Singapore EntrePass (Entrepreneur Pass)

Guide For Singapore EntrePass (Entrepreneur Pass)

EntrePass (Work Pass for foreign Entrepreneur) in Singapore

EntrePass is intended for serial entrepreneurs, high-calibre innovators or experienced investors who want to operate a business in Singapore.

EntrePass is for eligible foreign entrepreneurs who want to start and operate a new business in Singapore with no stipulated minimum salary which the pass is issued for 1 year for new pass and for first renewal and any subsequent renewal with 2 years upon meeting the renewal criteria.

There is no foreign worker levy or quota required for EntrePass.

 

 
Comparison of All Professional Passes [EntrePass, Employment Pass (EP) and Personalised Employment Pass (PEP)]
 
Comparison of All Professional Passes (EntrePass, EP & PEP) With S Pass And Work Permit (Foreign Worker) In Singapore

Factsheet: Enhanced EntrePass Scheme In Singapore

Effective 3 August 2017, the EntrePass scheme will be enhanced to facilitate the entry and stay of promising global startup talent, who can complement our local skillsets and contribute to a more vibrant startup and high tech ecosystem in Singapore. The key changes are:
• Removal of the paid-up capital requirement: New EntrePass applicants will no longer be required to have a paid-up capital of at least S$50,000 in their startup businesses here. With evolving economic trends, contributions by global startup talent will not be limited to only monetary contributions. Other factors like know-how and relevance to industries will also be taken into consideration.
• Broadening of evaluation criteria: Applicants will be assessed on factors beyond the four existing innovation criteria to allow global startup talent to enter Singapore on government support during the exploration stage.

Check for more details from the attachment.

Key Facts on EntrePass in Singapore 

Who it is for
  • Eligible foreign entrepreneurs who are high-calibre innovators or experienced investors
Eligibility to apply
  • Funding from a Government-recognised VC or business angel
  • An incubate at a Government-recognised incubator or accelerator
  • Having business network and entrepreneurial track record
  • Holding an intellectual property
  • Having a research collaboration with an IHL or research institute in Singapore
  • Has extraordinary achievements in key areas of expertise
  • Has investment track record
Who can apply
  • By self (or an appointed employment agent on behalf of the entrepreneur).
When can apply
  • Either before registering the company or within 6 months from registration of the company
Minimum salary
  • No stipulated minimum salary
What is the duration
  • The duration of the pass is as follows:
  • New Pass or First Renewal: 1 year
  • Subsequent Renewals: 2 years
Is it renewable
  • Yes, only upon meeting the renewal criteria
Passes for family
  • Available only after first year for eligible pass holders
Foreign worker levy or quota
  • No foreign worker levy or quota required.
Medical insurance
  • The company can choose whether to provide medical insurance for EntrePass holders.
Relevant legislation
  • Conditions of Work Pass
  • Employment of Foreign Manpower Act

Who is eligible

EntrePass is open to all nationalities.

You can apply for an EntrePass if you:

  • Have started, or intend to start, a private limited company registered with the Authority viz. ACRA
  • If registered, the company must be less than 6 months old on the date you apply.
  • If not registered, you can do so after you know the outcome of your application.
  • Meet any of the following innovative criteria for application as an entrepreneurinnovator or investor.

Has funding from a Government-recognised VC or business angel?

Your company raised funding of at least SGD100,000 from a government investment vehicle, venture capitalist (VC) or business angel that is recognised by a Singapore Government agency.

Examples include:

  • Vertex Ventures
  • SGInnovate (formerly Infocomm Investments Pte Ltd)
  • Qualified investors on the StartupSG Equity scheme
  • Venture partners on the Early Stage Venture Fund (ESVF) scheme

Is an incubate at a Government-recognised incubator or accelerator?

Your company is an existing incubatee at an incubator or accelerator in Singapore that is recognised by the Government.

