Why is Entrepass Visa unsuitable for Married Entrepreneur with extended family members?
As a Singapore EntrePass holder, you can only bring your family in AFTER you meet the requirements for total annual business spending and local employment:
This means that during the first year after visa approved, you cannot bring your family members to live with you in Singapore.
|To bring your
||Your total annual business spending must be at least
||You must employ at least
- Spouse (common-law or legally married)
(full-time employees, formerly known as FTE) OR
1 local PME (professional, manager or executive)
2 local PMEs
LQS (formerly known as FTE) refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,400, and receive CPF contributions for at least 3 months.
Local PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents, earn a monthly salary of at least $3,900 and receive CPF contributions for at least 3 months.
In order to apply for Dependant’s Pass or Long-Term Visit Pass, you need to request for an assessment of your eligibility to apply for the Passes. Therefore, it seems more like a privilege rather than an entitlement of the entrepass for bring in their family members. These above factors made entrepass visa unfavourable to apply, especially for someone who is married or has an extended family to take care.
What happens after the Singapore EntrePass is approved
If everything that is necessary has been done in a proper manner and all criteria have been fulfilled, the applicant should have the EntrePass application approved. Upon approval, the applicant will receive an EntrePass which will be valid for one year.
During that one-year span, there will be an audit conducted. This audit is intended to assess the level of progress attained by the EntrePass holder’s business. The EntrePass holder is required to supply documents which prove that the business has made the required amount of progress and grown at an acceptable rate. Some documents which may serve as such proof include:
Research collaboration documents,
Staffs’ CPF statements, and staff employment contracts.
The purpose of this audit is to confirm the approval of the EntrePass. It ensures that all foreign entrepreneurs will maintain their efforts to complete the plans they may have had for their business ventures.
What are the chances of EntrePass Renewal and its procedures?
Those who intend to renew the pass before it expires must meet the renewal criteria. Renewals of the EntrePass are contingent on meeting the requirements stipulated by MOM. According to these requirements, the business venture must demonstrate that over a one-year period,
There are two reasons why a progressive renewal framework was implemented:
Total business spending is calculated by deducting the following from the total operating expenses:
- Expenses due to purchase of royalties, franchise and technical know-how fees from overseas companies.
- Expenses due to outsourcing of work overseas.
- Total remuneration to company’s EntrePass holders.
How to Increase the Chances of EntrePass Approval and Renewal?
There are certain ways in which you can increase the chances of EntrePass approval and renewal. In the case of approval, there are multiple criteria which may be fulfilled by those who are applying as either an innovator or an entrepreneur.
An application can also be strengthened by submitting documents which, while not necessary, can be helpful. These documents include:
The chances of a successful renewal of an EntrePass can be increased if:
the amount of local employment created by the business is well above the required minimum,
the total business spending is exceptionally high.
This is because these two factors reveal just how much the EntrePass holder has contributed to Singapore’s economy through his exception high business activities.