Foreigners are recommended to apply for Entrepreneur Pass before setting up company in Singapore and therefore there isn’t a need for Singaporean Resident Director (Nominee Director)
What is Entrepreneur Pass / Entrepass? The Entrepreneur pass / Entrepass in Singapore is required for foreign entrepreneurs who are ready to start a new company / business and will be actively involved in the operation of the company / business in Singapore. The applicant can either apply for the Entrepreneur Pass before the formation of the new company / business in Singapore or apply for the Entrepreneur Pass within 6 months from the date of formation of the company / business.
Upon approval of the entrepreneur pass application, entrepreneurs will be able to stay in Singapore to manage their business, possessing a valid Employment Pass for Entrepreneurs in Singapore.
The Entrepreneur pass / Entrepass in Singapore is normally valid for a minimum of 1 year (renewable if business is still in operation and viable). With the Entrepreneur pass / Entrepass in Singapore, it also allows Entrepreneur pass / Entrepass’s immediate family (spouse and legitimate children below 21yrs of age) to stay in Singapore during the course of the business.
Entrepreneur Pass application and Employment Pass Application is jointly-approved by the Ministry of Manpower (MOM) and the Standards Productivity and Innovation Board Singapore (SPRING).
Fees Schedule For Application of Entrepreneur Pass / Entrepass Initial Processing Fees: S$790 (Non-Refundable Processing Fees) Approval Fees: S$1980 (Approval Fees excludes Pte Ltd Setup, MOM Security Deposit of S$3,000, or MOM-related Fees) MOM License: 06C3628
Singapore Entrepreneur Pass / Entrepass Criteria. With effect of September 2008, Entrepreneur Pass Applicants should ensure they meet the conditions or requirements below.
Applicant to hold at least 30% of shares in the company.
Company to have at least S$50,000 paid-up-capital. A bank statement, from the Singapore-based company bank account, of at least $50,000 is required for verification.
Company must not be registered for more than six months from date of company incorporation at the point of application.
10-page business plan detailing business goals and objectives. Renewal of EntrePass is contingent on achieving goals and objectives outlined in the business plan
The business must not be illegal. 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
Passes for Family Members Entrepass applicants may apply for the Dependant's Pass (DP) and/or Long Term Visit Pass (LTVP) for their family members after their Entrepass is approved.
Dependent Pass Both P and Q1 Pass holders can apply for a Dependant Pass for their:
Spouse
Unmarried or legally adopted children under 21 years old
Long term Social Visit Pass P Pass holders can also apply for a Long Term Visit Pass for their:
Common-law Spouse
Unmarried daughters above 21 years old
Handicapped children above 21 years old
Step-children under 21 years old
Parents and parents-in-law
Documents Required for Entrepreneur Pass / Entrepass The following documents are required for submission of Entrepreneur Pass visa application in Singapore:
Resume containing the applicant’s education, work experience
Copies of educational certificates (Translated to English if certificates is not in English)
Previous / current employment testimonials (Translated to English if certificates is not in English)
Previous / current business registration certificates in Singapore / overseas (Translated to English if certificates is not in English)
Proof of Previous / current business registration certificates in Singapore / overseas such as financial reports, sales invoices, business agreements – product distributor, sales agent agreements, expense invoices, office / factory photographs
Passport-size photograph taken within the past three months
Copy of personal particulars page of the applicant’s passport, pages with VISAs from any country endorsed
Business profile for the Singapore company (Paid-up Capital Minimum S$50,000, Furnish Bank Proof of S$50,000)
Detailed description of the duties to be performed by the applicant
Detailed description of activities and/or products of the company
Tenancy agreement of the place of business operations in Singapore
10-page business plan detailing business goals and objectives. Do note that Renewal of EntrePass is strictly based on achieving goals and objectives outlined in the business plan
Approval of Entrepreneur Pass / Entrepass The fact is that not all Entrepreneur Pass applications can be approved as MOM and SPRING Singapore takes into account the applicant’s qualifications, work / business experience, when approving or rejecting applications. Processing time for Entrepreneur Pass applications can be from 6 – 12 weeks. If the Entrepreneur Pass application is rejected, we will file an free 1 time Entrepreneur Pass appeal and the processing of an appeal application can take another 4 - 6 weeks.
Renewal of Entrepreneur Pass / Entrepass Renewals of the EntrePass are contingent on meeting the requirements stipulated by the Ministry of Manpower demonstrating that your business venture, within a 1-year period, will meet the employment requirements of a minimum number of Singaporean or local staff, and a Total Business Spending (TBS) as shown in the table below:
Renewal of Entrepreneur Pass / Entrepass Eligibility Summary: Pass Type Criteria for Renewal Number of Years Approved P1 - Company to employ at least eight local employees; AND - Company to demonstrate TBS** of S$300,000 over the past 12 months. Two years if Net Asset Value is positive One year if Net Asset Value is negative P2 - Company to employ at least four local employee; AND - Company to demonstrate TBS** of S$150,000 over the past 12 months. Two years if Net Asset Value is positive One year if Net Asset Value is negative
Q1 - Company to employ at least two local employees; AND - Company to demonstrate TBS** of S$100,000 over the past 12 months. Approved for one year for 1st renewal only; companies must upgrade to P by second renewal * The employees need to possess at least NTC2/NITEC or vocational qualifications obtained after at least two years of full-time studies. ** 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)
The EntrePass renewal form will be sent to the employer about three months before the pass expiry date. The renewal form must be submitted with the following documents at least two months before the pass expires.
Documents for Renewal of Entrepreneur Pass / Entrepass These documents are required for EntrePass renewal application:
Latest audited / unaudited accounts;
Central Provident Fund statements of applicable employees;
Highest educational certificates of employees;
Tenancy agreement; and
Company registration information Profile from ACRA the Accounting and Corporate Regulatory Authority.
Corporate bank statements for the past three months;
