As per the World Economic Forum, Singapore had been graded as the most open economy in the world in 2012. This is why it fascinates a considerable number of financiers and corporations who desire to do business in Singapore. Overseas citizens who wish to open a business in Singapore will require a Singapore business permit, which is identified as an EntrePass (short form of Businessperson Pass).
Who is Qualified for an EntrePass
You are qualified for the EntrePass if:
- You are a business person, innovator, or financier who wishes to initiate a business in Singapore.
- Your business is listed with Accounting and Corporate Regulatory (ACRA)
- You can register your business later you have got the EntrePass
- If you have by now listed your business before applying
- Your business is pioneering and will create employment chances for the locals
In adding, there are specific necessities for businesspersons, innovators, or financiers.
Admissibility standards for businesspersons: You require to meet at least one of the resulting admissibility necessities for the EntrePass:
- You have a minimum of S$100,000 in funding
- Your beginning is an accelerator company
- You have a record of having recognized active startup businesses. These can comprise:
- Funding and vending a tech company
- Raising funds for either an existing or past business project
- Existence as an incubate (now or in the past) in a globally known incubator or accelerator
- Having large industry networks and business contacts
- Having gotten acknowledgment for your business, entrepreneurship or specialized accomplishments by a well-known media magazine or national body
Admissibility standards for innovators: You require to come across at least one of the following admissibility necessities for the EntrePass:
- If you or your business hold intellectual property (IP)
- Your business is engaged in an existing research partnership with an organization that functions inside Singapore’s Agency for Science, Technology, and Research.
- You have extraordinary accomplishments and proficiency or have received worldwide acknowledgment in the area of your proposed business
Admissibility standards for financiers: If you are an overseas citizen who wishes to finance in a new business in Singapore via EntrePass, you should:
- By now have a substantial record of having financed in businesses
- Be arranged to finance a substantial amount of money
In adding, you should also come under one of the following groups:
- You have financed and facilitated in the progress of highly successful businesses
- You have at least 8 years of knowledge as a managerial or senior management professional in a large company
What Businesses Do Not Meet the Requirements for the EntrePass
You will not get an EntrePass if the business you want to open in Singapore is one of the ensuing:
- A pub, disco, or musical bar
- Foot massage or reflexology parlor
- Connected to traditional Chinese medication, acupuncture, or herbal dispensary
- A recruiting agency
- An astrology business
- A hawker center, coffee shop or a food court
Necessities for an EntrePass
Prior to your appeal for the EntrePass, you should have the following needed documents:
- Passport’s copy
- Employment record
- Your business’s newest profile or immediate info
All the papers have to be in English or translated to English by a certified translator. In adding, you should also provide a business strategy as well as specific documents for innovators, businesspersons, or financiers.
Necessities Business Strategy: When you submit your EntrePass appeal, you require to present a business strategy. The business strategy cannot be lengthier than ten pages and should cover the following information:
- Your profile
- The company’s business plan
- The company operation strategy
Necessities for Innovators: Reliant on which group you fall you might require to submit any of the resulting documents on your EntrePass appeal as appropriate:
- In case you have IP:
- Evidence of IP registering with a permitted National IP Institute
- If you are working together with a research institution in Singapore:
- Plan of the research partnership
- Contact info of the institution or concerned person you are collaborating with
- If you have outstanding accomplishments in the related field:
- Publications in media, recommendations, documentations connected to the area of proficiency
- Evidence you can subsidize in the progress of the business
Necessities for Businesspersons: If you appeal for the EntrePass as a businessperson, you may require to submit any of the resulting documents as appropriate:
- Papers verifying you have received funding from a venture capitalist (VC)
- Evidence of your present business (or a past business) is or was an incubatee
- Evidence that you have started and sold a tech company
- Evidence that you have raised capital for a current or past business venture
- If you have communication and network which benefits your business:
- Evidence of these contacts and their strength
- If you have obtained acknowledgment for your accomplishment by a well-known organization or media:
- Evidence of these accomplishments
Necessities for Financiers: If you wish to finance in a local Singapore business, you should submit the documents that verify it. These contain:
- Papers describing your existing investments
- Documents affirming what businesses you are concerned in financing in and their outline
- Documents verifying you have agreed with those businesses
- Any documents verifying the following:
- You had financed in other businesses before and facilitated in their progress
- You have at least of 8 years of knowledge as a senior management professional or executive in a large company
How to Apply
You have to submit the appeal for the EntrePass yourself when you are in Singapore with a Short-Term Visit Permit or another kind of Authorization. The appeal procedure for an EntrePass is alienated into three parts:
Submitting the EntrePass Appeal: The procedure of filing the request for an EntrePass is as follows:
- Download the EntrePass Application Form (Form 8) at MOM’s website and finalize the form
- Submit the appeal and all the needed documents at a SingPost branch
- Compensate the amount of S$105 as the processing cost and keep the money receipt
If your EntrePass appeal is permitted, then you will get an In-Principle Approval (IPA) letter, which allows you to come to Singapore.
Obtaining the EntrePass: Later you travel to Singapore, you will have to appeal to get your EntrePass. This procedure takes place online or manually.
Appealing for the EntrePass Online: You should do this via MOM’s online appeal system. This signifies you require to have a SingPass account. The procedure of obtaining an EntrePass online is as follows:
- Claim EP Online and provide documents required
- Compensate the EntrePass charge which is around S$225
- Make a printed copy of the notification letter you obtain after your appeal is permitted. The notification letter:
- Lets you to travel in and out of Singapore till you receive your EntrePass Card
- Notifies you if you require to register your fingerprints and photograph
Appealing the EntrePass manually: If you are appealing for the EntrePass manually, you will require:
- Reserve an appointment with the Employment Pass Services Centre (EPSC)
- On the day of your appointment, provide the needed documents
- Compensate the EntrePass charge (S$225).
Documents Required when Appealing for the EntrePass:
- Particulars of your valid passport
- photocopies of your passport’s biodata sheet
- Your existing short-term visit permit or immigration authorization
- Your address of the house in Singapore
- Contact info of somebody who you have approved to get the delivery particulars of your EntrePass Card via SMS or email
- Disembarkation or Embarkation card
- Document verifying you have undertaken a medical checkup
Registration of your Fingerprints and Photographs: You require to register your fingerprints and photograph at the Employment Pass Services Centre (EPSC) if:
- The first time you are appealing for a Singapore work Pass
- If the previous time you registered was ended five years ago
If you come under one of the groups described above, you have to register within two weeks after receiving your pass delivered. You should book an appointment at EPSC and bring the following documents:
- Your valid passport
- Your appointment confirmation and notification letter
- Any additional documents that were mentioned in the IPA and notification letter
Bringing Family Members to Singapore with an Entrepass
All EntrePass owners are permitted to bring their household members with them to Singapore. Reliant on your affiliation, you can bring them via:
- The Dependent’s Pass, which is offered to:
- Your spouse
- Child below 21 years old and must be unmarried
- The Long-Term Visa Pass (LTVP), which is provided to:
- Your common-law spouse
- A child over 21 years old who is physically or mentally handicap which makes them dependent on you.
- Step-child below 21 years old and must be unmarried
- Your parents
