If you’re an outside entrepreneur with a novel business idea, you may be able to apply for a Singapore Entrepreneur Pass (Entrepass). To further tempt the brightest minds to Singapore’s thriving start-up and entrepreneurial scene, the city-state devised this one-of-a-kind visa.
An overview of the EntrePassprogram, the eligibility requirements, and the key distinctions between this visa and others are provided in this article, along with practical advice for preparing for the application process and making the most of your time abroad after you’ve been granted the Entrepass Application in Singapore.
The EntrePass is a Singaporean identification card; this glossary defines terms and information specific to that card
Many corporations choose Singapore as their place of incorporation because of the country’s low total tax burden. It’s a good idea to incorporate a company in Singapore since the country has business-friendly tax rates and a wide range of tax incentives aimed at encouraging the growth of firms and new ventures. A few of the most beneficial tax measures are briefly outlined here.
- When an EntrePass is renewed, the holder’s stay may be extended by another year, up to a maximum of two years.
- Your business must be less than six months old, or you must be planning to become a corporation within the next six months.
Applicants are expected to spell out their business plans in great detail
A Banker’s Guarantee in the sum of S$3,000 issued by a bank in Singapore is necessary, or you must provide confirmation that you have been sponsored by a respectable Singaporean enterprise.
The review procedure takes around eight weeks and involves three federal agencies.
Spending limits and hiring quotas are not in place in the first year of the contract, but they go into force in the second.
In what format should I submit my request for an EntrePass?
- Use the online form to submit your application
- It takes around 8 weeks for the application to be processed
If your application is accepted, you will get an In-Principle Approval letter (IPA letter). You must move to Singapore within six months after receiving the IPA approval letter.
Your company may be incorporated with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) within a month of the IPA being into effect. For the Dependant’s Pass Application in Singapore the rules go alongside.
Be careful to have the pass issued well before the IPA expires. A letter of caution will be issued, with effect for a period of one month. You have two weeks from the day the Notification Letter was received to register for the services for which you were requested to supply fingerprints and a photograph. Within four business days, during normal MOM operating hours, you will be able to pick up your Entrepass.
The strategy that will drive Entrepass’s growth
To complete your application, you must submit a number of documents, one of which is a business plan. If the plan is to be authorised by the MOM, it must follow the format specified by that agency. Keep in mind that if the business plan you submit does not follow this format, your application may be denied.