1. What is the Singapore EntrePass and who is eligible to apply for it?

The Singapore EntrePass is a type of work visa that is specifically designed for foreign entrepreneurs looking to start and operate a business in Singapore. It allows eligible individuals to relocate to Singapore to establish and manage their startup company. In order to qualify for an EntrePass, applicants must meet certain criteria, including:

1. The business must be registered as a private limited company with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.
2. The business must have a paid-up capital of at least S$50,000.
3. The entrepreneur must hold at least 30% of the company’s shares.
4. The business must have a business plan detailing the proposed activities and growth strategies.
5. The entrepreneur must demonstrate relevant business experience, innovative ideas, and the ability to contribute to Singapore’s economy.

Additionally, applicants must meet the minimum requirements for the EntrePass points system, which takes into account factors such as educational qualifications, business track record, investment amount, and the potential economic impact of the proposed business. Overall, the Singapore EntrePass is designed to attract and support talented entrepreneurs who can contribute to the growth and development of the local economy.

2. What are the key requirements for obtaining a Singapore EntrePass?

To obtain a Singapore EntrePass, there are several key requirements that potential applicants must fulfill:

1. Business Incorporation: The first step is to have a business incorporated in Singapore. This can be a new startup or an existing company as long as it is registered with the Accounting and Corporate Regulatory Authority (ACRA).

2. Innovative Business Idea: The business idea must be innovative and have the potential for job creation and significant contribution to the local economy. The idea should be able to demonstrate scalability and sustainability.

3. Minimum Qualifying Investment: There is a minimum investment requirement for the EntrePass application, and the amount may vary based on the nature of the business and other factors. Applicants must be able to show that they have sufficient funds to support their business venture in Singapore.

4. Business Plan: A detailed business plan outlining the objectives, strategies, marketing plans, financial projections, and timelines is essential for the application. This plan should clearly demonstrate the viability and potential success of the proposed business.

5. Relevant Experience: Applicants should possess relevant experience or expertise in the industry they are venturing into. This experience will be assessed to determine the applicant’s capability to successfully run the business in Singapore.

6. Local Hiring: One of the key objectives of the EntrePass is to create local job opportunities. Therefore, applicants must commit to hiring local employees and contributing to the development of the local workforce.

Overall, meeting these requirements and providing a comprehensive application will increase the chances of a successful EntrePass application in Singapore.

3. What are the benefits of holding a Singapore EntrePass for entrepreneurs?

1. Holding a Singapore EntrePass offers several benefits for entrepreneurs looking to start a business in the country. Firstly, the EntrePass allows foreign entrepreneurs to establish and operate a new business in Singapore. This provides them with the opportunity to tap into the country’s robust economy, strategic location, and business-friendly environment.
2. Another key benefit of the EntrePass is that it allows the holder to bring their immediate family members to reside in Singapore with them. This can be advantageous for entrepreneurs who wish to have their loved ones close by while they pursue their business ventures in the country.
3. Additionally, EntrePass holders are eligible to apply for permanent residency in Singapore after meeting certain criteria, such as demonstrating their contribution to the local economy and society. This pathway to PR offers entrepreneurs the potential for long-term stability and security in Singapore.
4. EntrePass holders also have access to various government grants, subsidies, and support programs designed to help startups and small businesses grow and succeed. This includes resources for mentorship, training, networking opportunities, and access to funding sources.
Overall, the Singapore EntrePass provides entrepreneurs with a valuable platform to launch and expand their businesses in Singapore, while also offering them the potential for long-term residency and access to a range of support initiatives to facilitate their entrepreneurial journey.

4. How long is the processing time for a Singapore EntrePass application?

The processing time for a Singapore EntrePass application typically takes around 6 to 8 weeks from the date of submission. However, this timeframe can vary depending on various factors such as the completeness of the application, the volume of applications being processed at the time, and any additional information or documents requested by the authorities. It is important for applicants to ensure that all required documents are submitted accurately and promptly to avoid delays in the processing of their EntrePass application. Additionally, engaging the services of a professional consultant or lawyer who specializes in Singapore immigration matters can help streamline the application process and potentially expedite the processing time.

5. Can a foreign entrepreneur apply for a Singapore EntrePass without a local sponsor?

1. No, a foreign entrepreneur cannot apply for a Singapore EntrePass without a local sponsor. The EntrePass is a work pass specifically designed for foreign entrepreneurs who wish to start and operate a business in Singapore. The local sponsor, which can be a Singapore-registered company or a government agency, plays a crucial role in the application process. The sponsor must be able to provide a letter of support for the foreign entrepreneur’s application, outlining the business idea, its potential economic benefits, and the entrepreneur’s capabilities to execute the plan effectively.

