How to get an Entrepreneur Pass (EntrePass) in Singapore
5 minute read
If you are a foreign entrepreneur with an innovative business proposal, you may qualify for the Entrepreneur Pass or Entrepass. Singapore created this unique visa as an added incentive to attract the brightest minds to its start-up and entrepreneur scene.
This guide gives you a high level overview of the EntrePass, requirements and key difference between this visas and other visas, as well as what to expect during the application process.
Key facts about the EntrePass
For many companies, tax is the main reason why many companies choose to incorporate a company in Singapore. Singapore has business-friendly tax rates and a wealth of tax incentives to encourage the growth of businesses and entrepreneurship, which makes incorporating a company in Singapore a good idea. Here’s a quick rundown of some of the favourable tax policies:
What's the difference between an EntrePass and an Employment Pass?
There are several differences between the two visas, for example:
Who is eligible to apply?
In addition to all the above-mentioned conditions, you are required to meet the either one of these criteria, which is divided into 3 types – Entrepreneur, Innovator or Investor:
Business not approved for EntrePass:
These businesses will not be considered for EntrePass applications:
How do I apply for an EntrePass?
If you wish to apply for Entrepass, you do so directly with the Ministry of Manpower. An online application is not available. You will require these documents:
The business plan for Entrepass
A business plan is part of the required documentation that you need to submit along with your application. The Ministry of Manpower has required that the business plan conform to the following structure. Note that this means if your business plan does not conform to this format, your application may be rejected.
Profile of applicant
How long will the application take?
EntrePass applications usually take between 6 to 8 weeks to process. You can use this link to check your EntrePass application status.
Once your application is successful, an In-Principle Approval (IPA) letter is issued to you. After that, you have 30 days to register your Singapore company and place your share capital. Furthermore, MOM will then require you to update your EntrePass details after you have incorporated your company with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) Once that is complete, MOM will issue you your Entrepass.
Also, the IPA letter will also inform you if you are required to go through a medical test before your Entrepass is issued to you. Finally, once the final IPA approval letter is issued you must move to Singapore within 6 months.
Rejection of EntrePass application
If you have met all the stipulated requirements mentioned above, your application is unlikely to be rejected. However, should it happen to you, an appeal can be filed within 90 days. The appeal process will take another 6 to 8 weeks. Due to EntrePass application being a highly complicated process, it is highly recommended that you hire a professional firm to assist you in the application.
Sleek can help you get your paperwork in order, such as preparing your business plan and application documents. Given that it is a reasonably large undertaking, we can also work with you to minimize any delays and increase your chances of approval. Interested? Contact us to learn more.