EntrePass Application Process with SBS Consulting

Entrepreneur Pass (EntrePass) has been specifically introduced by the Singapore government to facilitate the foreign entrepreneurs to incorporate a business in Singapore. The best part about the EntrePass is that the applicant can apply for it even before incorporating a company in Singapore.

In case, the applicant applies for the EntrePass before incorporation, then he/she will be given a 30 day period to incorporate a Singapore company after the notification of the In-Principle-Approval letter. However, the applicant must apply for EntrePass within 6 months of company incorporation.

The criteria for the approval of the EntrePass application are as follows:

• The applicant must hold atleast 30% shares of the proposed or already incorporated company.
• He/she must have a minimum paid-up capital of S$50,000.
• The applicant must possess a sound business plan or idea.
• The entrepreneurship must be capable enough to generate local employment opportunities.

The submission of a maximum of 10 page business plan is mandatory during the application process. If the applicant provides the details of the proposed business, then we at SBS Consulting can prepare a suitable business plan.

In all, the EntrePass application process takes about 6-8 weeks to be processed by MOM (Ministry of Manpower) and SPRING Singapore. Initially, this pass is valid upto 1 year which can be renewed further provide the entrepreneur meets certain conditions put in place by MOM.