EntrePass is an entrepreneur visa allowing foreigners to start and run a new business in Singapore. This type of work visa is designed for serial entrepreneurs, high-level innovators or experienced investors who want to start a business in Singapore.
What are the benefits of EntrePass:
But in addition to the pluses, there are significant disadvantages of this type of visa.
Disadvantages of EntrePass:
Businesses that are not eligible for Entre Pass:
Eligibility Requirements:
EntrePass does not imply quotas for local employees, but does impose serious requirements on the company itself and the qualifications of the candidate. To obtain EntrePass Entrepreneur Visa in Singapore, the company and the applicant must meet certain conditions. #nbsp
EntrePass Company Requirements:
You can only qualify for the Entrepreneur Visa if you do not already have a company in Singapore or your company is younger than 6 months old.
Whether your company is registered in Singapore or not yet, the Singapore Ministry of Labor may request the following documents from the company:
Company Information.
IMPORTANT NOTE:
The final list of possible documents is individual and depends on the specifics of the Company's activity and its qualification category.
In addition to the documents listed above, you will need to provide additional documents for your qualification category: Entrepreneur, Innovator or Investor. Moreover, for each category there are strict requirements and the need to prove that the company really belongs to this category.
In brief, the requirements are as follows:
Entrepreneur:
Innovator:
- You can apply before registering a company. That is, you first get your visa approved and only then open a legal entity.
- This visa gives you the right to live and work in Singapore for the duration of the visa. Standardly it is 1-2 years with the right of extension.
- It is possible to get long-term types of visas for family members (wife/husband, children and parents) to live in Singapore.
- You can apply for permanent residency in Singapore for yourself and your family members.
- You can send your children to study in local and international schools in Singapore.
- You are considered a tax resident in Singapore (personal tax rate in Singapore is progressive and ranges from 0 to 22%).
- There are no quotas or requirements for the number of local employees.
- There is no requirement for share capital of the company (unlike the popular Employment Pass).
- No wage requirements (unlike almost all other types of visas).
- There are no restrictions on the nationality of the applicant.
- Gives the opportunity to open a personal bank account in one of the top banks in Singapore with a minimum deposit.
But in addition to the pluses, there are significant disadvantages of this type of visa.
Disadvantages of EntrePass:
- Entre Pass is not suitable for all types of businesses.
- It is intended only for companies not yet registered and companies younger than 6 months.
- It's not enough to just start a company, you must fall under the requirements of one of the three existing categories, viz: Entrepreneur, Innovator or Investor.
Businesses that are not eligible for Entre Pass:
- Coffee shops, malls, food courts
- #Bars, nightclubs, karaoke
- Foot reflexology, massage parlors
- Acupuncture, traditional Chinese medicine, phytotherapy
- Employment agencies
- And some other businesses.
Eligibility Requirements:
EntrePass does not imply quotas for local employees, but does impose serious requirements on the company itself and the qualifications of the candidate. To obtain EntrePass Entrepreneur Visa in Singapore, the company and the applicant must meet certain conditions. #nbsp
EntrePass Company Requirements:
You can only qualify for the Entrepreneur Visa if you do not already have a company in Singapore or your company is younger than 6 months old.
Whether your company is registered in Singapore or not yet, the Singapore Ministry of Labor may request the following documents from the company:
Company Information.
- If the company is already registered, a recent business profile of the company (Bizfile)
- Documents confirming the innovation criterion / criteria that have been met
- Business plan in English (not more than 10 pages)
- Proposed product and service
- Market analysis
- Work plan
- Profile of the management team
- Forecast for hiring employees for 3 years
- Projected turnover over the next 3 years
- Amount of capital needed to start operations
- Sources of financing
- Supporting documents such as license agreements, product certificates and approved patents
- Other documents requested by the Singapore Department of Labor
- Now, as for the requirements for the applicant:
- Entre Pass for the main applicant.
- Completed and signed form (Form 8)
- Copy of passport (personal information page)
- Summary of last 10 years of employment with company, position and salary
- References in mass media (if applicable)
- Special skills of the applicant in relation to the work to be offered
- Copies of all diplomas and certificates of education received by the applicant
- Copies of references from previous employers (if any)
- Marriage certificate (if applicant is married)
- Educational background of spouse
- Data on the spouse's work experience
- Information about children (if any)
IMPORTANT NOTE:
The final list of possible documents is individual and depends on the specifics of the Company's activity and its qualification category.
