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The Singapore Entrepreneur Pass (EntrePass): Your Comprehensive Guide to Eligibility and Application Process
11/04/2023
If you’re an entrepreneur looking to establish a business in Singapore, you might have heard about the Entrepreneur Pass (EntrePass) – a work visa designed for foreign entrepreneurs who want to start a business in Singapore. The EntrePass scheme aims to attract innovative and entrepreneurial talent to Singapore, and it’s a great option for those who want to tap into the city-state’s vibrant startup ecosystem.
In this blog post, we’ll look at the EntrePass and provide a comprehensive guide on who it’s for and how to obtain one.
What is the EntrePass?
Foreign entrepreneurs who are interested in running their own business in Singapore may find the EntrePass to be a suitable option. This visa is designed for individuals who meet certain eligibility criteria, including:
- serial entrepreneurs who constantly generate innovative business ideas,
- high-caliber innovators and;
- experienced investors.
If you are eligible for one of these categories and are considering establishing a business in Singapore, the EntrePass could be your viable solution.
Why should entrepreneurs consider the EntrePass?
If you’re considering applying for the EntrePass in Singapore, it’s important to understand the benefits of this visa. One of the key advantages is that you can apply for the EntrePass even before incorporating your company, as long as you eventually establish your business in Singapore. This allows you to be physically present in the country to attend to administrative tasks related to your company’s incorporation.
Another benefit is bringing your family to Singapore under the Dependant Pass or Long-Term Visit Pass. However, to qualify, you must meet certain criteria, such as having a total annual business spending of at least $100,000 and employing a minimum of three local full-time employees or one local professional, manager, or executive.
EntrePass Instead vs an Employment Pass
In Singapore, an Employment Pass is usually obtained for professional jobs, while an EntrePass is sought after for starting a new business there. Applicants must possess specific educational qualifications and relevant professional experience to be eligible for an Employment Pass.
On the other hand, the EntrePass application process emphasizes your entrepreneurial experience and the potential of your business ideas without any strict educational requirements. This means that even if you don’t have a traditional academic background, you may still be eligible for an EntrePass if you have a proven track record of entrepreneurship and innovative ideas.
Who can apply for the EntrePass?
The EntrePass scheme in Singapore is open to applicants of all nationalities who have started or intend to start a company registered with the Accounting and Corporate Regulatory Authority (ACRA).
If your company has already been registered, it should be at most six months old at the time of your EntrePass application. However, if you still need to register your company, you can do so after the outcome of your EntrePass application is known.
To qualify for an EntrePass, you must fulfill one or more of the following criteria as an entrepreneur, innovator, or investor. While meeting all the criteria under each profile is not mandatory, having more qualifications can increase your chances of success in your application:
| Entrepreneur | Your company must have raised funding of at least S$100,000 from a government investment vehicle, Venture Capitalist (VC) or business angel recognised by a Singapore Government agency. |
| Your company must be an existing incubate (new start-up company) at an incubator or accelerator (programs to provide assistance and mentorship to start-ups) in Singapore that is recognised by the Government. | |
| You are significantly experienced and have a good track record in starting highly-scalable businesses. You also wish to create, expand and run new or existing businesses in Singapore.
You must also fulfil any of the following:
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| Innovator | You or your company must hold an Intellectual Property (IP) that:
Please note that an expired IP can be considered as long as one of the shareholders is the inventor of the IP. |
Your company must have an ongoing research collaboration with a research institution or an Institute of Higher Learning (IHL) in Singapore. You must also fulfil all of the following:
Please note that a contract of services is not considered a research collaboration. |
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| You must have exceptional technical or domain expertise in an area related to your proposed business and you must have outstanding achievements or received international recognition about that area. | |
| Investor | You possess a good track record of investing in businesses, and wish to expand new or existing businesses in Singapore.
In particular, you must be willing to invest a substantial amount of money in a local company and have a track record in one of the following:
|
Please note that the following businesses are not eligible for an EntrePass:
- Coffee shops, hawker centres, and food courts.
- Bars, nightclubs, karaoke lounges.
- Foot reflexology, massage parlours.
- Acupuncture, traditional Chinese medicine, herbal dispensing businesses.
- Employment agencies.
- Geomancy businesses.
If you plan to undertake any of the above activities, apply for an Employment Pass or Work Permit (depending on your income).
How do you apply for the EntrePass?
The application process for an EntrePass in Singapore is relatively simple and can be completed in a few easy steps.
First, you must complete the application form and gather all the required supporting documents. Afterward, you can submit your application to the Ministry of Manpower (MOM) over the counter at any SingPost branch. Please note that an administrative fee of S$105 must be paid upon submission. Once you’ve submitted your application, you will receive a payment advice slip as proof of submission.
After three weeks from the submission date, you can check your application status on MOM’s EP Online platform.
Whether you prefer to apply for the EntrePass or appoint a company representative or employment agent, you do not need to be physically present in Singapore to submit the application form.
