It is written in the Ministry of Manpower’s website that this work pass is intended for serial entrepreneurs, high-calibre innovators or experienced investors that want to operate a business in Singapore that is venture-backed or owns innovative technologies.
The EntrePass was introduced back in October 2003. It was intended to spur the development of businesses which would be expected to make significant contributions to Singapore’s economy.
This visa was initially meant for foreign entrepreneurs who did not have tertiary or degree qualification but possessed years of business experience and are interested to start or expand their business into Singapore.
Back then, there were no limitations on the nature of the business that they can operate, and the minimum paid up capital was only $50,000.
This is unlike at present where the business must be venture-backed or possess innovative technologies.
So who is eligible for the EntrePass?
Going back to basics, the EntrePass holder and business should create jobs for locals and increase spending on the local economy. Therefore, here are three criterion your business plan should meet:
By the 2nd year, plan to hire at least 3 full-time employees (FTE) or 1 local professional, manager or executive (PME). Your total annual business spending by then must be at least S$100,000.
It is also important to note that the EntrePass is subjected to a progressive renewal criteria framework. Your business should be performing better over the years, with the figures rising each passing year until they reach a maximum which takes place after the 8th year.
At this point, you should have at least 12 FTEs, or 4 local PMEs. Your total annual business spending must be at least S$400,000.
If you lack a tertiary or degree qualification, your new business should be well-funded by investors. Following which, arises a need for you to relocate to Singapore and carry out operations.
You should be an entrepreneur who is an innovator holding on to intellectual property rights or engaged in collaborative research with major institutions.
Co-founder of Gift Something Pte.Ltd,
“ I originally approached Paul Hype Page for advise on the process to register a business in Singapore, as well as the application of EntrePass.
The overall process was good, it was smooth and I am excited to work in Singapore. Thank you Paul Hype Page! ”
Disadvantage of EntrePass
For those intending to bring family members in, the EntrePass may not be the best for you. There are difficult to meet criterion like:
1. High total annual business spending
At least $100,000 to bring Spouse or children
At least $200,000 to bring Parents
2. Local employment requirements
3 FTE OR 1 local PME to bring Spouse or children
6 FTE OR 2 local PMEs to bring Parents
Tips on what contributes during your renewal:
Successful applicants are encouraged to contribute to the local startup ecosystem through activities such as:
Hosting or speaking at workshops or webinars
Organizing deal-making or networking sessions
Providing mentorship for other startups.
Alternatives to EntrePass
Whatever scares you away from an EntrePass, consider the following 2 popular options instead:
A new work pass initiated in 2021, the Tech Pass is available for top-notch foreign professionals and experts who are keen to launch businesses, head corporate teams, or become a lecturer in Singapore.
Example: Top-notch e-commerce, AI, and cybersecurity foreign professionals and experts.
2. Employment Pass (EP)
The Employment Pass is suitable for any businessperson who has the relevant skill or experience to operate a business in Singapore and a degree from a reputable institution.
Click here for more information on Incorporation with Employment Pass
Paul Hype Page believes that foreign entrepreneurs starting a business in Singapore should be free of any spending or hiring constraints. We also place an importance in the ease of relocating their family members easily.
In line with our beliefs, we have been helping foreigners set up businesses and relocate with their families since 2008. If you need some expertise, feel free to reach out.
Can I appeal if my EntrePass application is rejected?Tiwi2020-11-11T11:42:06+08:00