You may be eligible for an Entrepreneur Pass if you have plans to start a business in Singapore and meet a few conditions (EntrePass). Before you may apply for an EntrePass, you must be acquainted with the prerequisites, the application process, and any other relevant information.
When someone says they have an EntrePass, what precisely do they mean?
Singapore’s EntrePass, or Entrepreneur Pass, allows experienced foreign business owners, innovators, and investors to relocate to Singapore in order to start a new firm. All of this is part of Singapore’s grand plan to become a regional economic powerhouse and to attract highly skilled workers to the country.
To be eligible to apply for an EntrePass, a person must meet certain criteria.
To be eligible for an EntrePass, the following conditions must be met:
If you are interested in the position, you must be at least 21 years old and have the necessary education and work experience to be considered.
- When it comes to creating new jobs for your community, having an entrepreneurial business plan that is also unique might be helpful.
- As a new business owner, you must be prepared to relocate your company’s activities in Singapore.
- A Singapore limited liability corporation (LLC) structure is highly recommended for the establishment of your business in Singapore.
- Your business must have been in operation for fewer than six months at the time of application in order to be eligible for the Singapore EntrePass
- Keep at least a thirty percent stake in the firm you wish to start at all times.
To be eligible, you must meet the following fundamental qualifications, which are grouped into one of the following three categories:
A Singapore-based venture capitalist (VC) or angel investor, who has been approved for accreditation by a government body in Singapore, will provide your firm with at least $100,000 in finance or investment.
An accelerator or incubator given authorization by Singapore’s government has allowed your company to complete the incubation phase of its growth and development.
Since starting your own company, you’ve built a solid reputation as a successful entrepreneur via the development of an extensive professional network.
Innovator, your work is of no worth to anybody
You’ve worked on research projects with some of Singapore’s most esteemed educational and scientific institutes.
When it comes to the things that are most important to you, you have a demonstrated track record of success.
There are no doubts about your ability to make sound financial judgments based on your history.
Do we need any specific documents to apply for an EntrePass?
Submission of an EntrePass application requires the submission of documents that are either written in English or have been translated into English by an accredited translation agency. One of two file types must be used to store these documents.
How long does it take to apply for an Entrepass, and what are the specific stages involved?
Applications for an EntrePass may be sent anywhere that accepts SingPost mail and will be forwarded to Singapore’s Ministry of Manpower there (MOM).
If my application for an EntrePass has been approved, where can I go to get my EntrePass?
A letter from the Ministry of Manpower (MOM) will be sent to the address in Singapore that you provided on the application form if your request for an EntrePass is granted. This letter is valid for six months from the date of issuance.