Singapore EntrePass - Entrepreneur Pass - Business Work Visa for Entrepreneurs
Foreign entrepreneurs who wish to establish their company and reside in Singapore have two options to choose from: Entrepass and Employment pass. Each one has its own advantages in terms of ease of approval, processing period and mandatory requirements.
1. Introduction to Entrepass
The Entrepass, designed to facilitate the entry and stay of entrepreneurs who are ready to start a new business and who will be actively involved in the operation of the company in Singapore, the EntrePass, with an initial validity period of up to 2 years will be issued upon the submission of a sound business proposal (Business Plan). The EntrePass also allows your immediate family to live in Singapore while you start and grow your business there. With the EntrePass you may leave and re-enter Singapore frequently with ease. It is renewable for as long as the business remains viable.
EntrePass applicants will be assessed on the credibility of their proposed Business Plan, which should include the objective or nature of the business, products or services to be offered; marketing strategies, development plans and milestones, projected sales turnover, intended amount of investment and staffing plan.
Most Entrepreneurs will have no problem getting an EntrePass visa approved, although the approval is dependant on the type of business you intend to set up, how you prepare and present your Business Plan, your current citizenship, the amount of capital investment, local job creation, your past work experience and possibly your education level.
Importance of Business Plan for EntrePass Application
Preparing a good Business Plan for your application is one of the most crucial aspects of acquiring an EntrePass Visa. A well thought-out Business Plan markedly improves your chances of getting a Singapore EntrePass.
Success Rate - How you present all the above details will determine the outcome of your EntrePass application!
And here at Kaizen , we have helped many entrepreneurs secured their EntrePass successfully by writing a good business plan.
2. EntrePass Processing Time
The process of assessing an EntrePass application should be around 25 days from the date of receipt. It is important that all information and supporting documents requested are submitted correctly to ensure fast approval. An incomplete application will lengthen processing time and may result in rejection.
3. Validity of EntrePass
If your application is successful, you will normally be issued an EntrePass that is valid for two years. You do not need to incorporate your business in Singapore until the successful outcome of your EntrePass application.
Your EntrePass and dependants passes allow you to bring your immediate family members to Singapore to live with you.
Depending on the pass type issued, the following EntrePass holders will be permitted to apply for the following passes:
|
EntrePass type |
Dependant’s Pass |
Long-Term Social Visit Pass |
|
P |
Yes |
Yes |
|
Q1 |
Yes |
No |
4. Procedures for Application for Singapore Entrepass If you are a non-Singaporean thinking of setting up a company in Singapore, you can apply for the EntrePass, also known as an Entrepreneurs Visa.
To secure the Entrepass, you will need to prepare the following for submission:
- EntrePass application form
- A comprehensive Business Plan with details of your business idea, products/services, market analysis, marketing plan, operation plan, financial projections and management team
- Supporting documents such as licensing agreements, product certifications and endorsements, if appropriate
- A copy of your past employment testimonials
- A copy of Company name reservation with Registry of Companies “ACRA?
- A recent passport-size photograph
- A copy of the personal details page in your passport
- All the above should be submitted to the Ministry of Manpower (”MOM?
- Upon approval of your EntrePass, you need to set up the Singapore company and provide a local sponsor/or S$5000.00 banker guarantee to MOM before collecting you EntrePass Visa.
5. Our professional services charges to Setup the Singapore Company and EntrePass Application
Kaizen will provide:
- Drafting of the professional business plan as required by MOM
- Entrepass application filing to MOM and subsequent follow up
- Act as a local sponsor for the applicant upon approval of EntrePass (inclusive the S$5000.00 (USD3,400) security deposit required by Ministry of Manpower, MoM)
Our full Singapore Incorporation, Business plan drafting and Entrepass application is USD3,240.00 inclusive of being your local sponsor. Click here to order your Singapore Company Setup + Entrepass package.
For further information or assistance, please call us:
Hong Kong Office: +852 2341 1444
Singapore Office: +65 6295 2884
Shenzhen Office: +86 755 8268 4480
Shanghai Office: +86 21 6439 4114
Beijing Office: +86 10 6874 8420
or send email to enquiries@bycpa.com .
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