If you want to create a business in Singapore, then the EntrePass is by far one of the best options for you to consider. A lot of people are wondering can EntrePass apply for PR and many others, we are here to help you learn more about this work visa and how it can help you. Plus, the advantage is that you can indeed get the pass without a lot of hassle, although there are certain requirements and things that you must abide by.
What is the EntrePass?
The Singapore EntrePass is a work pass and it’s meant for investors, people that innovate, but also entrepreneurs that want to open a business without the country. Ideally, you want the business to be venture-backed, or it should own innovative technologies. Implementing those technologies is of the utmost importance, and knowing how to manage everything accordingly can help save both time and money.
The great thing about EntrePass is that it’s eligible to any foreigner outside of Singapore. There are no nations that have a ban, so you can easily apply for the EntrePass regardless of where you live right now. With that in mind, you have to meet the requirement of either intending to start a company that’s private limited and which is registered with the ACRA and venture backed or with its own tech. That being said, the pass holder needs to have at least 30% of the registered company.
What businesses are not eligible for the EntrePass?
Sure, you can get the EntrePass if you want to create a business in Singapore. But what you might not realize is that not every business type is suitable for the EntrePass. Most of them are, but there are some categories that will not offer you eligibility for the EntrePass. These are food courts, coffee shops, hawker centers, karaoke lounges, night clubs or bars, acupuncture, traditional Chinese medicine, foot reflexology, geomancy or employment agency.
These types of businesses and a few other similar ones are not going to be eligible for the EntrePass. So even if you want to create such a business, you need to find another way of getting residency in the country of Singapore. Those will not help you. That’s why you always want to know the criteria and eligibility, otherwise it might be a tad difficult to narrow down the exact situation and requirement, so keep that in mind.
Eligibility requirements for the EntrePass
If you intend to set up the company or it’s already set up, you need to make sure that it was registered with the Accounting and Corporate Regulatory Authority. In addition. If the company was not registered, you can register in 30 days once the application is approved. Or, if the registration was already done, your company has to be under 6 months old at the time when you choose to apply.
Another important thing for the Singapore Entrepreneur visa requirements is that the company needs to have at least S$50000 in their paid up capital. That means a bank statement needs to be provided as proof. And as we said, the holder needs to have 30% of the shares for that company, otherwise the EntrePass will not be provided.
There are a few other criteria to consider here. The company itself needs to have monetary funding of at least S$100000 from a business angel or VC accredited by the government. Either that, or it needs to have an intellectual property registered with an approved national institution. And also, it can also be eligible if it has ongoing research with an institution recognized by the Agency of Science. It’s also possible to get the EntrePass if the company is an existing incubate and it follows the requirements.
Can you include a dependent in the first application?
No, the first EntrePass application will not allow you to include a dependent. However, after a year, if you already created 4 local jobs and the business spending for that year is over S$150000, then your children and spouse can get either a long term visit pass or a dependent pass. If you want to bring your parents, then they might also be eligible, but in this case, the company needs to have S$300000 in annual expenses along with creating 8 full time jobs.
So yes, you will need to ensure that your company generates a certain income and it hires locals before you can have a dependent pass. But in most cases, that’s very much doable, and it’s one of the things to consider when you ask about the Singapore EntrePass cost.
When can you receive a renewal for the EntrePass?
The EntrePass can be renewed annually, but you have to keep in mind that the procedure has to be started 2-3 months before the expiration date. It might take a while for a lot of these situations, and there are specific requirements that you have to meet when it comes to situations like this.
For the first renewal, you will need to create 2 local jobs and the business spending has to be S$100000. For the second renewal, you must have 4 local jobs created, and annual expenses of S$150000. The third one will require 6 local jobs created and the annual spending of S$200000. After that, the 4h will require 8 local jobs and S$300000 in expenses. The 5th and later ones will need 10 local jobs to be created, and the annual expense needs to be over S$400000.
These are all important aspects to keep in mind, because they go hand in hand with the EntrePass renewal process and you must ensure that you abide to the rules. It’s imperative to check and focus on surpassing these requirements and guidelines, otherwise there will be very specific things to take into account here. Thankfully, if you start the renewal process a few months before the expiry, you will make the process easier and more convenient.
Can you apply for permanent residence?
