Whether this a paid up capital for a new Singapore company incorporation for foreigners or whether it is meant for all Entrepreneur Pass scheme applications, the amount of SG$50,000 paid-up capital is not applicable any longer.
With the new regulation, all new business owners under the Entrepass Visa may note that the previously established requirement of a minimum SG$50,000 paid-up capital in a Singapore based company has been abolished.
Why? This is because the Singapore government aims to enhance the start-up environment in the republic by making the EntrePass available to a much larger pool of entrepreneurs and investors.
Let us reiterate, you do not need SG$50,000 to register your business in Singapore.
What is a Singapore Entrepass
EntrePass is meant for foreign business professionals and entrepreneurs who’d wish to initiate their own career and business in Singapore, and if differs from an Employment Pass, which is needed if a foreign individual wants to work in Singapore or be a director of a Singapore company.
Under the EntrePass holder can stay in Singapore for a validity of two years and candidates are encouraged to apply for it themselves.
EntrePass is renewable as long as the criteria are satisfied. Ministry of Manpower (MoM) stated in its eligibility criteria, applicant’s business or incorporation must:
- Obtain funding or income from an recognized source
- Have an existing intellectual property with their product
- Conduct research collaboration with a valid source
- Be an incubate at a Singapore government initiated incubator
Documents required for EntrePass are:
- Copy of the personal particulars of the applicant’s ID/ passport;
- Past employment testimonials
- A business plan
- Registering Your Company in Singapore’s Free Trade Zones