Importance of Business Plan for EntrePass Application
Preparing a good business plan for your EntrePass is one of the most crucial aspects in getting your EntrePass Visa. A well thought out business plan helps improve your chances of getting a Singapore EntrePass. Your business venture must demonstrate in a one-year period that it will meet the employment requirement of a minimum number of Singaporean or local workers; and with a Total Business Spending (TBS) of (Conditions below are extracted from MOM website):
P1 Pass – 8 local employees; TBS S$300,000
P2 Pass – 4 local employees; TBS S$150,000
Q1 Pass – 2 local employees; TBS S$100,000
Subsequent renewals of the EntrePass are contingent on meeting these requirements and on achieving the goals and objectives in the business plan. It is, therefore, extremely crucial to have a well drafted business plan.