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