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Renewal Guidelines For Existing EntrePass Holders

Last modified: July 3, 2018
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Singapore’s status as the business hub of the world has alerted many renowned business houses across the world to setup their business operations in Singapore. For foreign entrepreneurs, the Singapore government has introduced Entrepreneur Pass (EntrePass) which is specifically designed for foreign businessmen willing to set up a company in Singapore.

Although, the criteria for the application of a new EntrePass are quite straight forward, it is during the time of its renewal that you have take care of certain requirements put in place by the Ministry of Manpower (MOM) Singapore. In fact, the existing Entrepreneur Pass holders are specifically needed to abide by the renewal guidelines of MOM.

Renewal Criteria from 28 September 2009 and Before 1 September 2013

The existing EntrePass holders, who applied for their passes after 28 September 2009 and before 1 September 2013, will be reviewed on the basis of the following renewal criteria.

EntrePass TypeRenewal CriteriaRenewal Years Approved
P1If the company employs at least 8 local full-time employees and shows a total business spending of S$300,000 over the last 12 months.
  • 2 Years – If the net asset value (NAV) is positive; or
  • 1 Year – If the net asset value (NAV) is negative

P2

If the company employs at least 4 local full-time employees and shows a total business spending of S$150,000 over the last 12 months.
  • 2 Years – If the net asset value (NAV) is positive; or
  • 1 Year – If the net asset value (NAV) is negative

Q1

If the company employs at least 2 local full-time employees and shows a total business spending of S$100,000 over the last 12 months.1 Year for the first renewal only, companies need to upgrade to P1 or P2 pass for the second renewal.

Renewal Criteria before 28 September 2009

The existing Singapore EntrePass holders, who applied for their passes before 28 September 2009 and who have opted out of the latest renewal criteria, will be reviewed based on the following renewal criteria.

Renewal YearsCriteria

For 1st renewal

  • The company should be into commercial operations; and
  • The company must be conducting its business operations based on its original business plan.

For Subsequent renewals

  • Proof of business turnover;
  • Evidence of employment creation;
  • Receipts of the corporate tax paid for at least one of the last 3 years; and
  • The company must be conducting its business operations based on its original business plan.

 

All in all, the purpose of this write-up is to make you aware of the renewal guidelines and frameworks setup by MOM. These points should serve as yardsticks for your EntrePass renewal plans.

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