It is written in the Ministry of Manpower’s website that the Singapore Entrepreneur Pass (EntrePass) 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.
Out of all the visas available for foreigners, how will the EntrePass fair against the Employment Pass (EP) or Tech.Pass? Let’s break it down.
History of Singapore Entrepreneur Pass (EntrePass)
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 Singapore Entrepreneur Pass (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.