The Entrepreneur Pass (EntrePass) scheme was introduced to attract foreign entrepreneurs with innovative business proposals. It is part of Singapore’s overall plan to become a regional business hub and to support innovative business ideas or R&D-intensive enterprises to add vibrancy and innovation to Singapore’s business landscape.
You can apply for Entrepreneur Pass to Ministry of Manpower (MOM) before incorporating a Singapore company. Once the pass is approved, you will need to incorporate your proposed company and inject the proposed paid-up capital into your corporate bank account, within 30 days. You are not required to incur incorporation expenses until the positive outcome of your Entrepreneur Pass Application.Examples of businesses that will not be considered for the EntrePass include:
- Coffee shops, hawker centres, food courts
- Bars, night clubs, karaoke lounges
- Foot reflexology, massage parlours
- Acupuncture, traditional Chinese medicine, herbal dispensing
- Employment agencies, geomancy
Eligibility RequirementsYou must show evidence that your business meets at least one of these requirements:
- Receives funding from a recognised third-party venture capitalist or business angel;
- Holds a proprietary or licensed Intellectual Property (IP) recognised by an approved national IP institution;
- Has research collaboration with a research institution recognised by Agency for Science, Technology and Research (A*STAR) or any local tertiary institution;
- Is an incubatee at a recognised incubator supported by SPRING Singapore or National Research Foundation (NRF); OR
- Receives support from a Singapore Government Agency;
Additional Criteria/ Requirements:
- Company must be registered as a Private Limited Company
- Company must not be registered for more than 6 months at the point of application.
- Applicant to hold at least 30% of shares in the company;
- Company to have at least $50,000 paid-up capital
- Have relevant experience and track record in managing a business successfully
- Submit a 10-page business plan.
Successful applicants will also be required to submit all of the following documents* within first six (6) months of receiving the EntrePass to demonstrate proof of their operations according to the business plans submitted:
- Tenancy Contract;
- Employee’s CPF Statement; AND
- ACRA Business Profile
*Failure to meet requirements will result in revocation of the EntrePass.
Progressive Renewal Criteria Framework
To ensure contributions of EntrePass holders commensurate with the number of years of business operation in Singapore, MOM has introduced a progressive renewal criterial framework which all EntrePass holders have to meet:
|No. of years after award of EntrePass||No. of local jobs created||Minimum Total Business Spending||Employment Pass Status|
- The processing time for renewals is at least 5-6 weeks
- Local jobs created refers to full-time employment of Singaporeans and PRs for at least 3 calendar months, under a contract of service with monthly salary and CPF contributions at prevailing salary threshold for full-time employees.
- Total Business Spending (TBS) = [Total Operating Expenses – (Royalties/Franchise Fees/Know How Fees to Overseas Companies + Work Subcontracted to Overseas Companies + Remuneration to Applicant & Immediate Family)]
Our service for Entrepreneur Pass Application includes:
- Complete necessary application form
- Development of Business Plan (provided at least one of eligibility requirements are met)
- A professional letter written separately to support client’s application
- Submission of Application of Entrepreneur Pass with Ministry of Manpower (MOM)
- Monitoring of Status from Ministry of Manpower (MOM)
- Follow-Up with MOM for required clarifications for review and approval
- The applicant to be present at our office: 10 Kallang Avenue, #14-10 Aperia Tower 2, Singapore 339510, personally.
- Bring NRIC and/or Passport of applicant; with contact numbers & email-addresses;
- Get ready your (a) Company Name; (b) Registered Office Address for your Company (c) Proof of Foreign Address (eg. Utility or Mobile Bill)
- Local Main Contact Person - Contact Numbers, Email-Addresses, Mailing Address (if unable to contact foreign directors)
- Bank statement showing at least $50,000 of funds (if company is incorporated prior to submission of application)
- ACRA Business Profile (if company is incorporated prior to submission of application)
- Passport-Sized photograph taken within the past 3 months;
- Documentary evidence of your previous employment(s) and/or business venture(s), if any;
- Documentary evidence of your educational certificates, if any;
- Other Supporting Documents can include your licensing agreements, MOUs and Patents; etc.
- Upon receiving payment, we will file your entrepreneur pass application on your behalf. The end-to-end processing time for an EntrePass application is about six (6) to eight (8) weeks. Processing time may take longer during peak periods or when additional information is required from the various economic agencies (in this case SPRING Singapore).
- An Approval In-Principle (AIP) letter will be mailed to the employer if the application has been approved.
- You must come to Singapore to register your Singapore company, open a corporate bank account and inject necessary share capital (if you have not registered your company), within 30 days from issue date of AIP.
- You are required to produce your AIP letter, along with ACRA Business Profile, bank statement showing injection of minimum $50,000* of funds, other supporting documents listed in the AIP letter (eg. Medical report, etc) before they can issue you a final approval letter (or In-Principal Approval, IPA letter).
- Once the final approval IPA letter is issued, you must relocate to Singapore within 6 months of the approval date.
Any documents that are not in English must be officially translated into English. EntrePass business application must be sponsored by a Singapore-registered company or you will also be asked to provide a banker’s guarantee of S$3,000 upon approval of the pass.
*Kind Note: Evidence of injection of funds would be based on projected funds mentioned in business plan.
If you are unable to visit our office, or have further enquiries, email us now!
- Incorporation Service: If you want to incorporate a Company in Singapore, DP SME Advisory is a one-stop business advisory centre for entrepreneurs and business owners. For a hassle-free and efficient incorporation process, check out our Incorporation Service Options.
- Registered Office Service: EVERY business/company must have a registered office in Singapore which must be operational and accessible to the public during normal office hours. Please note that a P.O. Box address cannot be used as a business address. If you do not have one, check out our Registered Office Service.
- Corporate Secretarial Service: All Companies registered in Singapore must appoint a Company Secretary to handle Statutory Compliance matters. If you have not appointed an experienced Company Secretary, check out our Corporate Secretarial Service.
- Nominee Director Service: A director who is “ordinarily resident” in Singapore is required for incorporation of a company in Singapore. DP SME Advisory is able to provide you a Nominee Director until you find a suitable local director to represent your company. Check out our Nominee Director Service.
- Accounting, Tax & Payroll Service: All companies in Singapore are required to keep proper account records, and directors are required to present at the AGM, the company’s accounts that comply with the requirements of the Accounting Standards in Singapore. DP SME Advisory offers a full suite of accounting, tax and GST filing services to fulfill compliance to both ACRA and IRAS. Check out our Accounting, Tax & Payroll Services.
DP SME Advisory gives very accurate and reliable information regarding business setups and corporate secretarial services. The staff are professional and warm. We have been with DP SME Advisory for several years now and the quality and reliability of the service is the reason why we chose DP SME Advisory.
DP SME Advisory is a one stop center for our business needs.
- Mr. Lim, Director
Professionalism and responsiveness is of Top Quality. At times going beyond the call of duty. Would strongly recommend DP SME Advisory for corporate secretarial services.
- Jimmy, Director
Had seen DP SME Advisory employees shown a high level of professionalism and patience in attending all my enquiries with immediate attention and given explanation on how to handle it. Would definitely recommend my local or overseas business associates to use this company service without hassles or doubts faced.
- Winston Kong, Director