In addition to the documents listed above, you will need to provide additional documents for your qualification category: Entrepreneur, Innovator or Investor. Moreover, for each category there are strict requirements and the need to prove that the company really belongs to this category.
In brief, the requirements are as follows:
Entrepreneur:
- You have financing from a nationally recognized Venture Capitalist (VC) or Business Angel
- You are a member of a nationally recognized incubator or gas pedal
- You have a strong network of business contacts, a track record of entrepreneurial activity.
Innovator:
- You have intellectual property (IP)
- Collaborate with an institution of higher education or research institute in Singapore
- Have outstanding achievements in key areas of knowledge.
Investor:
You do not need to meet all the criteria for each relevant category, but having more qualifications will help your application.
Relative Visas:
An EntrePass visa holder can also sponsor dependent visas for his or her family members: spouses, birth and stepchildren under 21 who are unmarried, disabled children over 21 who are unmarried, and parents of the EntrePass holder. Dependent visas are tied to the EntrePass holder and entitle them to reside in Singapore.
What is required to issue long-term visas for family members?
To be able to issue family member visas, the EntrePass holder, must meet the minimum annual business expenditure requirements as well as hiring local employees.
For example, to sponsor a spouse and children: your annual business expenses must be at least $100,000 and you must hire at least 3 LQS* or 1 local PME**. For parent sponsorship - your annual business expenses must be at least $200,000 and you must hire at least 6 LQS or 2 local PMEs.
** - LQSs are defined as Singaporeans and Permanent Residents (PMEs) who earn a monthly salary of at least SGD 1,400 and have been contributing to the Singapore Pension Fund for at least 3 months.
** - PMEs are defined as professionals, managers and executives who are Singaporean or permanent residents, earn a monthly salary of at least SGD 3,900 and receive contributions to the Singapore Pension Fund for at least 3 months.
1 local PME equates to 3 LQS. For example, to qualify for 6 LQS, you can hire 3 LQS and 1 local PME.
What is meant by annual business expenses?
If you have any questions or need assistance with your EntrePass visa in Singapore, we will be happy to help you.
RSBS provides all types of services required for incorporation and further operation of your company in Singapore, including corporate secretary services, nominee directors, incorporation addresses, assistance in opening personal and corporate bank accounts, accounting and tax services;
RSBS is a licensed registrar and corporate services provider headquartered in Singapore. Started operating in Singapore in 2013 and over the years has helped thousands of companies from Russia and CIS countries with their legal and business needs.
- You are willing to invest a significant amount of money in a local company.
You do not need to meet all the criteria for each relevant category, but having more qualifications will help your application.
Relative Visas:
An EntrePass visa holder can also sponsor dependent visas for his or her family members: spouses, birth and stepchildren under 21 who are unmarried, disabled children over 21 who are unmarried, and parents of the EntrePass holder. Dependent visas are tied to the EntrePass holder and entitle them to reside in Singapore.
What is required to issue long-term visas for family members?
To be able to issue family member visas, the EntrePass holder, must meet the minimum annual business expenditure requirements as well as hiring local employees.
For example, to sponsor a spouse and children: your annual business expenses must be at least $100,000 and you must hire at least 3 LQS* or 1 local PME**. For parent sponsorship - your annual business expenses must be at least $200,000 and you must hire at least 6 LQS or 2 local PMEs.
** - LQSs are defined as Singaporeans and Permanent Residents (PMEs) who earn a monthly salary of at least SGD 1,400 and have been contributing to the Singapore Pension Fund for at least 3 months.
** - PMEs are defined as professionals, managers and executives who are Singaporean or permanent residents, earn a monthly salary of at least SGD 3,900 and receive contributions to the Singapore Pension Fund for at least 3 months.
1 local PME equates to 3 LQS. For example, to qualify for 6 LQS, you can hire 3 LQS and 1 local PME.
What is meant by annual business expenses?
- They are calculated by subtracting the following costs from the company's total operating expenses:
- Costs associated with the acquisition of royalties, franchises and fees for technical know-how from foreign companies
- Expenses due to outsourcing work overseas
- The entire amount of remuneration for EntrePass holders.
If you have any questions or need assistance with your EntrePass visa in Singapore, we will be happy to help you.
RSBS provides all types of services required for incorporation and further operation of your company in Singapore, including corporate secretary services, nominee directors, incorporation addresses, assistance in opening personal and corporate bank accounts, accounting and tax services;
RSBS is a licensed registrar and corporate services provider headquartered in Singapore. Started operating in Singapore in 2013 and over the years has helped thousands of companies from Russia and CIS countries with their legal and business needs.