2. The local sponsor also serves as a regulatory check ensuring that the business proposal is viable and aligned with Singapore’s economic goals. Without a local sponsor, the foreign entrepreneur may face challenges in meeting the requirements of the EntrePass application, as the authorities heavily scrutinize the business proposal and the entrepreneur’s background before approving the pass.

3. Therefore, it is highly recommended for foreign entrepreneurs seeking to apply for a Singapore EntrePass to establish a strong partnership with a local sponsor who can vouch for their capabilities and business proposal. This collaboration not only enhances the credibility of the application but also increases the chances of a successful approval process. Ultimately, having a local sponsor is a fundamental requirement for foreign entrepreneurs applying for a Singapore EntrePass.

6. Is there a minimum investment requirement for applying for a Singapore EntrePass?

Yes, there is a minimum investment requirement for applying for a Singapore EntrePass. As of 2021, the minimum investment amount required is S$50,000. This investment can be in the form of tangible equipment, operational costs, or any other valid business expenses. The purpose of this requirement is to ensure that the applicant has the financial means to support their business venture in Singapore. It is important for applicants to provide detailed documentation of how the investment will be utilized and how it aligns with the business plan submitted as part of the EntrePass application process. Failure to meet the minimum investment requirement may result in the application being rejected.

7. Are EntrePass holders allowed to bring their families to Singapore?

Yes, EntrePass holders are allowed to bring their immediate family members to Singapore under certain conditions. Immediate family members typically include the spouse and children below the age of 21. In order to bring their families to Singapore, EntrePass holders need to meet the eligibility criteria set by the Ministry of Manpower (MOM). This includes showing proof of sufficient funds to support their family members, providing medical insurance coverage, and meeting other requirements as stipulated by the authorities.

There are generally two options for EntrePass holders to sponsor their families to stay in Singapore:

1. Dependant’s Pass: This pass allows the spouse and children of EntrePass holders to reside in Singapore for the duration of the EntrePass validity.

2. Long Term Visit Pass (LTVP): If the children are above 21 years of age or other extended family members wish to join the EntrePass holder in Singapore, they may apply for an LTVP which allows them to stay in the country for longer periods, usually up to a year.

It is important for EntrePass holders to adhere to the regulations set by the MOM regarding the sponsorship of their family members to avoid any issues with their stay in Singapore.

8. What are the restrictions or limitations for EntrePass holders in Singapore?

EntrePass holders in Singapore are subject to certain restrictions and limitations that they must comply with. Some of these restrictions include:

1. Continuous Business Operations: EntrePass holders are required to actively operate and manage their registered business in Singapore. Failure to do so may result in the cancellation of the EntrePass.

2. Change of Business Activity: EntrePass holders are required to seek approval from the Ministry of Manpower before making any significant changes to their business activities.

3. Minimum Local Employee Quota: EntrePass holders must adhere to the minimum number of local employees they are required to hire based on the type of business they are running.

4. Annual Renewal: EntrePass holders need to ensure that they renew their pass annually and meet the eligibility criteria set by the authorities.

5. Restricted Employment: EntrePass holders are only allowed to work for the business that they have registered and are not permitted to take on additional employment or job roles in other companies.

6. Limited Validity Period: The validity period of the EntrePass is usually tied to the validity of the business registration or up to a maximum of two years, after which it must be renewed.

7. Business Closure: If an EntrePass holder decides to close their business in Singapore, they must inform the relevant authorities and surrender their pass within a specified timeframe.

8. Compliance with Regulations: EntrePass holders must comply with all relevant laws, regulations, and obligations set by the Singapore government pertaining to their business operations and stay in the country. Failure to do so may result in penalties or revocation of the pass.

Overall, EntrePass holders need to navigate these restrictions and limitations carefully to ensure they are in compliance with the regulations and maintain the validity of their pass in Singapore.

9. Can EntrePass holders switch to another type of visa in Singapore?

Yes, EntrePass holders in Singapore have the option to switch to another type of visa under certain circumstances. Here are some key points to consider:

1. Employment Pass (EP): EntrePass holders who have scaled up their business and met the eligibility criteria for an Employment Pass may apply for a switch. The EP is typically issued to professionals, managers, executives, and technical experts working in Singapore.

