Any foreigner can work in Singapore on the basis of an employment pass. The foreigner entrepreneurs who also have some investment in shares in the Singapore company and are looking for options to relocate to this country are require to apply for an Entrepreneur Pass. A few strict changes were introduce in this Entrepreneur Pass program. In 2017 Enhance EntrePass scheme has ease this strictness. This made the work easy for people to start a new venture in Singapore. Now people can easily apply for Singapore Entrepreneur Pass if they meet certain criteria.
Introduction to Singapore EntrePass
The EntrePass is a work visa that permits the people from other countries to start their business in Singapore and also shift to Singapore to run it. This pass is valid for 2 years. There is a certain criteria that candidate must fulfil so as to be eligible for this EntrePass. It is necessary to apply for this pass before you actually apply for it or at least within time frame of 6 months from date of registration.
How can you renew the pass?
As seen above you get the EntrePass valid for 2 years initially. This means that this pass should be renew on completion of one year. Once all the criteria for renewal is met, an extension of one year is given. After this all the renewals are valid for 2 years. The pass holder can also apply for when 3 months are left for the expiry of the EntrePass. The main criteria for the renewal are that the holder must stick to the business plan which he submit to Ministry. It is also necessary that some job opportunities are create in Singapore.
How can you cancel EntrePass?
The Singapore Employment Pass application can be cancel by the holder, any representative of company or an employment agent. It is mandatory that you cancel and submit the pass in one week of shutting down your business.
How can you replace the pass?
In case of any damage or the card is either lost or stolen, the pass holder or representative of company or employment agent can apply for replacement within 7 days. In case the card is stolen then it is necessary to file a police complaint.
Are the passes valid for the family of EntrePass holder?
The EntrePass holder is free to bring his or her family on Long Term Visit Pass or Dependant’s Pass. The family members that can be include are
- Spouse
- Children who are unmarry and under age of 21 years.
- Unmarry handicap children who are above 21years can be brought
- Unmarry step children below the age of 21years can be brought
- Parents
The family members can only be brought once the EntrePass is successfully renew. He cannot bring his family on his first application. It is also mandatory that the Entrepass holdet fulfils the limit set by the MOM for total business spending and job creation criteria.
What is Singapore Entrepass?
People looking to relocate to Singapore and start a set up or company so as to get experience of serial entrepreneur require a valid entrepreneur pass. So any foreigner who is coming to Singapore to start a company of his own needs a work visa. This work vis is call Entrepass or Entrepreneur Pass Singapore.
How to register company with Entrepass?
In order to start your work in Singapore you require a work pass or visa. This EntrePass is a kind of ticket to the foreigners who cannot avail benefits of Employement pass scheme. This is because these people do not have diploma or degree certificates. So with the help of EntrePass they can avail benefits and start as a serial entrepreneur. In the beginning days, people who applied for Singapore EntrePass require to show a paid up amount of $50,000. All the other criteria remains same.
Procedure of applying for Singapore EntrePass
Any entrepreneur with following points can apply for the EntrePass
- Entrepreneur who has safe funding from any government approve VC or agent.
- Entrepreneur who has a minimum amount of $100,000 from a government approve business agent or investment vehicle.
- He should have been approve at any government approve accelerator program
- Should either have own or sold a tech company
- He should have a secured funding for his past or present project
- Should have business and industry contacts
- He should be well-known among media houses, any national body or industry for his achievement.
Who can qualify for Singapore Entrepass?
There are a few criteria that should be fulfilled in order to qualify for the EntrePass or Singapore Employment Pass. A person from any part of the world fulfilling the below criteria can qualify for EntrePass.
- He should be of 21 years or above
- Willingness to relocate to Singapore and start their proposed project
- He should have a business idea that is the entrepreneurial type and it can generate employment opportunities for other people.
- The project must be registered as Singapore private limited company.
- The projects which are already register must be at least 6months old start from the first day of application.
- For the businesses that are not registered, their registration can do once you get to know about the result of the application.
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Which businesses are not eligible for Singapore Entrepass?
The business that is not valid for Singapore EntrePass is as follows
- Businesses like coffee shops, hawker centers and food joints
- All sorts of bars and nightclubs
- Massage parlors and foot reflexology
- All herbal dispensaries, acupuncture, and TCM
- All employment agencies
What is the time duration of the application process?
It takes around eight weeks for the whole application process. You can check the status of your application online anytime. Once approved you get notified through an email which will have in-principal approval. A total time of six months is given by IPA to all candidates to come to Singapore and claim their pass.
