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Singapore Entrepreneur Pass (EntrePass)

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Singapore Entrepreneur Pass (EntrePass)

2021-01-27T17:34:23+08:00August 29, 2019|0 Comments

Entrepreneur Pass Information

Singapore has deserved its reputation as one of the world’s best places for initiating a business. High-level infrastructure, low tax rates, strict protection of intellectual property rights, and streamlined process for the establishement of business in the country have made many people from around the world decide to start a business in Singapore. By using Singapore’s Entrepreneur Pass, many enterprising entrepreneurs have relocated to Singapore for business purposes.

The Singapore Entrepreneur Pass, which is also known as the EntrePass, is a type of business visa which is generally intended for foreign business owners who would like to establish an organization in Singapore. It can also be used by foreign business owners who are interested in relocation their existing business to Singapore. An EntrePass is valid for one year, and renewals extend its validity by two years.  The EntrePass must be processed before the foreign entrepreneur is allowed to establish a company in the country. The foreigner will be charged with the incorporation expenses until the result of the EntrePass application is determined. Once can incorporate an organization in Singapore within 30 days of getting an EntrePass approved.

Advantages of the EntrePass

It can be very advantageous for one to hold an EntrePass. Many of the most important advantages granted to a holder of an EntrePass in Singapore relate to the lack of external regulations surrounding it. This is because one does not need to have already established a company in Singapore before applying for the Entrepass. No additional paid-up capital is needed; only a feasible and innovative business proposition is. In fact, the business proposition which is to be supported by a well-crafted business plan is even more important to the authorities than the applicant’s educational qualifications are. The authorities also do not have to pay any amount of salary to the applicant.EntrePass applicants are provided with ample time for the trial of their business’s operation. They are to be given two years to test their business idea before they are required to achieve a specific milestone.

As has just been mentioned, one of the criteria for the receiving of an EntrePass is that of having an innovative business proposition. Such business propositions are linked to companies which have just been incorporated. In this regard, you may contact us at Paul Hype Page & Co if you seek incorporation services. Our incorporation experts will ensure that your Singapore company is properly and lawfully set up. We will even help you obtain any necessary licenses for the operation of your new company.

However, in certain cases, an EntrePass will not do; only an Employment Pass (EP) will work. For instance, if an offshore firm had been incorporated more than six months prior to the application and the director intends to relocate to Singapore to lead the firm, applying for the EP may be the only availvable option.

Regardless of which work pass for the purposes of working in Singapore that you may be seeking, we at Paul Hype Page & Co are able to be of assistance to you. Our team will guide you through the entire process of application for whichever work pass you may need. We will even contact any relevant government authorities on your behalf if you require such a course of action to be taken.

People Who Should Obtain an EntrePass

Any person of any nationality can apply for the EntrePass. Those who are allowed to apply for the EntrePass are to have fulfilled the following criteria:

  • Must be planning to set up or have started a private limited company which has been registered with the Accounting and Corporate Regulatory Authority (ACRA). Should the company have already been registered the company must be less than six monthis old on the day of application. Should the company not be registered, the applicant may do so once the application has been approved.
  • Must fulfill the specified criteria for application as an entrepreneur, innovator, or investor. It is not necessary to fulfill all of the criteria that fall under each category, but the more criteria are fullied, the better chances of having a application approved.
  • Must have a comprehensive business plan as apart of the application
  • Must have a proof of sponsorship by an organization of repute in Singapore
  • Must have a business idea deemed to be sufficiently innovative

Thinking of incorporating in Singapore? Let’s get started.

E A S I E R • F A S T E R • B E T T E R

How to Obtain an EntrePass

To receive an EntrePass, there are several steps that must be completed by the applicant. They are the following:

  1. Submission of the Application
    The candidate must submit the Entrepreneur Pass application form along with all the required credentials to be assessed to the Ministry of Manpower (MON). The applicant must submit the application over the counter at a signpost branch and pay an application fee of S$70. The supporting credentials for the application are as follows:

    • A photocopy of the personal particulars page of applicant’s passport.
    • Past employment testimonials in English
    • A business plan of a length of no longer than 10 pages; this plan must be in English
  2. Obtaining of an IPA (In-principle Approval Letter)
    Candidates who have made it this far will receive an in-principle approval (IPA) letter online. After receiving the IPA, the applicant will have six months to enter Singapore and request the issuance of the EntrePass.

