Passes For Foreign Entreprenuers
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Foreign entrepreneurs can now apply for an EntrePass to start a business in Singapore. The EntrePass is jointly administered by the Ministry of Manpower (MOM) and SPRING Singapore. Who Can Apply? What Are The Privileges? What Levies Do I Need To Pay? Is There A Quota? Things To Note Where To Apply?
Who Can Apply?
- is ready to start a new company in Singapore
- plans to be actively involved in the operations in Singapore
- incorporates a company with the Accounting and Corporate Regulatory Authority (ACRA) for no more than 6 months at the point of submission of the EntrePass application
- has 30%-100% shareholding in the company and
- has prior experience and track record in starting and managing businesses
- have S$50,000 and above in paid-up capital
- be entrepreneurial in nature - it cannot be a run-of-the-mill business such as starting a coffee shop, hawker stall, massage parlour, karaoke lounge and employment agencies and
- be legal - it cannot be involved in any illegal activities such as gambling, prostitution and drug trafficking
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What Are The Privileges?
- The EntrePass is a type of Employment Pass.
- First-time Entrepass holders will be issued with Q1 pass, while renewed applications will be issued with passes that commensurate with their economic contributions.
- EntrePass holders can apply for Dependant's Passes for their spouses and children (under the age of 21).
- Dependant's Passes must be sponsored by a well-established Singapore-registered company or else be backed by a Banker's Guarantee of S$3,000 for each applicant.
- EntrePass holders who obtained P1 or P2 passes upon renewal can also apply for Long Term Social Visit Pass for their spouses, unmarried daughters and handicapped children (above the age of 21), step-children and parents or parents-in-law.
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What Levies Do I Need To Pay?
- There is no Foreign Worker Levy for EntrePass holders.
- There is also no Skills Development Levy .
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Is There A Quota?
- Quotas are not applicable to EntrePasses.
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Things To Note
- All EntrePass applications need to be submitted to MOM. Your application will be jointly evaluated by MOM and SPRING.
- You need to submit a business plan (1-10 pages) when applying for the EntrePass.
- Getting the EntrePass does not guarantee that the applicant will:
- automatically get approval from ACRA when registering his/her business
- automatically get all the licences and permits needed to start or operate his/her business
- Approval for the renewal of EntrePass is dependent on the company's economic contributions to Singapore.
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Where To Apply?
- You need to apply to the Ministry of Manpower (MOM).
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