Examples include:

  • Incubators or accelerators in Enterprise Singapore’s Startup SG Accelerator Programme
  • Accredited Mentor Partners under Startup SG Founder
  • Accreditation@SGD Programme
  • SGInnovate-linked incubation or acceleration programmes.

Has business network and entrepreneurial track record

You have significant business experience or network and promising entrepreneurial track record of starting highly-scalable businesses and want to establish, develop and manage a new or existing business in Singapore.

Requirements

You must fulfil any of the following:

  • You have founded and sold a tech company.
  • You have raised significant funding from investors for a current or past venture.
  • You have been or are being incubated by an internationally renowned incubator or accelerator.
  • You have strong industry networks and business contacts that are related to your proposed business.
  • You have received recognition by a national body, recognised media publication or credible industry organisation for your professional, business or entrepreneurial achievements and track record.
Holds an intellectual property

You or your company holds an intellectual property (IP), registered with an approved national IP institution, which delivers a significant competitive advantage to your proposed business that cannot be easily replicated.

Requirements

You must fulfil all of the following:

  • Your IP must be registered with an approved national IP institution.
  • Your IP delivers a competitive advantage to your proposed business and cannot be easily replicated.
  • One of the shareholders or the company must be the owner of the IP.
  • Expired IP can be considered as long as one of the shareholders is the inventor of the IP.

Has a research collaboration with an IHL or research institute in Singapore

Your company has an ongoing research collaboration with a research institution under the Agency for Science, Technology and Research (A*STAR), an Institute of Higher Learning (IHL) in Singapore.

Examples include:

  • A*STAR Research Institutes
  • Campus for Research Excellence and Technological Enterprise (CREATE) entities
  • Institutes of Higher Learning (e.g. National University of Singapore, Nanyang Technological University, Singapore University of Technology and Design, Singapore Management University, the Polytechnics)
  • Recognised non-profit and private sector research groups
Requirements

You must fulfil all of the following:

  • The research collaboration must be related to your proposed business.
  • The research institution needs to provide a contact person to verify details of the research collaboration.
  • You must be involved with ongoing research collaboration.
  • Contract of services is not considered to be research collaboration.

Has extraordinary achievements in key areas of expertise

You have exceptional technical or domain expertise in an area related to your proposed business.

Requirements

You must fulfil all of the following:

  • Your area of expertise must be related to your proposed business.
  • You have outstanding achievements or received international recognition in your area of technical or domain expertise.

Has investment track record

You have a good track record of investing in businesses and want to grow new or existing businesses in Singapore.

Requirements

You are willing to invest a substantial amount of money in a local company and have a track record in one of the following:

  • Investing in and driving the growth of highly-scalable businesses.
  • Substantial experience (minimum 8 years) as a senior management professional or executive in a large corporation.
Note: You do not need to meet all of the criteria for each respective profile or type but having more qualifications would help your application.

Businesses that are not eligible

The following businesses are not eligible for an EntrePass:

  • Coffee shops, hawker centres, food courts.
  • Bars, night clubs, karaoke lounges.
  • Foot reflexology, massage parlours.
  • Acupuncture, traditional Chinese medicine, herbal dispensing businesses.
  • Employment agencies.
  • Geomancy business.

Passes for EntrePass holder’s families

As an EntrePass holder, you can get certain family members to join you in Singapore only if you meet the requirements for minimum business spending and local jobs created.

To bring your

Your total annual business spending must be at least

You must employ at least

  • Spouse (common-law or legally married)
  • Children

SGD100,000

3 local FTEs (Full-Time Employees); Or

1 local PME (Professional, Manager or Executive)

  • Parents

SGD200,000

6 local FTEs; Or 2 local PMEs
  • Local FTEs refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,200 (from 01-July-2019: $1,300), and receive CPF contributions for at least 3 months.
  • Local PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents, earn a monthly salary of at least $3,600 and receive CPF contributions for at least 3 months.
  • 1 local PME counts as 3 local FTEs.
  • For example: To meet the requirements of 6 local FTEs, you can employ 3 local FTEs and 1 local PME.

