Singapore Entrepreneur Pass (EntrePass) Guide 2021
You will need a reliable entrepreneur pass guide if you are opting to relocate to Singapore and start a company to cash in on your experience as a serial entrepreneur.
Entrepreneur Pass Singapore or EntrePass is a work visa for the foreigners who want to come to Singapore to set up a company. The pass is useful to investors, high-calibre innovators, and those who lack in paper qualifications, but have the business network and proven entrepreneurial track records.
Complete Guide to Company Registration with Entrepreneur Pass Singapore
You need a work pass or visa to work in Singapore. And an EntrePass is a ticket to Singapore for the foreigners who cannot benefit from the Employment Pass scheme because of not having any diploma or degree certificates. The pass allows them to leverage their experience as a serial entrepreneur.
Minimum Initial Paid-Up Share Capital is S$1
In the past, those applying for the Singapore EntrePass needed to show a minimum initial paid-up capital of S$50,000. However, in 2021, the condition is no more applicable. Rest of the eligibility criteria for EntrePass application remains the same.
Who is Qualified to Apply for a Singapore EntrePass
An entrepreneur who has:
- Secured funding from a government-approved VC or Business Angel.
- Raised at least $100,000 from a government-approved investment vehicle, venture capitalist (VC) or business angel
- Been accepted at a government-approved incubator or accelerator program
- Owned and sold a tech company
- secured funding for the current or past venture
- Been a part of an internationally known incubator or accelerator
- Industry networks and business contacts
- Been recognized by a national body, media publication or industry organization for entrepreneurial achievements
- Has rights to an Intellectual Property (IP) which gives a competitive edge to your proposed Singapore business
- Has research collaboration with a Singaporean Institute of Higher Learning or Research Institute
You could be an investor who has an investment track record
Private Limited Company Setup Requirements for EntrePass
- Minimum initial paid-up capital of S$1 for registering a private limited company
- At least one Shareholder (maximum of 50)
- At least one Resident Director
- At Least one Company Secretary
- Registered Singaporean office address
- Own 30%-100% of the company shareholding
EntrePass Visa Eligibility Requirements
- Submit a 10-page business plan detailing your business objectives and goals
- Have relevant experience and track record in running a business
The important requirement for the application of the Entrepreneur Pass Singapore is a 10-page complete business plan that highlights the goals and objectives of the proposed business venture. It also includes meeting the requirements as stipulated by the Ministry of Manpower (MOM).
The business venture must show that it can meet the requirements of employing a minimum number of local employees and a specified Total Business Spending, within one year period.
Incorporate Your Company with Entrepreneur Pass Singapore in 4 Steps
- Step 1: Submit Form
- Step 2: Make Payment and Prepare Business Plan
- Step 3: Apply for Entrepreneur Pass
- Step 4: Incorporate Company
Points to Note
If you wish to incorporate a company in Singapore and apply for an EntrePass, you must do the following:
- Write your business plan or engage us to assist you
- Submit the business plan to the relevant authority
- Upon approval of the EntrePass application from the Ministry of Manpower, proceed to incorporate Singapore Company