Renewal Guidelines For Existing EntrePass Holders
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 Type||Renewal Criteria||Renewal Years Approved|
|P1||If 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.|| |
|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.|| |
|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.
For 1st renewal
For Subsequent renewals
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.