Total business spending is calculated by deducting the following from the total operating expenses:

  • Expenses due to purchase of royalties, franchise and technical know-how fees from overseas companies.
  • Expenses due to outsourcing of work overseas.
  • Total remuneration to company’s EntrePass holders.

To bring your family in, you need to apply for the respective pass types:

Family member

Pass type

  • Spouse (legally married)
  • Unmarried children under 21 years of age, including those legally adopted

Dependant’s Pass

  • Common-law spouse
  • Unmarried handicapped children above 21 years old
  • Unmarried step-children under 21 years old
  • Parents

Long Term Visit Pass

 

Renewal Criteria

Renewal will be based on criteria such as incorporation of company, proof of business activities, at least 30% shareholding of the company, as well as others shown in the following table:

Number of years you have held an EntrePass

Your total annual business spending must be at least

You must employ at least

1

2

$100,000

3 FTES (full-time employees); Or

1 PME (professional, manager or executive)

4

$200,000

6 FTEs; Or 2 PMEs

6

$300,000

9 FTEs; Or 3 PMEs

8 or more

$400,000

12 FTEs; Or 4 PMEs

  • Local FTEs refer to Singaporeans and Permanent Residents who earn a monthly salary of at least $1,200 (from 01-July-2019: $1,300), and receive CPF contributions for at least 3 months.
  • Local PMEs refer to professionals, managers and executives who are Singaporeans or Permanent Residents, earn a monthly salary of at least $3,600 and receive CPF contributions for at least 3 months.
  • 1 local PME counts as 3 local FTEs.
  • For example: To meet the requirements of 6 local FTEs, you can employ 3 local FTEs and 1 local PME.

Note:

  • You need to inform MOM if you deviate from your original business plan.
  • Total business spending is calculated by deducting the following from the total operating expenses:
      • Expenses due to purchase of royalties, franchise and technical know-how fees from overseas companies.
      • Expenses due to outsourcing of work overseas.
      • Total remuneration to company’s EntrePass holders.
Additional criteria you need to fulfil

You need to provide documentary proof of ongoing business activities as described in the original business plan. You must have at least 30% shareholding of the company.

How to renew

Complete the EntrePass renewal form. Post the form and the required documents to:

Work Pass Division

Ministry of Manpower

18 Havelock Road

Singapore 059764

Documents required

You need to submit the following documents with your application:

  • Latest audited accounts.
  • Central Provident Fund statements for your employees.
  • Office tenancy agreement.
  • Latest company registration information from ACRA.
You may also submit these optional documents to support your application
  • Corporate bank statements for the past 3 months.
  • Referral letters from customers.
  • Recent invoices issued.
  • Contracts awarded.
Upon renewal

If your renewal is successful, you:

1)      Will get an In-Principle Approval (IPA) letter. It is valid for 3 months.

2)      Must follow the instructions in the IPA to get the pass issued.

You must get the pass issued before the IPA or current pass expires, whichever occurs first. The duration of the renewed pass will start when the current pass expires.

After the pass is issued

After the pass is issued, check the notification letter to see:

If the notification letter states

The existing card

Getting a new card.

Must be returned according to instruction given in the notification letter.

Continue using the existing card.

Must be kept by you.

Note: If you return it when you don’t need to, you have to pay $60 to replace the pass.

To Return your Card:

If you need to return the card to MOM, you can post it to:

Work Pass Division,

Ministry of Manpower,

18 Havelock Road,

Singapore 059764.

In case you are unable to return the card:

You can use EP Online’s “card return” function to notify MOM why you are unable to return the card.

ACHI BIZ is one of the licensed Employment Agencies in Singapore. We will assist your work pass related applications and appeals at our level best with the regulatory authority Ministry Of Manpower (MOM) for successful outcome.
Please refer to our GUIDES for more information, SERVICES to meet your requirements or CONTACT us if you wish to avail these or many other services.
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