Entrepreneur Pass Singapore: A complete Guide
The Entrepreneur Pass, commonly known as EntrePass is an employment pass obtained by foreign entrepreneurs who are willing and ready to start new businesses in Singapore. There are certain qualification requirements an applicant must fulfill to be used with this important visa.
The Entrepass is an important visa that allows its holder to easily travel across the borders without too much restriction, especially at the border immigration control. Additionally, an entrepreneur Pass holder can easily apply for the Long-Term Visit Pass and/or Dependent Pass for his/her family members, but the eligibility is different for those passes.
Businesses that are usually involved in the application or development of innovative technology, or those who contribute to the flourishing of various innovative creations, are more likely to have their Entrepreneur Pass Singapore application approved.
Eligible Entrepreneur Pass Applicants
For successful Entrepass application in Singapore, applicants must obtain the following;
- A successful applicant must have at least 30 percent of shares in a legally registered company in Singapore.
- If the applicant has a functional company in Singapore – it must be registered as a Private Limited Company by Accounting and Corporate Regulatory Authority. The company should not have at least a paid-up capital of 50,000.
- An applicant must also have a recent bank statement of at least $50,000, particularly from a Singapore-based company bank account, which is required for verification.
- The kind of business an applicant is intending to establish must be legally accepted in Singapore.
- For successful application, an applicant must ensure that the registration date of the company is less than six months from the application date.
In addition to the above discussed application requirements, applicants are also required to show evidence that their businesses will meet at least some of these requirements:
- Has research collaboration in progress with the Institutes of Higher Learning, or a research institution, particularly by Agency for Science, Technology and Research in Singapore.
- Receives investment or funding from a recognized 3rd party Venture Capitalist (VC), or from a business angel accredited by a government agency of Singapore.
- Holds an Intellectual Property (IP), which is registered with the approved National IP Institution in Singapore.
Required Documents for Entrepreneur Pass Singapore Application
For a successful Entrepass application, an applicant must complete Entrepreneur Pass application form with the following documents:
- A business plan in a formally prescribed format.
- Documentary evidence that will prove that you truly fulfill some of the innovative requirements.
- A copy of bank statement, particulars of your company with at least $50,000 funds, and this is necessary if the company has been incorporated prior to the application submission.
- A passport-sized photo of the applicant taken within the last 3 months and if any, copies of educational certificates.
- If any, documentary evidence of the applicant’s previous employment and/or business venture.
- If the company is already incorporated, a copy of its latest business profile print-out is required.
Other documents that can be necessary and useful in solidifying an Entrepass application include product certifications, licensing agreements, endorsements, MOUs with potential suppliers/customers, just to mention a few.
In a nutshell, all documents submitted for an Entrepreneur Pass Singapore application must be in English and if not, must be translated into English. Also keep in mind that this type of application must be only sponsored by a Singapore-registered firm or the applicant will be asked to give a banker’s guarantee of at least $3,000 upon the pass’ approval.