2. Personalised Employment Pass (PEP): EntrePass holders who meet the PEP criteria, such as having a last drawn fixed monthly salary of at least $18,000, can also consider switching to this pass. The PEP offers more flexibility as it is not tied to a specific employer.

3. Other visa types: Depending on the individual’s circumstances and eligibility, EntrePass holders may explore other visa options such as the S Pass for mid-skilled workers or the Miscellaneous Work Pass for short-term assignments.

It is important to note that the switch to another visa type will be subject to the prevailing immigration policies and fulfillment of specific criteria set by the Ministry of Manpower (MOM) in Singapore. EntrePass holders seeking to switch visas should carefully review the requirements and seek guidance from relevant authorities or immigration consultants to ensure a smooth transition.

10. What are the key differences between a Singapore EntrePass and a Employment Pass?

The key differences between a Singapore EntrePass and an Employment Pass are as follows:

1. Eligibility criteria: The EntrePass is specifically designed for entrepreneurs looking to start and operate a business in Singapore, while the Employment Pass is meant for skilled foreign professionals employed by a Singapore-registered company.

2. Business ownership: EntrePass holders are required to have a significant shareholding in the company they are establishing or operating, whereas Employment Pass holders do not necessarily need to have ownership in the company they work for.

3. Minimum salary requirements: Employment Pass holders are subject to minimum salary requirements based on their qualifications and experience, while EntrePass holders do not have strict salary criteria but must demonstrate sufficient funds to support themselves.

4. Renewal process: The renewal process for EntrePass and Employment Pass holders may differ, with EntrePass renewal dependent on meeting specific business milestones and Employment Pass renewal primarily based on continued employment with the sponsoring company.

5. Validity period: The validity period of an EntrePass is typically tied to the success and sustainability of the applicant’s business venture, while the Employment Pass validity is usually linked to the duration of the job contract.

6. Dependent privileges: EntrePass holders may apply for Dependant’s Passes for their immediate family members, whereas Employment Pass holders are eligible to apply for Dependant’s Passes or Long-Term Visit Passes for their family members.

Overall, the choice between an EntrePass and an Employment Pass depends on the individual’s specific circumstances, business goals, and employment needs in Singapore.

11. Can a Singapore EntrePass holder bring in business partners to Singapore?

Yes, a Singapore EntrePass holder can bring in business partners to Singapore. However, there are certain regulations and procedures that need to be followed for this purpose. Here are some key points to consider:

1. Employment Pass Application: If the business partners are planning to work and actively operate the business in Singapore, they would need to apply for their own Employment Passes through the Ministry of Manpower (MOM).

2. Business Registration: The business partners will also need to be involved in the registration of the company in Singapore, either as shareholders or directors, depending on the structure of the business.

3. Investment Requirement: It is important to ensure that the business partners fulfill the investment requirements set by the Singapore government for the EntrePass scheme, as this is a key criteria for obtaining and renewing the pass.

4. Business Plan: The business partners should be part of the overall business plan and operational strategy submitted as part of the EntrePass application to demonstrate their role and contribution to the business.

5. Compliance: It is essential to adhere to all rules and regulations set by the Singapore authorities regarding the involvement of business partners in a company operating under the EntrePass scheme.

Overall, bringing in business partners to Singapore as a Singapore EntrePass holder is possible, but it involves careful planning, adherence to regulations, and compliance with the requirements set by the Singapore government. It is advisable to seek the guidance of legal advisors or consultants specializing in Singapore immigration and business laws to ensure smooth and legal entry of business partners into the country.

12. What is the validity period of a Singapore EntrePass and can it be renewed?

The validity period of a Singapore EntrePass is initially for one year. After the first year, the EntrePass can be renewed for a period of up to two years upon meeting certain eligibility criteria. To renew the EntrePass, the applicant must demonstrate that their business is generating revenue and contributing to the Singaporean economy. Additionally, the company should have local employees and proof of business activities. Renewal applications are subject to approval by the Ministry of Manpower in Singapore and must be submitted before the current pass expires. It is essential for EntrePass holders to plan ahead and ensure that they meet all requirements for renewal to avoid any disruptions in their business operations in Singapore.

13. Are EntrePass holders permitted to work on multiple business ventures in Singapore?

Yes, EntrePass holders in Singapore are allowed to work on multiple business ventures under certain conditions:

1. The additional business ventures must align with the main business activity specified in the EntrePass application.
2. The entrepreneur should ensure that they can effectively manage and oversee all the business operations without compromising the success of any of the ventures.
3. Any changes or additions to the business activities should be reported to the Ministry of Manpower for approval and appropriate updates to the EntrePass.
4. It is essential for EntrePass holders to comply with all regulations and laws related to multiple business operations in Singapore to avoid any penalties or revocation of their work pass.

