of application
  4. A copy of your company’s latest business profile printout, if incorporated already
  5. A passport-sized photograph taken within the past three months
  6. A copy of the personal particulars page of your passport
  7. Documentary evidence of your previous employment(s) and/or business venture(s), if any
  8. Copies of your educational certificates, if any
  9. Other documents that can be useful to solidify your application include licensing agreements, MOUs with potential customers/suppliers, product certifications, endorsements, etc.

 

ENTREPASS RENEWAL GUIDELINES:

The Entrepreneur Pass is issued for one or two years at a time as decided solely by authorities. A renewal form will be sent to you by MOM before it expires. You should file the renewal application at least two months before it expires. EntrePass renewal applications require the following documents (or as listed in the renewal reminder letter):


  • Latest copy of business profile from ACRA.
  • Latest financial statements of the company declared to the Inland Revenue Authority of Singapore or audited accounts.
  • Highest educational certificates of employees. Note that the employees need to possess at least National Technical Certificate (NTC2), National ITE Certificate (NITEC) or vocational qualifications obtained after at least two years of full-time studies.
  • CPF statements for the employees.
  • Other documentary evidence on the company’s activities such as office rental agreement, referral letters from clients, invoices issued, and/or contracts awarded. Note that the authorities want to make sure that you are actively doing business and that it’s not just a paper company.
  • The business venture has to be conducted based on the original declared business plans, in order to qualify for renewal.

 

The criteria to be observed is as follows:


Category of EntrePass

Criteria for Renewal

Number of Years Granted

P1

Company to employ at least eight local employees; and

Two years if Net Asset Value is positive.

Company to demonstrate Total Business Spending (TBS) of S$300,000 over the past 12 months.

One year if Net Asset Value is negative.

P2

Company to employ at least four local employees; and

Two years if Net Asset Value is positive.

Company to demonstrate TBS of S$150,000 over the past 12 months.

One year if Net Asset Value is negative.

Q1

Company to employ at least two local employees; and

One year. (Approved for one year for 1strenewal only. Companies must upgrade to a “P” by second renewal.)

Company to demonstrate TBS of S$100,000 over the past 12 months.


FROM ENTREPASS TO PERMANENT RESIDENCE:

EntrePass holders are eligible to apply for permanent residence in due course. Before you file your PR application with Singapore immigration authorities, it’s recommended that you are able to demonstrate that you are running a viable business and that you will not become a financial burden on Singapore.