Entrepreneur Pass Singapore – Renewal, Cancellation & Replacement
Entrepreneur pass allows you to set up and operate a business in Singapore. Entrepass is valid up to a year from the date of issue. However, regular renewal should be done in order to operate a business without any intrusions. Renewal of the pass should be done 3 months before the date of expiration and the business has to fulfil certain criteria in order to apply for a renewal.
Renewal is based on the following factors:
- Current business must meet your original business plan. In case of any changes, MoM (Ministry of Manpower) must be notified.
- The business should have created a certain number of local full-time employees. In other words, the number of jobs you create through your business.
- Total business spending.
Image Source: www.mom.gov.sg
- Your local employees must have worked at least 3 months in your company and earned at least $1000.
- Total business spending is the total operating expenses excluding royalties, franchise fees, work subcontracted to overseas companies and remuneration to Applicant.
- Latest audited accounts.
- Central Provident Fund statements for your employees.
- Office tenancy agreement.
- Latest company registration information from the Accounting and Corporate Regulatory Authority.
- Recent Corporate bank statements (last 3 months)
- Referral letters from customers.
- Recently issued invoices.
- Contracts awarded.
With an accurate submission of application and supporting documents renewal of an Entrepass Singapore will take around 6 weeks.
Cancellation – Entrepreneur pass Singapore
It is mandatory to cancel your Entrepass within one week of closing your business and also return the cancelled pass card to the Ministry of Manpower. However, if you are a permanent resident of Singapore you do not have to cancel your pass card.
If you are a foreigner individual you may issue for a Short Term Visit Pass that allows you to stay in Singapore up to 30 days after cancellation. All related dependant passes and Long Term Visit passes will also be cancelled unless the individual has become a Singapore PR.
If you are cancelling your pass, you will still have to pay the outstanding income taxes and seek tax clearance from IRAS (Inland Revenue Authority Service)
How to cancel a pass?
- You may log-in to an official government website and cancel the pass.
- Issue a 30-day Short Term Visit Pass for yourself. (Optional)
- Print the cancellation acknowledgement letter and Short Term Visit Pass.
- You will have to return the original pass card within 1 week of cancellation.
- If you are unable to return the card due to some specific reason, you can use the “card return” function to notify MoM.
The cancellation of the pass is immediate.
Replacement of Entrepreneur Pass in Singapore:
You may also replace your pass in case it is lost, damaged or stolen. It is mandatory to apply for a replacement within 1 week after the event.
If your card is stolen, you will have to file a police report and if your card was lost overseas then you will have to get a disembarkation / embarkation card (IMM27) for visitors when you return to Singapore.
Apply for a replacement card
You must apply within 1 week of damage or loss
- File a card replacement request.
- If the request is approved, print the card replacement letter and follow instructions on collecting the replacement card.
- Collect the replacement card
- It takes 4 working days for approval of replacement card.
- Original passport of the applicant.
- Card replacement letter.
- The damaged card (if applicable).
- Completed declaration form (for lost or stolen cards).
- Police report (for stolen cards).
- Overseas police reports should be translated to English.
- If the card was lost or stolen, then the relevant person has to collect it directly.
It is always better to apply, cancel, renew or replace an Entrepreneur pass in Singapore under the guidance of a professional consultant.