In summary, EntrePass holders can work on multiple business ventures in Singapore as long as they adhere to the stipulated guidelines and regulations set by the authorities.

14. What are the industries or sectors that are prioritized for EntrePass applications?

Singapore prioritizes certain industries or sectors for EntrePass applications in order to support the country’s economic growth and development. Some of the key industries that are prioritized for EntrePass applications include:

1. Technology and innovation: Singapore places a strong emphasis on fostering a thriving technology and innovation ecosystem. Entrepreneurs in the tech sector are encouraged to apply for an EntrePass, especially if their business ideas have the potential to drive innovation and create high-value jobs in Singapore.

2. Healthcare and biotechnology: With a growing emphasis on healthcare and biotechnology, entrepreneurs in these fields are also prioritized for EntrePass applications. Singapore aims to position itself as a hub for healthcare and biotech innovation, making it an attractive destination for entrepreneurs in these sectors.

3. Smart city solutions: Given Singapore’s focus on becoming a smart nation, entrepreneurs working on smart city solutions are also prioritized for EntrePass applications. This includes businesses involved in areas such as urban planning, sustainable living, and technology-driven solutions for city management.

4. Sustainable development: Entrepreneurs focusing on sustainable development, renewable energy, and environmental conservation are also encouraged to apply for an EntrePass. Singapore is committed to promoting sustainability and green initiatives, making it an ideal location for businesses in these sectors.

By targeting these key industries and sectors, Singapore aims to attract innovative and high-potential entrepreneurs who can contribute to the country’s economic growth and competitiveness. Entrepreneurs operating in these priority sectors may find it easier to obtain an EntrePass and benefit from the support and resources available in Singapore’s vibrant startup ecosystem.

15. Are there any specific requirements for the business plan submitted with a Singapore EntrePass application?

Yes, there are specific requirements for the business plan submitted with a Singapore EntrePass application. The business plan is a crucial component of the application process as it helps demonstrate the viability and potential for growth of the proposed business venture. Some key requirements for the business plan include:

1. Comprehensive Business Description: The plan should provide a detailed overview of the business concept, products or services offered, target market, and unique selling points.

2. Market Analysis: A thorough analysis of the market conditions, competitors, and potential customers should be included to showcase a clear understanding of the business environment.

3. Marketing and Sales Strategy: The plan should outline how the business intends to market its products or services, acquire customers, and generate revenue.

4. Operational Plan: Details about the day-to-day operations, logistics, and any necessary resources or partnerships should be clearly outlined.

5. Financial Projections: The business plan should include realistic financial projections, such as sales forecasts, expenses, and profit margins, to demonstrate the potential for financial success.

6. Timelines and Milestones: It is important to include a timeline of key milestones and objectives that the business aims to achieve in the short and long term.

7. Job Creation: EntrePass applicants are required to demonstrate their ability to create local employment opportunities. Therefore, the business plan should include a plan for job creation and hiring local talent.

Overall, the business plan plays a crucial role in convincing the authorities of the feasibility and potential growth of the proposed business, so it is essential to ensure that it meets all the specific requirements outlined by the Singaporean authorities for EntrePass applications.

16. Can EntrePass holders sponsor foreign employees to work in their company in Singapore?

EntrePass holders in Singapore are not allowed to sponsor foreign employees to work in their company. The EntrePass scheme is specifically designed for foreign entrepreneurs who wish to start and operate a business in Singapore. However, EntrePass holders can hire local employees to work for their company, but they are not permitted to sponsor foreign employees for employment under the EntrePass framework. If EntrePass holders wish to employ foreign workers, they would need to apply for the necessary work pass for these individuals through the various work pass schemes available in Singapore, such as the Employment Pass or S Pass. It’s important for EntrePass holders to comply with the employment regulations and guidelines set by the Ministry of Manpower in Singapore to ensure that their hiring practices are in accordance with the law.

17. What are the advantages of upgrading from an EntrePass to Permanent Residency (PR) in Singapore?

There are several advantages of upgrading from an EntrePass to Permanent Residency (PR) in Singapore:

1. Long-term stay: PR status allows individuals to live in Singapore on a more permanent basis without the need to continuously renew their visas, providing stability and security.

