Singapore’s EntrePass for Global Entrepreneurs – 2024 updates

As Singapore continues to refine its foreign manpower policies to attract global entrepreneurial talent around the world, the 2024 updates to the Entre Pass visa scheme, under the One-Visa, establish narrow and more focused criteria aimed at reinforcing Singapore’s  reputation as a global innovation hub. . As such, the Ministry of Manpower has made certain changes to the entrepass criteria in 2024 to focus more on applicants that has both the entrepreneur track records and the technology background.

This blogpost act as a guide to you the latest entrepass eligibility criteria for 2024 which would  let you know what to know in order to make a successful application

Key Takeaways:

• Understand the Key Eligibility Criteria Changes in 2024: Understanding the  key  requirements for EntrePass applicants before moving ahead with your application.
• The Impact to your entrepass applications: Learn about how this new policy changes would affects your new and renewal applications for the entrepreneur pass
• Stay Updated on Policy Changes: Keep abreast of the latest foreign manpower policies that would impact the future work pass application and how they might affect your application.

EntrePass or entrepreneur pass Singapore a work pass  scheme,  designed for foreign entrepreneurs or business owners who wish to start and manage their business in Singapore. entrepass is  not only work visa scheme it is a window to a business  frontier to one of the most exciting business worlds. Read our full guide toward understanding the eligibility criteria of Entrepass.

EntrePass’ Eligibility 2024 Criteria: Narrow and More Focused

Previously, the EntrePass allows for different entrepreneurial tracks via its Investor and Business Network streams.

These tracks are broadly tailored to individuals with strong investment histories in scalable businesses or large executive  backgrounds in extensive entrepreneurial networks. In 2024, however, both of these broad tracks will face  out  concerns to focus exclusively on driving innovative enterprises. In addition to narrowing the old broader entrepreneurship criteria, there is also more flexibility  on other criterion.

Phasing out General Investor and Business Networking Tracks of Entrepass Criteria:

• Investor Track: Previously requires applicant to have history of investments in scalable businesses or as significant executive  experience.

• Entrepreneurial Network Track: Requires assessment of potential business impact through networks or customer interactions.

Flexibility :

• Previous Criteria: Given 6 months timeline from date of new company incorporation to apply for the Entrepass.

• 2024 Update to Criteria: Applicant can apply for Entrepreneur Pass even if their company is setup for more than 6 months. This allows the applicant to slowly build up their business before applying for the pass. However, for companies incorporated older than 12 months from date of application, applicant must meet the entrepass renewal criteria.

The new 2024 eligibility criteria has been narrowed and focus on technology and proven business tracks especially in the technology sector.

Key Criteria includes: 

• Proposed Business must be Venture-Backed or Technologically Innovative; and
• Meet One of the following Criteria:

  • Secured Significant Funding: Applicant must raise at minimum SGD 100,000 in funding from  recognised sources of funding.

  • Supported by  Top-Tier Incubators or Accelerators: Applicant requires to have strong support from well-known institutions. Examples of eligible investors include Enterprise Singapore’s Startup SG Accelerator (SSGA) or Startup SG Founder (SSGF) programme.

  • Intellectual Property as a Competitive Edge: Applicant requires to have owned registered IP from an approved national IP institution that provides a distinct market or service advantage to the business

  • Strategic Research Collaborations: Applicant requires to have active and relevant collaborations with local research institutions.

The Impact on Future Entrepass Applications

The narrowing of the eligibility criteria for the EntrePass scheme means that  potential applicants have to now provide more tangible evidence of the viability  and  alignment of their businesses with technological innovation. This includes initial big funding, credible institutional support and significant roles in Singapore’s research and development sector.

Application Tips to Increased Success Rate

1. Prepare a Solid  Business Plan to show Innovation

The applicant should include your innovative technology or model, projected  financials and market size. Show impact of business to Singapore’s economy. This  will be crucial in showing the authorities that you will do your best and  contribute to the economy when you move your business here. Check out our EntrePass Business Plan guide.

2. Show Applicant’s Track Record in Business

Applicant’s  background and experience must support his entrepreneurial  ambition to run a successful business. In case if the applicant does not have any business experience, he or she can meet other criterion that are non-entrepreneurial (e.g. having raised fund, registered an IP)

How to keep up to date with the policy changes?

Singapore Manpower Ministry will from time to change the guidelines or criteria for each type of immigration pass including EntrePass pass. Therefore, it is essential to keep up to date to ensure success application. Visit Ministry of Manpower for latest news.

What are the requirements for EntrePass?

In preparing an EntrePass application, it involves thorough documentations includes:

• Details of business plans on the innovative & growth aspects of the business

• Proof of financial fundings, IP rights or research partnerships

• Owners of the business personal profile & past track records

If you are interested apply for entrepass but are not sure about the latest requirements, you may seek  to consult professional agencies experienced like One Visa to compliance with the latest requirements to  boost their approval chances.

Conclusion

f you are willing to take the big step into your entrepreneurial journey via  the EntrePass , it can be a life-changing decision but with a challenging and stressful course ahead. With the EntrePass scheme 2024 updates, it is more of a gamble when it comes to the application process. At our agency, we help you through every little step of the process, from application to setting up. Ready to make your business dreams a reality in one of the best business locations in Asia? Contact us today and we will be happy to guide you through with personal touch and expert consultation.

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