How to apply for Singapore Entrepreneur visa or EntrePass? Who is eligible for the Singapore EntrePass? Read on to know all about EntrePass?
Singapore earned fame as a commercial and financial hub only because of entrepreneurial ventures. The country not only inspires its own citizens to have an entrepreneurial vision but also attracts entrepreneurs from overseas. The country has a visa category – the EntrePass, for foreign entrepreneurs wanting to start a business in Singapore.
Read: Types Of Singapore Work Visa
What Is The Singapore Entrepass?
The EntrePass is a special visa for serial entrepreneurs, investors and innovators wanting to invest in starting their business in Singapore. The visa allows the individual and his/ her immediate family, i.e., his/ her spouse and unmarried children under the age of 21 years, to relocate to Singapore. It is valid for one year and may be renewed for another year.
Read: What Is Singapore Employment Pass Or EP
The Singapore Entrepass Eligibility
- Applicant must be at least 21 years old
- The applicant’s business idea must be innovative and have the potential to generate employment in the country
- Applicant must be willing to relocate to Singapore
- The proposed business must be structured as a private limited company
- If the applicant is applying to move an existing company to Singapore, it must have been incorporated no earlier than 6 months from the date of applying.
- The applicant must own at least 30% of the company
Additional requirements for Entrepreneurs
- Entrepreneurs must have an established track record and business network
- The company must be incubated by a Singapore government-recognized incubator or accelerator
- The company must have received a minimum funding/investment of S$100,000 from an accredited angel investor or third-party venture capitalist
Read: Ways to Migrate to Singapore
Additional requirements for Investors
- Investors must have a track record of good investments
Additional requirements for Innovators
- The applicant must own Intellectual Property
- He/she must have a record of relevant extraordinary achievements
- He/she must have research collaborations with a credible research institute
Business Ideas Exempt From The Entrepass In Singapore Category
Not all business ideas are eligible for a Singapore entrepreneur visa. Exceptions include:
- Food courts
- Coffee shops
- Hawker centres
- Bars and nightclubs
- Massage parlours
- Herbal dispensaries
- Traditional Chinese medicine centres
- Employment agencies
Documents Required For Singapore Entrepreneur Visa
In addition to the Singapore entrepreneur visa application form, applicants must also have the following:
- A business plan
- Documentary evidence to prove the fulfillment of the eligibility criteria
- Copy of the first and last page of your current passport
- Documentary proof of previous entrepreneurial ventures or employment
- Copy of all relevant educational certificates
- Passport-sized photograph
- COVID vaccination certificate
If the company has already been incorporated, the following are also required:
- Copy of the company’s business profile
- Copy of the company’s latest bank statement
- Licensing agreements
- Relevant product certifications
- Memorandums of understanding with potential suppliers/ customers
- Copy of endorsements
Must Haves For The Entrepass Business Plan
The Business Plan must be structured to include the following:
- Summary of the key individuals and their roles in running the business
- Details of any awards received
- Recognized media coverage
- Summary of the proposed business idea
- Details of the products and services that will be offered by the company
- Description of the company’s marketing and distribution plan
- Description of the company’s manufacturing operations and resources
- Projected sales and profits for the first three years
- Customer analysis
- Details of key competitors
- Potential for growth
Application Fees For Singapore Entrepreneur Visa
- $105 per pass must be paid when submitting the application.
- An additional $225 per pas must be paid when it is issued.
Applying For An Entrepass In Singapore
The application form for the Singapore entrepreneur visa can be downloaded from here. The form can be filled in the softcopy format, printed, signed and scanned in PDF format. The same can be uploaded here along with all supporting documents and a screenshot of the application fee payment.
You must also provide details such as the name of the bank account holder, bank account number, the applicants’ name, email address and passport number. The declaration must be accepted and it may then be submitted.
The EntrePass application will take about 8 weeks to be processed. If approved, the applicant will receive an in-principle approval letter via email. The applicant has 6 months from the date of receiving this letter to move to Singapore and get the pass issued. A one-time entry visa will be issued to allow the applicant to enter Singapore. In case the EntrePass application is rejected, the applicant has 90 days to appeal the case.