Changes to EntrePass Singapore Framework From 1 September 2013, in line with MOM’s overall direction in raising the quality profile of our foreign workforce, changes will be made to the EntrePass framework. This is to ensure that we attract foreign entrepreneurs who can inject innovation and vibrancy into Singapore’s business scene, and contribute to local employment.These changes will apply to new EntrePass Singapore applications submitted from 1 September 2013. Existing EntrePass holders will be given up to one year from 1 September 2013 or the date of their next renewal, whichever is later, to meet the revised criteria. For more information, you may refer to our FAQs and factsheet.
You may apply for an EntrePass Singapore if you are ready to start and operate a new business in Singapore. All applicants must fulfill these requirements:
- Must be a Private Limited Company registered with Accounting and Corporate Regulatory Authority.
Applicants need not register the company first. If registered, it must not be more than six months from date of application.
- Company must have at least $50,000 paid-up-capital.
A bank statement, from the Singapore-based company bank account, of at least $50,000 is required for verification.
- The business must not be illegal.
- Applicants must hold at least 30% of shares in the company.
In addition to the above criteria, applicants will have to show evidence that their businesses meet at least one of these requirements:
|1.||Receives funding or investment from a recognised third-party Venture Capitalist (VC) or business angel who is accredited by a Singapore Government agency|
Examples: Funds approved under:
|2.||Holds an Intellectual Property (IP) that is registered with an approved national IP institution|
Example: Refer to the list of National Intellectual Property Offices.
|3.||Has ongoing research collaboration with a research institution recognised by Agency for Science, Technology and Research (A*STAR) or Institutes of Higher Learning in Singapore|
|4.||Is an incubatee at a Singapore Government supported incubator|
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
Important things you need to take note
Successful applicants will be required to submit the following documents via iSubmit(please select request type option 1) within the first six months of receiving the EntrePass to demonstrate proof of their business operations according to the business plans submitted:
- Latest ACRA business profile; and
- Tenancy contract/proof of operating address or employees’ CPF statement/documentary proof to show effort to employ locals.
Failure to provide the documents to prove ongoing business operations by the end of the sixth month will result in revocation of the EntrePass.
Successful applicants are only entitled to dependant privileges after they have obtained P1 or P2 status.