  3. Registration of the Company with ACRA (if necessary)
    After receiving the IPA, the applicant must register the company within 30days. Once the company has been registered with ACRA, the EntrePass holder must state all personal details related to the EntrePass by using a specific form.

  4. Issuance of the EntrePass
    The applicant must be in Singapore to request the issuance of the EntrePass. For the issuance of the pass to the applicant, the company’s employee must submit the following:

    • Passport details of the applicant
    • Details of the applicant’s immigration pass
    • Singapore residential address of the applicant
    • The local address of the candidate to which the EntrePass can be sent
    • Contact details of at least one authorized recipient who can receive a text message or email alert with delivery details
    • Payment of S$15
  5. Receiving of a Notification Letter After Receiving the EntrePass
    The validity of the notification letter lasts for approximately one month and it allows the applicant to travel out of Singapore. In addition to this, the notification will declare if the applicant needs to have any fingerprints registered and photographs taken.

  6. Registration of Fingerprints and Photograph
    Those who have made it to this point are to register their fingerprints and have a photograph taken. The applicant must then have a meeting with the Employment Pass Services Centre. Before the meeting, the applicant must have an original passport, appointment letter, notification letter, and any other documents listed in the IPA and notificiation letters ready.
    This is the last step; the applicant will receive the EntrePass within four working days.

Invalidation and Revocation of an EntrePass

Any Singapore work pass, be it an EntrePass or EP, can be revoked by the holder or a company representative on the holder’s behalf through the EPOL (Employment Pass Online). The document which is submitted for revocation is the work pass itself.

Once this has been done, an acknowledgement letter and Short Term Visit Pass which is valid for 30 days will be issued immediately. These issuances confirm the cancellation of the pass. All related passe, including the Dependant’s Pass and Long Term Visit Pass, will be automatically revoked after the cancellation of the main pass (either an EntrePass or an EP).

After receiving the acknowledgement letter, the applicant must return the original work pass and other related passes by leaving them at MOM’s building. The applicant may also mail the relevant passes to MOM within seven days of the date of cancellation.

Dont-Leave-Your-Employment-Pass-Application-Chance

Singapore Entrepreneur Pass (EntrePass) FAQs

Can I extend my IPA?2020-11-25T09:33:49+08:00

Yes, you can extend your IPA once for up to 1 month. 

How long is the validity of an EntrePass?2020-11-25T09:33:22+08:00

A new EntrePass and the first renewal are normally valid for one year. The subsequent renewals of the Entre Pass will be for 2 years. 

Can a person own an Entrepreneur Pass and an Employment Pass at the same time?2020-07-03T11:21:11+08:00

The requirements for one to receive an EntrePass and an EP differ. This is because they are targeted at different groups of foreigners. Some of these requirements may even contradict each other at times. For this reason, a person cannot own an EntrePass and an EP at the same time.

Are people of all nationalities eligible for an Entrepreneur Pass?2020-07-03T11:20:53+08:00

The Singaporean government has not imposed any nationality restriction on the EntrePass. Therefore, people of all nationalities are eligible for an EntrePass in Singapore.

How does an Entrepreneur Pass differ from an Employment Pass?2020-07-03T11:19:24+08:00

The following are some of the differences between the two visas: 

  • The minimum salary requirement for an applicant to receive an EP is S$3,600, while there are no salary requirements to obtain EntrePass. 
  • The application for the EP can be completed within three weeks while the EntrePass typically takes much longer to receive; it is usually obtained within a minimum of eight weeks. 
  • An Employment Pass holder is allowed to live in Singapore for up to two years upon the first issuance of the visa, while an Entrepreneur Pass holder is only granted one year of the same.

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