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Achi Biz > Guides > Human Resource Guide > Employment Agency Guide > Passes For Professionals > EntrePass (Entrepreneur) > Renewal Of EntrePass (Entrepreneur Pass)

Renewal Of EntrePass (Entrepreneur Pass)

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Renewal Of 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.

 

A group of multi national experts posing for professional work pass infographic 
Comparison of all Professional Passes (EntrePass, EP. PEP, Tech.Pass & ONE Pass

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.

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 cut in half and discarded to prevent misuse.

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.

 

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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