2. Work flexibility: PR status grants individuals the freedom to work in Singapore without needing a specific work pass, expanding their employment opportunities within the country.

3. Education opportunities: PR holders are eligible for subsidies on education fees in public schools, as well as being able to apply for tertiary education loans and scholarships.

4. Medical benefits: PR holders are eligible for subsidized healthcare at public healthcare institutions in Singapore, providing access to quality medical services at a reduced cost.

5. Pathway to citizenship: Holding PR status is often a stepping stone towards acquiring Singaporean citizenship, which brings with it even more benefits such as the right to vote and access to government schemes.

Overall, upgrading from an EntrePass to Permanent Residency in Singapore provides individuals with a range of benefits that enhance their quality of life and opportunities in the country.

18. Are there any tax incentives or benefits for EntrePass holders in Singapore?

EntrePass holders in Singapore are eligible for several tax incentives and benefits to support their businesses. Some of these include:

1. Exemption on foreign-sourced income: EntrePass holders are not required to pay taxes on income earned outside of Singapore, provided that it is not brought into the country within three years of receiving it.

2. Start-up tax exemption scheme: Qualifying EntrePass holders are eligible for a tax exemption on the first S$100,000 of their chargeable income for the first three consecutive years of assessment.

3. Special tax rates for entrepreneurs: EntrePass holders may also benefit from reduced tax rates on their income, with progressive rates ranging from 0% to 22%.

These tax incentives and benefits are aimed at attracting and retaining entrepreneurs in Singapore, facilitating the growth and success of their businesses in the country.

19. How can EntrePass holders contribute to the local economy and startup ecosystem in Singapore?

EntrePass holders can contribute significantly to the local economy and startup ecosystem in Singapore in several ways:

1. Job Creation: EntrePass holders who establish their own businesses in Singapore can create job opportunities for locals, thus reducing unemployment rates and boosting the economy.

2. Innovation: EntrePass holders often bring innovative ideas and technologies to the local startup ecosystem, driving creativity and competitiveness.

3. Knowledge Transfer: Through collaborations with local talent and institutions, EntrePass holders can facilitate knowledge transfer and skills development, enriching the local workforce.

4. Investment: EntrePass holders who choose to invest in other local startups can provide much-needed funding and support for early-stage companies, fostering growth and expansion within the ecosystem.

5. Networking: EntrePass holders can also facilitate networking opportunities between local entrepreneurs, investors, and industry professionals, creating a vibrant ecosystem that nurtures collaboration and business growth.

Overall, the presence of EntrePass holders in Singapore benefits the economy by injecting diversity, expertise, and resources into the local startup scene, ultimately contributing to sustainable economic development and innovation.

20. What are the common reasons for rejection of Singapore EntrePass applications and how can they be avoided?

There are several common reasons for the rejection of Singapore EntrePass applications which applicants should be aware of in order to increase the chances of approval. Here are some of the key reasons for rejection and how they can be avoided:

1. Inadequate Business Plan: One of the main reasons for rejection is submitting a business plan that lacks detailed information or does not demonstrate a viable and scalable business model. To avoid this, applicants should ensure their business plan is well-researched, clearly articulated, and includes financial projections, market analysis, and a detailed marketing strategy.

2. Insufficient Qualifications or Experience: Another common reason for rejection is when the applicant does not possess the necessary qualifications or relevant experience in the industry they are applying for. To avoid this, applicants should highlight their relevant educational background, work experience, and any achievements or credentials that demonstrate their expertise in the field.

3. Lack of Innovation or Uniqueness: Singapore immigration authorities typically look for businesses that are innovative, unique, and have the potential to contribute to the local economy. Applications may be rejected if the proposed business is deemed too generic or lacks a competitive edge. To avoid this, applicants should focus on showcasing how their business idea is novel, fills a gap in the market, or offers a fresh perspective compared to existing businesses.

4. Insufficient Capital Investment: EntrePass applicants are required to demonstrate a certain level of financial commitment to their business venture. Rejections often occur when the proposed capital investment is deemed insufficient to support the business operations or growth. To avoid this, applicants should ensure they have a realistic financial plan in place, with adequate funding sources identified to support their business for the initial stages and beyond.

Overall, to avoid rejection of their EntrePass application, applicants should take the time to thoroughly prepare their business plan, highlight their qualifications and experience, showcase the uniqueness of their business idea, and ensure they have a solid financial strategy in place. By addressing these common reasons for rejection proactively, applicants can improve their chances of successfully obtaining an EntrePass in Singapore.