If you want to work in Singapore and also have permanent residence, the EntrePass can be an option. However, you can only apply to it after the second renewal. If your company has a very good performance, and you also have a very good tie with the local community, that might help you receive the permanent residence.
However, this is not going to be a very quick process. You need to share the last 6 months of salary records, along with the IRAS tax assessment. The normal processing time for the PR applications is anywhere from 4-6 months, with some applications taking a bit more than others. If you have a spouse and kids under 21, then they can also apply for permanent residence at the same time as you.
If you have a permanent residence in Singapore, you can easily access the re-entry permit in case you want to leave Singapore. That being said, these are renewed every 5 years, if you showcase economic activity and residence within the country. Those are things to consider and keep in mind, so ensure that you check with the latest guidelines and requirements within the country.
Does the EntrePass provide citizenship in Singapore?
Once you have been a permanent resident in Singapore for 2 years, you are allowed to apply for being a citizen of the country, under the economic scheme. These citizenship offers are allowed for those that created companies or invested and showed their own merits in the country. As you can imagine, getting citizenship this route can be very difficult, since you have to show an exceptional merit, along with ties with a citizen.
The Government of Singapore will use their own discretion and select who will become a citizen and who will not. A thing to keep in mind is that Singapore is one of the countries that does not recognize dual citizenship. What that means is whenever you are accepted to become a citizen of Singapore, you will have to renounce the previous nationality that you had.
What documents do you need to apply for the EntrePass?
It’s important to note that there are a variety of different requirements when it comes to the EntrePass. But at the same time, you also need to prepare certain documents when you want to apply to the EntrePass as well. Here are the requested documents.
- A copy of your passport, more specifically the particulars page
- Past employment testimonials, provided in English
- Supporting documents like endorsements, product certifications or licensing agreements
- A business plan in English that’s under 10 pages. The business plan has to include your business idea, what products/service you provide, financial projections, operations plan, market analytics, a market plan, management team and other relevant info.
- You must have a Singapore-based company that’s a sponsor for the application. They will pay a bond of S$3000, which gets refunded once the visa expires.
A thing to keep in mind here is that if a company that was already registered with the ARCRA, you need to show the latest business profile. A bank statement of at least S$50000 from a Singapore bank account is mandatory and required for this particular situation.
Is it possible to cancel the EntrePass?
The EntrePass is something that can be canceled. In fact, if the holder for the EntrePass closes their business, then their pass will not be valid. The holder, a registered employment agent or the company representative will need to cancel the pass. And, of course, any passes associated with the original EntrePass owner will also be canceled, including those of their family.
If the EntrePass is canceled, the holder needs to pay any of the outstanding income taxes and they also need to receive tax clearance from the IRAS. They also need to return the card to the MOM within the week that was canceled.
Of course, there are also situations when the card might need to be replaced. In some cases, the card is stolen, damaged or even lost. If you are in that situation, then you will need to apply for a replacement card, and again the timeline provided for this is just a week. And, in case the card was stolen, then you must have a police report in English, or it needs to be translated into English.
If these issues appear when the EntrePass holder is away from the country, he needs to talk with an MOM representative as quickly as possible. The MOM will offer them a letter to get back into Singapore. Thankfully, getting a replacement EntrePass card is not very difficult. You will need to send an application via the EP online system. As expected, the replacement comes with a fee of S$100 for the first lost card (S$300 per lost card after that) or S$60 if the card was damaged. Upon approval, the MOM will issue the card replacement letter with guidelines on how to get the new card.
After the new card is available, the EntrePass holder will be offered 4 days to collect the new card. You can get the new card from the Employment Pass Services Centre. There’s no appointment necessary here, but you need to have the card replacement letter, your original passport and other required documents like the damaged card, a declaration form for the lost card and a police report for the stolen card. If the lost card was found, you will need to send it back to the MOM.
Conclusion
As you can see, the EntrePass can offer a lot of benefits for those that want to open a business or invest in Singapore. It’s a great idea to start your own company or investment venture in Singapore, since the country has a thriving economy. While getting the EntrePass certainly has its own requirements, it’s nice to see that you have the opportunity to come and live in the country, and eventually even become a fully fledged citizen as well. The EntrePass brings great opportunities for those that want to open a business in Singapore, investors or innovators, and that’s why it’s a very popular pass!
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