What documents are required when applying for the EntrePass?
The following documents are required as part of the EntraPass application:
- Your passport.
- Past employment testimonials in English (if applicable).
- Your company’s latest business profile from the BizFile+ website (if applicable).
- A business plan in English (up to 10 pages). Generally, the business plan must set out your profile, business idea, and implementation plan.
- Any additional documentation depending on whether you submit your application as an entrepreneur, innovator, or investor according to the eligibility criteria above. For example, suppose you have met the criteria of raising funding of at least S$100,000 from a government-recognized VC or business angel. In that case, you must submit documents, such as your investment agreement, as proof of such funding.
- Any other documents which you think will support your application?
What happens when my EntrePass application has been approved?
Once your EntrePass application is approved, you will receive an In-Principle Approval (IPA) letter. This letter is valid for 6 months and allows you to come to Singapore to complete the EntrePass issuance procedures.
You can request the EntrePass issuance through the Employment Pass Services Centre (EPSC) or EP Online (if you use an employment agent). The fee for each pass is S$225, and S$30 for each Multiple Journey Visa (if applicable).
Upon approval of the EntrePass issuance request, you will receive a notification letter that enables you to enter and exit Singapore for 1 month while waiting for the EntrePass card to be issued. If the notification letter states that you must register your fingerprints and photo, you must do so within 2 weeks of receiving the letter. To register, you must schedule an appointment to visit the EPSC.
After registering, your EntrePass card will be delivered to your local address within 4 working days. If delivery fails twice, you can collect the card in person or authorize someone to do so at the EPSC. Your EntrePass is valid for 1 year and can be renewed for 2 years upon expiry.
Note that if your business still needs to be incorporated, you must complete the incorporation within 1 year from the date of EntrePass issuance.
What happens if my EntrePass application is rejected?
Should your EntrePass application be rejected, you can still submit an appeal in writing through the MOM’s website using iSubmit or via post to the Work Pass Division of MOM.
Note that the appeal process may take at least 6 weeks for review.
When submitting your appeal, you should include supporting documents such as:
- Your business plan;
- Financial statements or projections;
- Any contracts secured;
- Testimonials or certificates not submitted during the initial application; and
- Other documents which you think may be helpful to support your appeal.
After I have received my EntrePass are there any compliance requirements?
Upon receiving an EntrePass there are several conditions the holder is required to fulfil during the validity of your EntrePass. These include:
- If you have already registered your business, you can only work in the occupation and for the company specified on your EntrePass card. If your job duties or role changes, please inform MOM in writing.
- If you still need to register your business, you cannot engage in any work unrelated to starting your company in Singapore.
- You must cancel your EntrePass within 7 days of discontinuing your business.
Can you renew an EntrePass?
The duration of EntrePass renewal is 1 year for the first renewal and 2 years for subsequent renewals.
To renew your EntrePass, you must submit a completed application form via mail at least 2 months before the pass expires. The renewal process can be initiated about 3 months before the pass expires. The renewal typically takes 8 weeks to process and costs S$225, plus S$30 for each Multiple Journey Visa (if applicable). If your renewal is approved, you will receive an IPA letter, giving you 3 months to complete the renewal formalities.
The renewal is subject to certain criteria, such as the incorporation of your company within 1 year from the issuance of your EntrePass, and you’re having at least 30% shareholding of the company. You must also meet certain business spending and employment requirements. The specific numbers for these depend on the duration of time you have held an EntrePass.
For instance, if you plan to renew an EntrePass that you have held for 2 years, you must have incurred at least S$100,000 in business spending and hired a minimum of 3 full-time employees or 1 professional, manager, or executive.
If you fail to incorporate your company within the given 1-year time frame and still apply for renewal, the Controller of Work Passes may refuse to renew your EntrePass.
How can Belaws help?
If you have a question about the EntrePass in Singapore, please speak directly with one of our experts.
You can also view our Singapore incorporation services here.
This article is for information purposes only and does not constitute legal advice.
Our consultations last for a period of 1 hour and are conducted by our expert lawyers who are fluent in English, French and Thai.
Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our Blockchain experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.
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Frequently Asked Questions
What are the different types of shareholder meeting?
- The different types of shareholder meetings are the first shareholder meeting, annual shareholder meeting (AGM), and extraordinary shareholder meeting (EGM).
What are the three types of general meeting?
The three types of general meetings are the first shareholder meeting, AGM, and EGM.
What is a general meeting in Singapore?
A general meeting in Singapore is a meeting held by a company’s shareholders to discuss important matters concerning the company and vote on key decisions that impact its future.
What is the difference between AGM and EGM Singapore?
The main difference between AGM and EGM in Singapore is that AGMs are held at the end of each financial year and focus on financial statements and other key business transactions that require shareholder approval, while EGMs can be called for any urgent matter that requires shareholder approval at any time.
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